EmailThe S&P Energy Sector -0.2% is trading below the flat broader market
July crude oil is +0.2% at $83.47/barrel, July natural gas is -0.6% at $2.22/MMBtu, July RBOB is +1.0% at $2.68/gallon, and July heating oil is +0.4% at $2.63/gallon. Trading flat following earnings/guidance: IHS.
Sector News: USU (+32.0%) USEC Inc. and DOE signed a $350 mln cooperative agreement for American Centrifuge research, GEVO (+4.9%) Gevo: Judge issued a temporary order: Gevo to continue startup of its Luverne Plant as planned, ENG (+3.1%) ENGlobal announced the resignation of CFO, VQ (+0.5%) Venoco extended financing date in go-private agreement, MPO (-10.8%) Midstates Petroleum disclosed an update regarding pending litigation with Clovelly Oil Company and amended credit agreement, CIE (-4.5%) Cobalt International Energy provided an update on its Gulf of Mexico and West Africa drilling operations: well on Canyon Block 814 in the Gulf did not encounter commercial hydrocarbons and operations are underway to plug and abandon the wellbore, END (-2.6%) Endeavour Intl priced an underwritten public offering of 7.5 mln shares of its common stock at a price to the public of $7.50 per share, CHK (-2.3%) Chesapeake Energy Board to allow its CEO McClendon to keep powers he had when he was Chairman, according to reports.
Broker Calls: PDC (+1.3%) Pioneer Drilling initiated with a Neutral at Goldman, VQ (+0.5%) Venoco upgraded at Stifel Nicolaus; tgt $12.50, BAS (-3.3%) Basic Energy Services initiated with a Sell at Goldman, CHK (-2.3%) Chesapeake Energy downgraded at Bernstein, BRS (-1.2%) Bristow Group initiated with a Neutral at Goldman, MMP (-0.9%) Magellan Midstream upgraded at Ladenburg, KEG (-0.7%) Key Energy initiated with a Neutral at Goldman.
