Sector Update: Energy
Energy stocks are finishing higher Tuesday with the NYSE Energy Sector Index adding 0.7% while shares of energy companies in the S&P 500 are up 0.9% as a group.
In company news, Seadrill Ltd ( SDRL ) was down nearly 2% in late Tuesday trade after the oilfield services company today priced a $600 million private placement of 6.25% senior notes due 2019.
The company expects to use the net proceeds from the offering to pre-pay existing debt, including early settlement premiums and other transaction expenses.
SDRL shares were off 1.6% at $37.13 each, paring earlier losses that carried the stock to an intra-day low of $36.68 a share. The stock has a 52-week low of $34.57 to $48.09 a share.
In other sector news,
(+) SXCP, Increases quarterly dividend by 8.8% to $0.475 per share, up from $0.4325 per share and payable Feb. 28 to shareholders of record on Feb. 14.
(-) EROC, Says Q4 upstream and midstream business hurt by severe weather, with the company now expecting adjusted EBITDA and distribution coverage well under Q3 levels.
Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.