Sector Update: Energy Stocks Broadly Mixed in Afternoon Trade; Penn West Secures Noteholder Waviers
Top Energy Stocks
Energy stocks were mixed with the NYSE Energy Sector Index climbing almost 1.5% while shares of energy companies in the S&P 500 were down about 0.1% as a group. Crude oil for September delivery was up 71 cents at $94.16 per barrel while September natural gas was up 4 cents to $3.86 per 1 million BTU.
In company news, Canadian oil and gas company Penn West Petroleum Ltd (PWE,PWT.TO) was falling Thursday with the company saying that noteholders of its senior unsecured debt have waived certain defaults resulting from the company delaying its fiscal Q2 earnings and revenue report as its works to restate some of its more recent quarterly filings.
The wavier, now extending through Oct. 14, also allows the company to cure the defaults by reporting the restated quarterly results. All other terms of the notes are unchanged.
PWE shares were down about 0.7% at $7.32 each today, maintaining a small increase over its session low of $7.28 a share. The stock has traded within a 52-week range of $6.97 to $11.85 a share, slipping over 31% over the past 12 months.
PWT.TO shares were down about 0.9% at C$8.02 during today's Toronto Stock Exchange session.
In other sector news,
(+) OIS, (+1.4%) Extends stock-buyback program through Sept. 1, 2015, with around $219 mln available to be used from the company's prior authorization.
(-) CCJ, (-4.9%) Cut to Market Perform from Outperform in downgrade at Cowen, which also set a $20 price target.
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