Sector Update: Energy
Energy stocks were moderately lower, with the NYSE Energy Sector Index sinking about 0.3% while shares of energy companies in the S&P 500 were down less than 0.1% as a group. Crude oil for July delivery was up 13 cents at $102.79 per barrel while July natural gas was up cents to $4.64 per 1 million BTU.
In company news, Syntroleum ( SYNM ) shares were falling Wednesday after the synthetic fuels producer disclosed plans to voluntarily delist its stock from the Nasdaq stock market following the market close on Friday, June 6.
SYNM said the decision comes after the company recently completed the sale of substantially all of its assets to the Renewable Energy Group ( REGI ), receiving nearly 3.5 million shares of REGI stock in the exchange.
SYNM shares were down about 3.1% at $3.45 apiece in mid-day trade, earlier sliding to a session low of $3.25 a share. The stock has a 52-week range of $2.39 to $7.75 a share, declining 50% in value over the past 12 months.
REGI shares were ahead 0.25% at $9.99 each, earlier climbing to a session high of $10.09 a share.
In other sector news,
(+) DVR, (+6.3%) Sells its surface diving fleet in the Gulf of Mexico to an unidentified private company for $18.5 mln and a a 19.9% equity stake in the entity acquiring the assets. The buyer also signs a multi-year pact to provide surface diving services to DVR.
(-) ZBB, (-0.1%) New York Stock Exchange extends the company's compliance plan period for a second time, determining it has made a reasonable demonstration of its ability to regain compliance with listing criteria for shareholders equity.
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