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GDP

Sector Update: Energy

Energy stocks were broadly higher Friday with the NYSE Energy Sector Index rising nearly 1.1% while shares of energy companies in the S&P 500 were up about 0.9% as a group. Crude oil for December delivery settled 74 cents higher at $78.65 per barrel while December natural gas added a penny to $4.41 per 1 million BTU.

In company news, shares of Goodrich Petroleum Corp ( GDP ) surged Friday after the oil and natural gas producer said its board chairman purchased $1 million of its 8.875% senior notes due November 2019.

Patrick E. Malloy on Thursday paid $804,059 for the five-year notes, including accrued but unpaid interest as well as a processing fee, according to a regulatory filing by GDP this morning.

GDP shares were ahead almost 20% this afternoon at $8.95 each, just off its session high of $9.18 a share. The stock has traded within a 52-week range of $7.01 to $30.52 a share, sinking nearly 58% over the past year.

In other sector news,

(+) SXL, Raised to Buy from Hold in upgrade at Stifel Nicolaus.

(-) RIG, Delays releasing Q3 results in order to better estimate the size of a non-cash impairment to goodwill linked to declining value of contract drilling business. Charge expected to be at least $1.97 bln of unit's 2.99 bln value.

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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