This Week in Energy: SM, BP, Tesla, and More

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Of all the energy companies mentioned in this article, Tesla Inc (NASDAQ:TSLA) did the best, rallying 7.3% this week despite the company doing a major stock offering. According to SEC filings, Tesla priced its offering of over 1.33 million common shares at $262 a piece, with CEO Elon Musk buying 95,420 shares himself. The company also priced its offering of 2022 convertible notes with net proceeds of $839.8 million at $327.5 per share in terms of initial conversion price. Although the offering derisks Tesla’s balance sheet to a degree and will help it ramp up Model 3 production, Colin Langan of UBS isn’t sure if the money raised from both offerings is exactly enough to address Tesla’s needs. The analyst is one of the bears, with a ‘Sell’ rating and a $160 price target. The number of elite funds with holdings in Tesla Inc (NASDAQ:TSLA) rose by 4 quarter-over-quarter to 38 at the end of December.

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