Top Energy Stocks
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.
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