Energy stocks were ending mostly higher today, with the NYSE Energy Sector Index rising 0.6% while shares of energy companies in the S&P 500 were up about 0.5% as a group. Crude oil for October delivery settled $1.77 higher at $45.92 per barrel while October natural gas futures added 3 cents to finish at $2.68 per 1 million BTU.
In company news, Peabody Energy Corp (BTU) shares declined Thursdays after a federal appeals court refused to table new clean-air standards for power plants while opponents wage their legal challenges.
The federal appeals court in Washington, D.C., yesterday turned down the emergency request from 15 states and Peabody Energy to temporarily block the proposed rules requiring states to cut carbon emissions from existing power plants by 32% nationwide by 2030.
West Virginia and other coal-reliant states have been leading opposition to the plan, which calls for a 32% drop in emissions nationwide by 2030.
BTU shares were down over 11% at $1.79 each, or just 4 cents above their session low. The stock already had fallen more than 86% over the past 12 months before today’s drop.
In other sector news,
(+) SWN, Raised to Buy from Neutral at SunTrust Robinson Humphrey, which also reiterated its $27 price target for the stock.
(-) AMID, Prices $84.8 mln public offering of 7.5 mln equity units at $11.31 each, a 5.2% discount to yesterday’s closing price.
Companies: Peabody Energy Corporation
Price: 1.77 Price Change: -0.24 Percent Change: -11.94