Sector Update: Energy
Energy stocks are moderately higher today with the NYSE Energy Sector Index rising about 0.1% and the S&P Energy Index climbing about 0.4%. Crude oil for December delivery is up 16 cents at $85.20 a barrel. December natural gas is flat at $3.58 per 1 million BTU.
In company news, Equal Energy ( EQU ) is up 15% at around $3.60 a share but lower than a day high $3.97 after closing an agreement with another Canadian energy company with EQU selling its Lochend Cardium assets for $62 million in cash, effective Oct. 1.
The predominantly light oil assets include current production of approximately 525 barrels of oil equivalent per day, based on the most recent 30 day average, as well as related infrastructure and undeveloped land.
In other sector news,
(+) LPH, (+10.1% to just shy of year highs) Q1 product sales volume rises 17.8% to 110,587 metric tons. Forecasts 26.6% revenue growth and 24.3% net income growth in FY13 over year-ago levels.
(+) RIG , (+4%) Earns $1.37 a share in Q3, beating estimates by $0.61 a share but $2.44 billion of revenues trail the analyst consensus by about $90 million.
(+) HES, (+1.1%) Upgraded to Buy from Hold at Global Hunter Securities. Price target raised by $12 to $65 a share.
(+) EPB, (+1.3%) ( EPB ) Raised to Buy from Neutral at Goldman Sachs. Price target also boosted to $45 from $43 a share.
(+) TRP, (-0.2%) Awarded contract to build, own and operate the El Oro-to-Mazatlan Pipeline in Mexico. TRP will invest about $400 million in the project.
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