Markets

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.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Other Topics

Commodities