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Sector Update: Energy

Energy stocks were ending higher Friday with the NYSE Energy Sector Index rising about 0.9% while shares of energy companies in the S&P 500 were up 0.8% as a group. Crude oil for July delivery settled 38 cents higher at $106.91 per barrel while July natural gas fell 2 cents to $4.74 per 1 million BTU.

In company news, S&P MidCap 400 constituent Cimarex Energy Co. ( XEC ) was ending with a 2% advance Friday after the oil and gas company was selected to join the S&P 500 stock index, replace International Game Technology ( IGT ).

Following the scheduled changes after the close of trading next Friday, June 20, IGT will replace XEC in the S&P MidCap 400.

XEC shares was ahead 2% at $138.46 apiece in recent trade, just 10 cents under its session high. The stock has a 52-week range of $62.98 to $139.95 a share, jumping 94% over the past 12 months.

IGT was up 10.6% this afternoon at $15.87 a share.

In other sector news,

(+) PVA, Raised to Buy from Hold at Stifel Nicolaus in a valuation move following the stock's recent price decline. It also cited production volume growth and PVA's $312.5 mln offering of convertible preferred stock earlier this week.

(-) CHK, Prices $500 mln private placement of 6.5% Senior Notes due July 2022 to repay debt at its Seventy Seven Energy oilfield-services (SSE) unit ahead of its planned spinoff from CHK.

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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