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Monday's Energy Stocks: Chesapeake Energy soars on borrowing base reaffirmation

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Monday's Energy Stocks: Chesapeake Energy soars on borrowing base reaffirmation

sharesjumped 19.68% inbrisk trading to end at $4.50 on Monday, April 11, after its borrowing base wasreaffirmed at $4billion and the next redetermination of its credit facility would be postponeduntil June 2017.

"It'sgood news across the board as its covenants eased and it still had a $4 billionborrowing base with no redetermination for over a year now," WunderlichSecurities Vice President for Equity Research Jason Wangler said. "Theability to raise more debt could be a big deal as it may allow Chesapeake toissue new debt and buy back a lot of its cheap existing debt, ultimatelylowering debt and interest expenses, which is its main goal."

fell 0.16% in weak volume to finish at $24.36 after its quarterly distribution by5.3%

gained0.22% in thin trading to close at $26.85 after it will conduct a jointfeasibility study with Kuwait PetroleumCorp subsidiary Petrochemical Industries Co. K.S.C. to evaluate thedevelopment of a combined propane dehydrogenation and polypropylene upgradingfacility in Alberta.

rose 1.06% inbelow-average trading to close at $39.09 after a contract to build, own andoperate the Tula-Villa de Reyes pipeline in Mexico. The contract represents aninvestment of about $550 million.

The SNL Midstream Energy Index climbed 0.39% to 97.27.

shares lifted2.51% in heavy trading to end at $7.77 after Wunderlich Securities Inc.gave the gas utilitya "buy" rating with a fair value of $9.50.

"Thecompany is leveraging its utility management operation and investmentexperience to increase market penetration while maximizing its allowablereturns," the analyst note said. "Continued investment not onlyimproves Gas Natural's fundamentals, but also enables the company to maintainhigher quality facilities that drive higher levels of productivity and customerservice."

Amongelectric utilities, DominionResources Inc. shed 0.23% in light trading to end at $72.87,Duke Energy Corp.lost 0.41% in weak volume to finish at $79.44, and fell 0.51% inbelow-average trading to close at $50.47. The Philadelphia Utility Index fell0.40% to 616.63.

climbed2.40% in active trading to close at $2.56 after the acquisition of a solarplant in Uruguay.

TheSNL Coal Index gained 3.53% to 42.13 as most components settled in greenterritory. CONSOL Energy Inc.lifted 5.23% in weak volume to end at $12.48 and climbed 10.66% inlight trading to close at $1.35.

Afterlosing 2.8 cents in the prior session, front-month May natural gas futuresextended lower Monday, April 11. The contract moved from $1.907/MMBtu to$1.951/MMBtu before settlingthe day at $1.912/MMBtu, down another 7.8 cents on profit taking, as revisedweather outlooks indicate widespread warming, which should translate into thindemand against a backdrop of very ample supply.

The SNLEnergy Index declined 0.10% to 258.02, the Dow Jones Industrial Average fell0.12% to 17,556.41 and the S&P 500 dropped 0.27% to 2,041.99.

Market prices and indexvalues are current as of the time of publication and are subject to change.