4 Energy Stock Stories to Spark Investment Chatter on Thursday
Chesapeake Energy Corp. (NYSE:CHK): Closing price $28.37
Shares of Chesapeake rose by about 4 percent Thursday after a Citi analyst elevated his investment rating on the company, pointing to its potential growth and cost reduction initiatives. Analyst Robert Morris at Citi upgraded his rating on the corporation to Buy from Neutral, and raised its price target from $27 to $35. The stock was also added to Citi’s U.S. Focus List.
ENI S.p.A. (NYSE:E): Closing price $49.13
On Thursday, Italy’s number-one energy firm by market value, reported it estimates that the Evans Shoal field, offshore Australia, contains a minimum of 8 trillion cubic feet of natural gas after the completion of an appraisal well. The field is located in the NT/P48 exploration permit, in the north Bonaparte Basin, some 300 kilometers northwest of Darwin.
Schlumberger Ltd. (NYSE:SLB): Closing price $92.81
The oil and gas services firm Schlumberger Ltd. has purchased Shores Lift Solutions, which sells artificial lift pumping units and rod equipment, from its private-equity owner White Deer Energy, according to inside sources. White Deer Energy confirmed it had divested the business, it would not disclose the buyer or the sale price for the unit. However, another source said that the price of the acquisition was under $500 million.
Total SA (NYSE:TOT): Closing price $60.61
A report indicates that Total is planning to spend $850 million to develop a deep-water natural gas field lying off the southern coast of Argentina. The French oil major unveiled its plans at a public presentation in Buenos Aires on Wednesday, announcing that it will partner with Germany’s Wintershall and the local company Pan American Energy to develop the Vega Pleyade field. The three partners will drill three horizontal wells with the target of producing as much as 10 million cubic meters per day of gas at the field, located in the ocean near Tierra del Fuego.