The S&P Energy Index (-2.9%) is sharply lower this morning and is currently underperforming the weakness in the broader market (-1.8%).
Sector News: ENP (-1.4%) announced plans to acquire an undivided 50% interest in producing oil and gas assets in the Permian Basin of West Texas for a net purchase price of $42.5 million from a private seller. CTE (+9.7%) announced a $20 million share repurchase program.
Broker Calls: GEVO (+1%) was upgraded to Buy from Neutral at UBS. BP (-3.1%) was upgraded to Buy from Add at Evolution. QEP (-1.7%) was initiated with an Add at Capital One.






