Top Energy Stocks
Energy stocks were mixed today with the NYSE Energy Sector Index rising about 0.5% while shares of energy companies in the S&P 500 were down 0.3% as a group. Crude oil for August delivery was down 93 cents at $104.41 per barrel while August natural gas was down 9 cents to $4.36 per 1 million BTU.
In company news, American depository shares of French energy giant Total SA are down slightly this afternoon after reaching an agreement in principle with UGI Corp ( UGI ) to sell its Totalgaz liquefied petroleum gas distribution business in France for between $545 million to $615 million (400 million to 450 million euros).
The French unit distributed over 265 million retail gallons of LPG during 2013, serving residential, commercial, industrial and autogas customers. The transaction is expected to close during the first half of 2015, subject to regulatory approvals and legally required employee information and consultation procedures.
UGI plans on funding the deal through a combination of cash on hand and debt financing and expects the acquisition to add to its per-share earnings during its first full year following closing.
TOT ADS were down 0.8% at $72.22 each in mid-day trade, just 13 cents off its session low. The stock has a 52-week range of $47.69 to $74.22 a share, jumping nearly 58% over the past 12 months.
UGI shares are down 0.6% at $50.25 apiece in recent trade.
In other sector news,
(+) HNRG, (+9.8%) Buys Vectren Fuels, paying $296 mln for Vectrem's ( VVC ) coal-mining subsidiary. Deal also includes up to $39 mln in working capital adjustments.
(-) NGL, (-0.1%) Completes acquisition of TransMontaigne General Partnership; plans to recommend the TransMontaigne board increase its quarterly cash distribution.
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