Markets

Sector Update: Energy Stocks Trading in Wide Range Today; Miller Energy Rising Ahead of Preferred Stock Offering

Top Energy Stocks

XOM -0.11%

CVX -0.45%

COP +0.40%

SLB +0.21%

OXY -0.52%

Energy stocks were widely mixed Wednesday with the NYSE Energy Sector Index advancing about 0.7% while shares of energy companies in the S&P 500 were down about 0.1% as a group. Crude oil for September delivery was up 72 cents at $95.16 per barrel while September natural gas was down 8 cents to $3.80 per 1 million BTU.

In company news, Miller Energy Resources ( MILL ) was trading higher Wednesday and the oil and gas company today announcing plans for an underwritten public offering of its 10.5% Series D fixed rate/floating rate cumulative redeemable preferred stock.

The company expects to use the net proceeds from the offering for general corporate purposes. The new Series D preferred shares are listed on the New York Stock Exchange under the MILL-PD ticker symbol and were down about 1.7% at $24.57 in afternoon trade.

MILL shares were ahead about 4.5% at $5.08 apiece, just a penny under its session high. The stock has traded within a 52-week range of $4.40 to $8.97 a share, slipping about 9.5% over the past 12 months.

In other sector news,

(+) RICE, (+0.2%) Completes underwritten public offering of 7.5 mln shares of its common stock at $27.30 each, a 5.6% discount to Tuesday's closing price and producing $196.3 mln in gross proceeds. Natural Gas Partners, Alpha Natural Resources also sell 6.22 mln shares.

(-) SD, (-1.6%) Chief Operating Officer David Lawler resigns, effective Sept. 3. The firm has begun a search for a permanent COO while Craig Johnson, now senior vice president in charge of operations in Oklahoma, is promoted to executive vice president of operations.

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

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