Sector Update: Energy Stocks Adding to Thursday Advance

Last Updated: Thursday, December 2, 2021 3:48 PM | MT Newswires

Energy stocks were racing higher this afternoon, with the NYSE Energy Sector Index climbing 3.2% while the SPDR Energy Select Sector ETF (XLE) was up 3.0%. The Philadelphia Oil-Service Sector index also was posting a 3.5% gain and the Dow Jones US Utilities Index was ahead 1.8%.

Front-month West Texas Intermediate crude oil settled $0.93 higher at $66.50 per barrel, reversing a morning decline, while the global benchmark Brent crude contract was advancing $1.49 to $70.36 per barrel. Henry Hub natural gas futures extended their recent retreat, falling another $0.20 to $4.06 per 1 million BTU.

In company news, WEC Energy Group (WEC) rose 1.8% after the electric utility Thursday increased its fiscal Q1 dividend by 7.4% over its current payout to $0.7275 per share. It also projected FY22 adjusted earnings straddling the $4.30 per share analyst mean.

Camber Energy (CEI) was 1.8% higher after the oil and natural gas producer Thursday said its Viking Energy Group subsidiary was buying a renewable diesel production facility now under construction in Reno, Nevada. Once complete, the plant is expected to produce 43 million gallons per year.

Occidental (OXY) climbed 2.3% after the energy major Thursday began a $2 billion cash tender offer for any of its outstanding notes maturing between 2024 to 2049. The tender offering runs through Dec. 8, unless extended or terminated early.

ReNew Energy Global (RNW) rose 5.7% after the Indian solar- and wind-power utility company said it was partnering with engineering firm Larsen & Toubro to develop, own and operate green hydrogen projects. Financial terms were not disclosed.

Share this article:

Related Companies

You May Also Like