Energy stocks were mixed in late Tuesday trading, with the NYSE Energy Sector Index rising about 0.2% while shares of energy companies in the S&P 500 gave up earlier gains and were down about 0.1% as a group this afternoon. Crude oil for January delivery settled 86 cents lower at $50.93 per barrel while January natural gas futures fell 2 cents to $3.64 per 1 million BTU.
In company news, Forum Energy Tech (FET) slumped Tuesday after the oilfield services company today priced a $75.25 million public offering of 3.5 million shares of its common stock at $21.50 each, a 7.1% discount to Monday’s closing price for the stock.
Institutional investors associated with SCF Partners also sold 3.5 million shares through the offering at the same $21.50 a share price.
FET shares were down more than 2% at $22.65 each this afternoon, recovering somewhat from a prior drop to $21.74 a share.