Sector Update: Energy
Energy stocks have moved solidly lower this afternoon with the NYSE Energy Sector Index declining about 0.7% while shares of energy companies in the S&P 500 were down 0.6% as a group.
In company news, Uranium Resources ( URRE ) rose Tuesday after the uranium miner announced plans for a property swap with privately held Rio Grande Resources Corp.
Under terms of the proposed agreement, URRE will acquire 8,834 acres of uranium properties in South Texas near its processing facilities in exchange for two parcels covering over 3,000 acres of fee-owned mineral rights and royalty interests in New Mexico's Roca Honda region.
No money or stock will be exchanged to complete the deal.
URRE shares were up slightly more than 3% at $2.94 apiece, . The stock has traded within a 52-week range of $2.21 to $4.05 a share, over the past 12 months prior to today's gains.
In other sector news,
(-) TOT, Reportedly exploring the sale of its Bostik specialty chemicals unit, hoping to raise around $2.6 billion from the sale, according to Reuters. Also, stock upgraded to Neutral from Underperform at Bank of America Merrill Lynch.
(-) FCEL, Q3 revenue declines 19.6% year over year to $43.18 mln, trailing estimates by around $10.2 mln. Adjusted net loss of $0.03 per share matches Street view. Total backlog rises 2.2% over prior quarter to $350.2 mln on July 31.
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