Newspaper article THE JOURNAL RECORD

JR Index Stays Positive despite Downgrade of Energy Companies by Analysts

Newspaper article THE JOURNAL RECORD

JR Index Stays Positive despite Downgrade of Energy Companies by Analysts

Article excerpt

The Journal Record Index tabulated a positive week, despite a Credit Suisse downgrade of five energy companies, including TJR index component Devon Energy. Credit Suisse analyst Jonathan Wolff lowered his natural gas price expectation for 2008, saying the market is on a trajectory toward continued weakness as supply outstrips demand. TJR stocks rose 19.72 points, or 1.82 percent, and closed at 1103.90. Advancing issues outpaced declining issues by a better than 2-to-1 margin.

Shares of SemGroup Energy Partners increased $1.89. Research firm SMH Capital initiated coverage on SemGroup Energy with a reading of "buy." SemGroup closed at $26.50.

Energy Transfer Partners was up 95 cents, or 1.94 percent, to close at $49.96. The company said last week that it has completed two natural gas compression efforts that permit the company to expand capacity in its pipeline, recently completed, from Cleburne to Carthage. The project will allow natural gas to be delivered at the Carthage hub at greater than 2 billion cubic feet per day. …

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