Markets
BX

Sector Update: Energy Stocks Paring Gains Near Bell; Range Resources Falls After Pricing $400 Mln Stock Offering at Small Discount

Top Energy Stocks

XOM -0.30%

CVX +0.82%

COP +0.92%

SLB -0.15%

OXY +1.10%

Energy stocks pared some of their earlier gains Thursday with the NYSE Energy Sector Index rising 0.7% while shares of energy companies in the S&P 500 were up 0.4% as a group. Crude oil for July delivery surged $2.13 to settle at $106.53 per barrel while July natural gas added 3 cents to $4.76 per 1 million BTU.

In company news, Range Resources ( RRC ) shares have pared a portion of their earlier losses and were back near their best levels of the session after today pricing an offering of 4.56 million shares of its common stock at around $87.92 each, a 1.6% discount to Wednesday's closing price.

The offering generated $400 million in gross proceeds, which the oil and gas company expects to use to fund its redemption of 8% senior subordinated notes and other general corporate purposes after first paying underwriter discounts and other offering expenses.

RRC shares slid as much as 3.4% today to a session low of $86.30 apiece, more recently trading around $87.80 a share, down 1.8%. The stock has a 52-week range of $72.54 to $95.41 a share, climbing about 19% in value over the past year.

In other sector news,

(+) SXE, Acquires a portion of the privately held TexStar Midstream natural gas gathering and processing system in the Eagle Ford shale formation in Texas for $450 mln, expanding its network to 3,700 miles of pipeline with four processing centers.

(-) PBF, Prices secondary offering of 18 mln shares once held by First Reserve Management and the Blackstone Group ( BX ), generating $540 mln in gross proceeds, or $30.00 a share - a 4.4% discount to Wednesday's closing price.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

In This Story

BX RRC

Other Topics

Commodities

Latest Markets Videos