Top Energy Stocks
Energy stocks were broadly lower Monday, with the NYSE Energy Sector Index dropping 3.3% while shares of energy companies in the S&P 500 were down 0.4% as a group. Crude oil for September delivery was down 41 cents at $101.68 per barrel while August natural gas was down 2 cents at $3.77 per 1 million BTU.
In company news, Enable Midstream Partners ( ENBL ) was moderately higher Monday after the pipeline company increased its quarterly distribution for the three months ended June 30 by 2.6% over the partnership's minimum payout.
The $0.2464 per unit distribution will be payable Aug. 14 to unitholders of record on Aug. 4 and was pro-rated to account for the period from ENBL's April 16 initial public offering of stock through the end of the quarter.
Overall, the current distribution equates to $0.2950 per unit on a full-quarter basis and $1.18 per unit for the entire year - a 3-cent increase from the partnership's minimum quarterly distribution.
ENBL units were up slightly more than 1% in afternoon trade at $25.59 each, earlier advancing to a session high of $25.77 per unit. The stock has a 52-week range of $21.00 to $27.46 per unit, climbing 26.6% since pricing its IPO at $20 per unit through Friday's close.
In other sector news,
(+) ARLP, (+4.7%) Coal supplier to utilities hits all-time high after Q2 EPS of $1.37 beats by $0.41 per share. Revenue rises 8.1% year over year to $598.6 mln, topping estimates by $22.95 mln. Boosts quarterly distribution by 8.5% to $0.625 per share.
(-) SDRL, (-2.8%) Converts $648.6 mln of its 3.375% convertible notes due 2017 into 23.83 mln shares of its common stock, diluting existing shareholders by around 5.1%.
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