Sector Update: Energy Stocks Finishing With Small Declines; Basic Energy Sinks on Plans for Secondary Offering
Top Energy Stocks
CVX , +0.7%
COP , +0.8%
OXY , -0.1%
Energy stocks were slightly lower with the NYSE Energy Sector Index holding near flat. Crude oil for July delivery settled cents lower at $104.35 per barrel while July natural gas fell 11 cents to finish at $4.53 per 1 million BTU.
In company news, shares of Basic Energy Services Inc. ( BAS ) fell Tuesday after the oilfield-services company after announcing plans for a secondary offering of 6 million shares of its common stock by funds affiliated with DLJ Merchant Banking Partners III.
The company is not selling any shares in the offering and will not receive any proceeds.
BAS shares were off 6.3% at $26.00 apiece in late trade, earlier sinking to a session low of $25.86 a share. The stock has a 52-week range of $11.06 to $29.61 a share, more than doubling in price over the past 12 months with a 117% advance.
In other sector news,
(+) END, Boosts Q2 production outlook by as much as 17% over its prior guidance, projecting production in a range of 10,500 to 11,500 barrels of oil equivalent per day, an increase of 1,500 barrels per day over its previous forecast in early May.
(-) ROYT, Prices secondary offering of 2.65 mln trust units sold by unnamed investors at $13 apiece, a 2.9% discount to Monday's closing price for the stock. The company did not receive any of the offering's $34.5 mln in gross proceeds.
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