Sector Summary: S&P Energy Index is higher, outperforming the S&P 500
The S&P Energy Sector (+0.4%) is trading above the broader market (-0.1%).
July crude oil is +1.8% at $93.60/barrel, July natural gas is +1.0% at $4.02/MMBtu, July RBOB is +1.9% at $2.81/gallon, and July heating oil is +2.1% at $2.84/gallon.
Gainers on news: PEGFF (+4.3%) Pacific Rubiales Energy increased quarterly dividend by 50% to $0.165 per share from $0.11 per share, KWK (+4.1%) Quicksilver Resrcs launched $200 mln offering of senior second priority notes due 2019; launched $675 mln offering of senior notes due 2021, AREX (+3.1%) Approach Resources announced $250 mln senior notes offering, KOG (+1.5%) Kodiak Oil & Gas agreed to acquire additional Williston Basin assets; proposed transaction would add 42,000 net acres and ~6,000 BOE/d of current net production, LINE (+1.3%) LINN Energy, LinnCo (LNCO) and Berry Petroleum (BRY) provided update on merger.
Decliners on news: BXE (-6.9%) Bellatrix Exploration announced that the previously announced Korean JV closing will not be extended beyond May 31, 2013, GPRE (-2.3%) Green Plains to acquire ethanol plant in Atkinson, Nebraska, SN (-1.4%) Sanchez Energy announced private offering of $350 mln in senior notes due 2021; announced average production rate for May 2013, pro forma for the Cotulla assets, of 12,200 BOE/d, an increase of over 200% over co's average 2013 first quarter production rate of 3,943 BOE/d.
Broker calls: EMES (+2.1%) Emerge Energy Services initiated with a Neutral at JP Morgan; initiated with a Buy at Stifel; tgt $21.50; initiated with a Outperform at Wells Fargo; initiated with a Outperform at Robert W. Baird; tgt $24, OSGIQ (+2.1%) Overseas Shipholding re-initiated with an Outperform at Imperial Capital; tgt $4, DNN (+1.6%) Denison Mining: Heard initiated with a Buy at Cantor Fitzgerald, CNQ (-1.9%) Canadian Natrl Res downgraded at Goldman, GMLP (-1.3%) Golar LNG Partners downgraded at Raymond James, GLNG (-1.3%) Golar LNG downgraded at Raymond James, CIE (-0.4%) Cobalt International Energy upgraded at ISI Group
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