Sector Update: Energy Stocks Turn Solidly Higher Near Close; Miller Energy Resources Slips After Pricing $18 Mln Preferred Stock Offering
Top Energy Stocks
Energy stocks were ending higher Thursday with the NYSE Energy Sector Index climbing almost 1.9% while shares of energy companies in the S&P 500 were up about 0.1% as a group. Crude oil for September delivery settled 51 cents higher at $93.96 per barrel while September natural gas rose 7 cents to $3.89 per 1 million BTU.
In company news, Miller Energy Resources ( MILL ) was lower in late Thursday trading and the oil and gas company today pricing an underwritten public offering of its 10.5% Series D fixed rate/floating rate cumulative redeemable preferred stock (MILL-PD) at $24.50 per share.
The offering generated around $18.375 million in gross proceeds. After first paying underwriter discounts and other offering expenses, the company expects to use the new money for general corporate purposes. The deal is slated to close Aug. 25.
MILL shares were off about 1.8% at $4.96 apiece, up slightly from their intra-day low of $4.86 a share. The stock has traded within a 52-week range of $4.40 to $8.97 a share, slipping about 10.7% over the past 12 months.
In other sector news,
(+) OIS, Extends stock-buyback program through Sept. 1, 2015, with around $219 mln available to be used from the company's prior authorization.
(-) CCJ, Cut to Market Perform from Outperform in downgrade at Cowen, which also set a $20 price target.
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