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OAS

Sector Update: Energy

Energy stocks are holding most of their earlier gains with the NYSE Energy Sector Index rising 0.5% while shares of energy companies in the S&P 500 are ahead 0.4% as a group in late trade. Crude oil for October delivery settled $1.14 higher at $108.37 per barrel. October natural gas was down 11 cents to $3.58 per 1 million BTU.

In company news, Oasis Petroleum ( OAS ) is up nearly 5% at $41.56 a share after the exploration and production company said it signed four separate and unrelated purchase and sale agreements to acquire oil and gas properties in the Williston Basin.

Combined value of the deals is $1,515 million.

On a combined pro forma basis, Oasis will now own around 492,000 net acres with recent production of around 43,000 barrels of oil equivalent per day, based on internal operational reports.

In other sector news,

(+) CRZO, Sells its remaining natural gas assets in the Barnett Shale in Texas as well non-core properties in the East Texas Shale and the Marcellus Shale in Appalachia for $250.4 mln in cash. Also, Credit Suisse raises price target by $1 to $29 a share.

(-) PNY, Shares fall for the fourth session in a row despite the firm today declaring a $0.31 per share dividend, payable Oct. 15 to shareholders of record on Sept. 24.

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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