Petroleo Brasileiro SA (NYSE: PBR) dropped about 6.4% on Thursday to post a new 52-week low at $3.78 after closing at $4.04 on Wednesday. The stock’s 52-week high is $17.64. Share volume was about 30% above the daily average of around 33 million. The Brazilian oil giant has cancelled contract to rent a drillship, underscoring its current spate of troubles.
Kinder Morgan Inc. (NYSE: KMI) dropped about 2.4% on Thursday to post a new 52-week low of $28.36 against a 52-week high of $44.71. The stock closed at $29.06 on Wednesday night. Volume is about 25% higher than the daily average of nearly 15 million shares traded. The company had no specific news today, but it’s possible a report that Williams may be reconsidering its opposition to a takeover bid by Energy Transfer Equity does not sound like good news for Kinder Morgan.
Energy Transfer Equity LP (NYSE: ETE) posted a new 52-week low on Thursday. Common units dropped about 6.9% to a low of $22.29 from Wednesday’s closing price of $23.95. The units’ 52-week high is $35.44. Volume was well over double the daily average of around 6 million. To continue the Williams saga: if Williams should change its mind and ETE can come up with some cash to sweeten its offer for Williams, current ETE unitholders don’t appear to like the sound of all that new debt piling up.
United States Steel Corp. (NYSE: X) dropped about 2.9% on Thursday to set a new 52-week low of $10.90 after closing at $11.23 on Wednesday. The stock’s 52-week high is $44.18. Share volume is about 30% above the daily average of around 11 million. The company had no specific news again today.
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