Sector Update: Energy
Energy stocks were higher today with the NYSE Energy Sector Index climbing about 0.8% while shares of energy companies in the S&P 500 were up just 0.2% as a group.
In company news, Dakota Plains ( DAKP ) was higher shortly before the closing bell Monday afternoon and the petroleum-transportion company today announcing plans to work with privately held Hiland Crude to link the Bakken gathering pipeline to DAKKP's Pioneer rail terminal in North Dakota.
The companies said construction on the final link for the pipeline and rail terminal already is underway, with completion expected by the end of October. The connection is projected to have an initial capacity of over 15,000 barrels a day and can be easily expanded to around 60,000 barrels daily, they said.
DAKP shares were up about 1% at 23.25 apiece, easing slightly from their session high of $2.35 a share. The stock has traded within a 52-week range of $1.50 to $2.95 a share, rising about 50.3% over the past 12 months.
In other sector news,
(+) DEJ, Completes $1.5 mln private placement of its common stock, selling 6 million equity units at 25 cents apiece to three institutional buyers. Net proceeds will fund purchase of natural-gas properties next to its Woodrush oilfield in British Columbia.
(-) NGL, Terminates non-binding offer for a 1-for-1 stock swap for all of the outstanding shares of TransMontaigne Partners L.P. ( TLP ).
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