Energy stocks kept most of their prior gains today, with the NYSE Energy Sector Index rising about 0.5% while shares of energy companies in the S&P 500 also were up just over 0.5% as a group. Crude oil for October delivery settled 16 cents higher at $48.23 per barrel while October natural gas futures rose 5 cents to $3.00 per 1 million BTU.
In company news, equity units of USD Partners LP (USDP) rose Tuesday, climbing almost 9% to a session high of $10.65 apiece, after chief executive Dan Borgan yesterday purchased 5,000 of the oil and natural gas shipping and storage company’s stock at an average of $9.83 apiece.
Monday’s stock buy increased Borgan’s direct stake in the firm to 54,483 units. He also holds another 152,902 phantom units convertible into an equal number of common units and controls an another 61,325 units through an indirect entity, KKB Holdings LLC.
In other sector news,
(+) RRC, SailingStone Capital Partners LLC nearly doubles its stake, acquiring almost 14.2 mln shares since Dec. 31, 2016, increasing its shares of company stock to 12.9% from 7.2% previously.
(-) CQP, Board members Oliver Richard III and James Ball Sept. 7 each sell 750 shares at $27.59 apiece, or $20,692.50 overall, after a total of 3,000 phantom units previously granted to each man vest into an equal number of common shares on the same day.