4 Energy Stock Stories Not to Be Overlooked

GMX Resources (NYSE:GMXR): Closing price $2.19

On Monday, GMX reported that it has filed a voluntary petition for reorganization under Chapter 11 in the United States Bankruptcy Court for the Western District of Oklahoma. Along with this petition, the firm is pursuing an asset purchase accord with holders of its Senior Secured Notes due 2017 to purchase substantially all of its operating assets and undeveloped acreage. GMX’s joint venture Endeavor Gathering, in which it owns a 60 percent membership interest, is not included in the filing. GMX is an oil and gas exploration and production firm with assets in the Williston Basin, East Texas Basin, and Denver Julesburg Basin.

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GMXR

Harvest Natural Resources (NYSE: HNR): Closing price $3.37

The target price of shares was sharply cut by research analysts at Wunderlich from $11 to $3 in a report released on Monday. The firm presently has a Hold rating on the stock, which has a 52-week low of $2.91 and a high of $10.83. Harvest’s current market cap is $138.4 million.

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HNR

Suncor Energy (NYSE:SU): Closing price $30.32

Suncor’s decision bail on an $11.4-billion oil sands facility indicates that the firm believes it can grow shareholder returns by shipping crude directly to refineries rather than investing in expensive processing on their own. Last week, Canada’s biggest energy firm abandoned plans with its partner Total to build the Voyageur upgrader that would have converted heavy bitumen to a synthetic light crude. Instead, Total outlined plans to concentrate on heavy oil output from its proposed Fort Hills and Joslyn oil-sands developments, spending Canadian $15 billion on energy projects through 2020.

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SU

Edison International (NYSE:EIX): Closing price $50.47

On Monday, Edison division Southern California Edison submitted a draft license amendment to the United States Nuclear Regulatory Commission in connection with its shuttered San Onofre nuclear power plant. The firm said that the proposed amendment is the best path to getting San Onofre’s Unit 2 reactor up and running before the summer months, when demand for power increases.

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EIX

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