Energy stocks are narrowly mixed today with the NYSE Energy Sector Index currently down about 0.3% while the S&P Energy Index is up less than 0.1%. Crude oil for May delivery is down 57 cents to $95.77 per barrel. May natural gas is up 6 cents to $4.05 per 1 mln BTU.
In company news, Pioneer Natural Resources ( PXD ) is down about 1% but is still at the high end of its 52 week range as SunTrust Robinson Humphrey today named the oil and gas company as its new Top Pick, saying the stock has underperformed because of concerns over PXD's financing needs.
The research shop also says the company's ratios of revolver capacity and net debt to EBITDA should continue to be unchanged through 2014, adding it believes PXD's Midland Basin assets are undervalued. Overall, SunTrust rates the stock at Buy with a $6.50 price target.
In other sector news,
(-) EC, (-0.9%) Enters into two-part credit facility guaranteed by the U.S. EximBank: $420.4 mln amortized over seven years at LIBOR plus 0.65%; and $426.6 mln amortized over 10 years at Libor plus 0.95%.
(-) ACMP, (-2.5%) Prices offering of 9 mln equity units at $39.86 mln apiece.
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