Deal news ruled the energy market this week as two notable transactions were announced and another one closed. That acquisition-related news was enough to send three energy stocks on wild double-digit rides, making them the top energy stock movers this week according to S&P Capital IQ data. The names making the headlines this week were Sanchez Energy (NYSE: SN), EV Energy Partners (NASDAQ: EVEP), and PBF Energy (PBF -0.37%).
Sanchez Energy's stock was on the move because it announced the sale of some of its midstream assets to its affiliated MLP. The deal is expected to bring in several hundred million dollars once it closes, which will provide Sanchez Energy with a much needed liquidity cushion.
PBF Energy, on the other hand, was an acquirer of assets as it signed a deal to buy the troubled Torrence, Calif., refinery from ExxonMobil. In doing so, it took advantage of the opportunity to buy a damaged refinery in a key market as it is being repaired. The deal also marks the second refinery acquisition this year for PBF Energy, as the company will boost its overall refining capacity by 60%.
Finally, EV Energy Partners was also on the receiving end of energy assets as it closed a previously announced deal with its parent. However, investors weren't quite as enthused with the news; they are growing more concerned about EV Energy Partners' liquidity as banks take a very close look at credit facilities this fall.
To learn even more about why this news moved these stocks so sharply this week, check out the following slideshow.
