Sector Update: Energy
Energy stocks are higher today with the NYSE Energy Sector Index rising and shares of energy companies in the S&P 500 ahead 0.5% as a group. Crude oil for October delivery is down 88 cents at $105.71 per barrel. October natural gas is up 3 cents to $3.74 per 1 million BTU.
In company news, Triangle Petroleum Corp ( TPLM ) is up 3.2% to $9.38 a share, earlier setting a new a 52-week high of $9.50 after today announcing plans with First Reserve's energy-Infrastructure fund, its joint venture partner in Caliber Midstream Partners LP, to expand the pipeline partnership's midstream and infrastructure system.
The expanded Caliber system will service all TPLM-operated acreage in McKenzie County, N.D. The expansion service lines will include crude oil stabilization and transportation, water transportation and disposal as well as freshwater delivery services. It also includes a new pipeline with capacity to carry 50,000 barrels per day from Caliber's central facility to Alexander, N.D., where the company plans to build a 40,000-barrel crude oil storage facility.
The expansion project is expected to be completed by next June.
In other sector news,
(+) APA, (+1.7%) Raised to Outperform from Market Perform at Oppenheimer, which also set a $100 a share price target.
(-) ALJ, (-1.6%, hit fresh 52 week lows) Closes on $150-mln private offering of convertible senior notes.
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