4 Energy Stock Stories to Fuel Investor Curiosity
Chevron Corporation (NYSE:CVX): Closing price $113.44
Chevron is set to be awarded a license for exploring for shale gas in Lithuania, according to government officials in that country on Tuesday. The license covers a field in western Lithuania, an area close to the Baltic Sea where a number of small firms extract a tiny amount of crude oil. In 2012, Chevron purchased a 50 percent interest in one of these firms, LL Investicijos, which owns a license to an adjacent field, and now company officials hope to commence exploration work this year.
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Transocean (NYSE:RIG): Closing price $53.89
On Sunday, Transocean reported that Carl Icahn now holds a 1.56% percent interest in the company, along with a derivatives position. Also, the rig operator and offshore driller said that he intends to purchase more than $682 million worth of stock, which would work out to a minimum of 3.5 percent of Transocean’s shares outstanding, making him its second-largest shareholder. The two biggest institutional shareholders are Capital Group Cos. and Franklin Mutual Advisers, according to FactSet Research.
Duke Energy Corporation (NYSE:DUK): Closing price $66.05
On Tuesday, Duke’s shares were upgraded from Neutral to Buy at UBS, and a price target of $70 was assigned, which marks about a 5.5 percent increase over the current price. Analysts believe that Duke has attractive risk and reward profile. The stock has increased by 2 percent in the past year.
Petrobras – Petroleo Brasileiro (NYSE:PBR): Closing price $19.84
GE Oil & Gas (NYSE:GE) has won a contract valued in excess of $500 million to provide turbomachinery equipment and services to Petrobras, a global leader in deep-water oil production. The agreement will serve the four new floating production, storage and offloading units in the Cessao Onerosa region of the Santos Basin pre-salt fields, in São Paulo State. President and Chief Executive of GE Latin America Reinaldo Garcia commented that “Our focus is to seek partnerships like this, where GE can offer its expertise to support the economic development of Brazil. The country continues to assume an increasingly strategic position to the company’s business globally, and Petrobras is one of the most important partners we have.”
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