Energy Sector Review: Seattle’s Best in Chevron Stations, YPF SA Shares Down
YPF SA (NYSE:YPF): Shares of Argentinean energy company YPF SA (NYSE:YPF) are retreating, after the chairman of the company arrived in Argentina to meet with the nation’s leaders, according to The Buenos Aires Herald. YPF Chairman Antonio Brufau is visiting Argentina amid tensions between the country’s government and the company, after President Cristina Fernndez de Kirchner criticized YPF for not investing enough money in Argentina. Traders are speculating that Fernandez could make a statement about YPF during her State of the Union address tomorrow, according to Reuters. Adding to traders’ concerns, Deutsche Bank quotes a local newspaper as reporting that the president could announce tomorrow that the country’s pension funds will take a controlling stake in YPF. Such a development could be very negative for minority shareholders, warns Deutsche Bank, which nonetheless maintains a Buy rating on the stock. In early afternoon trading, YPF fell $2.92, or 9.54%, to $27.68.
The shares closed at $26.23, down $4.37, or 14.28%, on the day. Its market capitalization is $10.32 billion.
Exxon Mobil Corporation (NYSE:XOM): Oil prices increased again in New York, heading for its best month since October, up 8.8% in February, as signs of economic recovery and concerns over Iran threatens crude supplies worldwide, reports Bloomberg.
The shares closed at $86.50, down $0.64, or 0.73%, on the day. Its market capitalization is $407.69 billion.
Chevron Corporation (NYSE:CVX): Starbucks (NASDAQ:SBUX) will begin selling its Seattle’s Best coffee brand at Kmart (NASDAQ:SHLD) stores, Chevron (NYSE:CVX) gas stations, and some Taco Bell (NYSE:YUM) locations, reported Bloomberg, citing an interview with Chris Bruzzo, the brand’s chief marketing officer.
The shares closed at $109.12, down $0.49, or 0.45%, on the day. Its market capitalization is $215.73 billion.
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