op Energy Stocks
XOM -1.14%
CVX -1.16%
COP -1.63%
SLB -3.76%
OXY -3.09%
Energy stocks were broadly lower Thursday, with the NYSE Energy Sector Index sinking 1.9% while shares of energy companies in the S&P 500 were down more than 2.2% as a group. Crude oil for December delivery was down $1.95 at $75.23 per barrel while December natural gas was down 12 cents to $4.07 per 1 million BTU.
In company news, Athlon Energy Inc. ( ATHL ) was narrowly higher Thursday in its final day as an independent company after a $1.7 billion tender offer for the oil and natural gas producer expired last night with sufficient support for the deal to move forward.
Encana Corp. (ECA,ECA.TO) this morning said its tender offering to acquire all ATHL shares expired a minute before midnight late Wednesday, with owners of 91.3% of the company's stock accepting the $58.50 per share offer.
The companies were expecting to complete the buyout transaction later Thursday. ATHL shares will cease to trade once the merger is complete.
ATHL shares were ahead 8 cents , or about 0.1%, at $58.49 each in mid-day trade, establishing a new, all-time high. The stock has traded within a 52-week range of $26.97 to $58.47 a share, rising about 82% over the past year.
ECA was down over 4.4% at $17.36 a share, just 5 cents above its session low. The stock also is lower in Canadian trade in Toronto, with ECA.TO shares slipping 3.7% at C$19.81 apiece.
In other sector news,
(+) ZAZA, (+37.7%) Earns $0.83 per share during its Q3, reversing a $2.01 per share net loss during the same quarter last year. Revenue jumps 144% year over year to $2.7 mln. No analyst estimates were available for comparison.
(-) IO, (-5.5%) Greg Heinlein quits as chief financial officer to pursue other interests and will be replaced by Steve Bate, who previously was chief operating officer at the oil and gas company.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
