NEW YORK (TheStreet) - Green energy leader LDK Solar (LDK) led the energy pack last week. Oil and gas services company Frontline (FRO) showed strength, while Tesoro (TSO) and Advantage Oil & Gas (AAV) pared significant losses.
LDK Solar was the top gainer, jumping 21% after signing an agreement with OSM Solarform for the manufacture and distribution of 20 megawatts of LDK-certified modules at the latter's Ontario plant. Also, Lumin Solar has signed an agreement with LDK to manufacture LDK monocrystalline PV panels at its Thornhill facility in Ontario.
Frontline climbed 19.7% after its board approved restructuring the company for the formation of a new entity named Frontline 2012, primarily to buy assets for a total value of $1.12 billion from Frontline, assume $666 million in bank debt, and raise $250 million in new equity.
Comstock Resources (CRK) surged 18.3% after the company announced the acquisition of acreage in the Delaware Basin in West Texas from Eagle Oil & Gas Co. and others for a purchase price of $332.7 million.Energy Transfer Equity (ETE) moved up 5.9% last week after announcing that approximately 98% shareholders of Southern Union Company voted in favor of adopting a merger agreement with ETE on Friday. Analysts at Zacks Investment Research have upgraded ETE from underperform to neutral. Suntech Power Holdings (STP) and Boardwalk Pipeline Partners (BWP) rose 5% each last week. Suntech was awarded the 2011 Gigaton Prize for its part in reducing carbon emissions around the world. Analysts at Auriga have upgraded Suntech Power to a hold rating. Boardwalk Pipeline was upgraded by analysts at Morgan Keegan from market perform to outperform. Tesoro was at the helm of losers last week, wiping out 11.1% after a Credit Suisse analyst cut the stock's ratings from outperform to neutral citing that other companies in the sector offer better returns, currently. Advantage Oil & Gas dropped 10.9% last week, tracking a 1.56% decline in oil prices to $99.41 from $100.99. Shares of Gran Tierra Energy (GTE) slipped 8.9% after the company announced that its two Colombian wells drilled recently returned disappointing results with no commercially useable oils. Newfield Exploration (NFX) and Talisman Energy (TLM) dropped 8.2% and 8%, respectively. Newfield Exploration traded lower after the company announced a crude oil supply agreement with Tesoro to provide 18,000 barrels per day of supply capacity at Tesoro's refinery in Salt Lake City. Renesola (SOL) lost 14.2% during the last week.
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