Markets

Sector Update: Energy

Energy stocks are slightly higher today with the NYSE Energy Sector Index climbing about 0.3% and the S&P Energy Index also adding about 0.3%. Crude oil for February delivery is up 39 cents to $91.19 per barrel. February natural gas is down 10 cents at $3.37 per 1 million BTU.

In company news, Alon USA Energy Inc. ( ALJ ) is up more than 10% and has hit 52 week highs today after analysts at Goldman Sachs initiated coverage of the stock with a Buy rating and a $21 price target.

Goldman also began coverage of Alon USA Partners ( ALDW ) with a Neutral rating and a $31 a share price target, noting ALJ's C-Corporation status is more likely to appeal to a broader group of investors, according to the research note obtained by StreetInsider. ALDW is up nearly 1%

"Relative to Buy-rated domestic oil companies that show less upside, we prefer to keep some diversification among our Buy-rated top picks. With that said, we see significant upside to our target price for ALDW, making it a favorite Neutral-rated stock," according to the note.

In other sector news,

(+) BPZ, (+7.2%) Peru government signs Supreme Decree allowing oil and gas company to amend its Block Z-1 license and add Pacific Rubiales Corp (PRE.TO) to the contract. PRE.TO is down about 0.8% today.

(+) XOM, (+0.2%) Began expansion of its petrochemical complex in Singapore, with plans to add 2.6 million of finished product capacity.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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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.

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