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Sector Update: Energy

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Energy stocks eased slightly from their best levels of the session, with the NYSE Energy Sector Index notching a 0.6% advance in late trade while shares of energy companies in the S&P 500 were up about 0.5% as a group. Crude oil for July delivery settled 16 cent lower at $102.48 per barrel while July natural gas added 6 cents to finish at $4.70 per 1 million BTU.

In company news, Cameco Corp (CCJ,CCO.TO) was lower in late Thursday trading after analysts at RBC Capital Markets today trimmed their price target for shares of the uranium miner by $1 to $26 a share.

The move follows CEO Tim Gitzel late last week telling Bloomberg News in telephone interview he does not expect a rebound in uranium price anytime soon. "The next 12 to 18 months, we think, will be tough," Gitzel said.

CCJ shares were down 3.6% at $18.91 each shortly before the closing bell, just 2 cents above their intra-day low. The stock has a 52-week range of $17.27 to $25.84 a share, slipping about 9.5% over that span.

CCO.TO shares also were lower at the Toronto Stock Exchange, falling 3.7% to C$20.67

In other sector news,

(+) AXAS, Increases FY14 production outlook by 3,000 barrels to a new range of 5500 to 5700 barrels of oil equivalent per day.

(-) BPZ, Reports an 8% increase over Q1 levels in daily gross production from its offshore Block Z-1 development so far during Q2, averaging around 5,435 barrels of oil, equating to 2,772 net barrels per day based on its 51% stake.

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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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