Sector Update: Energy Stocks Extending Gains in Late Trade; Rexx Energy Near Session High After Raising Q3 Production Forecast
Top Energy Stocks
Energy stocks rebounded today with the NYSE Energy Sector Index advancing about 0.4% while shares of energy companies in the S&P 500 were up about 0.8% as a group. Crude oil for October delivery settled 65 cents higher at $92.92 per barrel while October natural gas added 7 cents to finish at $3.93 per 1 million BTU.
In company news, Rexx Energy ( REXX ) was rising Monday afternoon after the oil and gas company raised its Q3 production outlook slightly above its prior guidance looking for between 159 million to 165 million cubic feet of natural gas equivalent per day.
The improved forecast comes after REXX brought the six wells under it Grunder pad in Ohio into full production and linking them to its pipeline network.
The company also said it expects to realize an average price this year between 60 cents to 80 cents under the benchmark Henry Hub index price as a result of hedging instruments it previously acquired.
REXX shares were ahead more than 3% at $14.88 each this afternoon, just under its session high at $14.89 a share. The stock has traded within a 52-week range of $12.38 to $25.17 a share, declining over 29% during the past 12 months through Friday's close.
In other sector news,
(+) MILL, Announces non-binding letter of intent to acquire Buccaneer Energy for $40 mln to $50 mln. Also says testing at its RU-9 well confirms presence of oil. Names Harbinger Group ( HRG ) Managing Director Carl Giesler chief executive officer.
(-) IVAN, Chief Financial Officer Greg Phaneuf announces plans to step down and accept a position at another company, effective Oct. 10.
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