Sector Update: Energy
Energy stocks were ending lower with the NYSE Energy Sector Index falling 0.4% while shares of energy companies in the S&P 500 were down 0.7% as a group. Crude oil for August delivery settled 11 cents lower at $103.53 per barrel while August natural gas ended with an 18 cent decline at $4.22 per 1 million BTU.
In company news, Warren Resources Inc. ( WRES ) rose to a nearly six-year high Monday after the exploration and production company announced a deal to buy substantially all of Citrus Energy's assets in the Marcellus share formation for $352.5 million.
WRES currently is producing around 82 million net cubic feet of natural gas per day from its assets in Wyoming and California.
The company's shares were up just over 3% at $6.33 each in late trade, earlier climbing to a session high of $6.89 a share, reaching some of its best levels since September 2008.
In other sector news,
(+) RICE, Acquires seven operating wells, five other wells in development and 22,000 net acres of property in the Marcellus shale formation of Greene County, Pa., for $336 mln from Chesapeake Appalachia LLC and its partner companies.
(-) TDW, Reduced to Underweight from Overweight at Morgan Stanley, which also cut its price target for the stock by $9 to $50 a share.
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