egy

Sector Update: Energy

Energy stocks were slightly higher, with the NYSE Energy Sector Index climbing less than 0.1% while shares of energy companies in the S&P 500 were rising 0.1% as a group. Crude oil for June delivery was up 75 cents at $102.45 per barrel while June natural gas was up 1 cent to $4.37 per 1 million BTU.

In company news, Vaalco Energy ( EGY ) declined Wednesday after the oil and gas producer late Tuesday filed a shelf registration to sell up to $500 million in new stock and debt securities from time to time.

According to the preliminary prospectus, the company expects to use any proceeds on general corporate purposes, including paying down existing debt, potential acquisitions and capital projects as well as for working capital.

EGY shares were off 8.6% at $7.10 apiece, just 2 cents above their intra-day low. The stock has a 52-week range of $5.03 to $9.32 a share, rising nearly 12% over the past 12 months.

In other sector news,

(+) WMB, (+1.3%) Forecasts 20% annual dividend growth through 2016 with substantial excess cash coverage and line of sight to continued high growth well beyond guidance period.

(-) DK, (-3.7%) Announces secondary offering of 9.2 mln shares of common stock by Delek Hungary Holding LLC. The company will not receive any proceeds from the offering.

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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