Sector Update: Energy Stocks Advancing with WTI Crude Oil Pushing Back Above $90 Per Barrel

Last Updated: Thursday, August 18, 2022 1:37 PM | MT Newswires

Energy stocks were gaining this afternoon, with the NYSE Energy Sector Index rising 1.9% and the SPDR Energy Select Sector ETF (XLE) up 2.4%.

The Philadelphia Oil-Service Sector index was climbing 3.6% and the Dow Jones US Utilities Index was ahead less than 0.1%.

West Texas Intermediate crude oil was rising $2.11 to $90.22 per barrel, while North Sea Brent crude was advancing $2.36 to $96.01 per barrel. Henry Hub natural gas futures were $0.05 higher at $9.30 per 1 million BTU.

In company news, Canadian Solar (CSIQ) rose over 16% after its Q2 net income increased nearly five times over year-ago levels, reaching $1.07 per share and scorching analyst estimates by $0.40 per share. The solar-power and batteries company also guided Q3 revenue above Street views and it raised its FY22 revenue guidance by $500 million to a new range of $7.5 billion to $8.0 billion. Analysts, on average, have been looking for $7.25 billion in FY22 sales.

DCP Midstream (DCP) gained 9.9% after Phillips 66 (PSX) overnight issued a non-binding offer to acquire all of the natural gas gathering, shipping and storage company's publicly held common units for $34.75 apiece, matching Wednesday's closing price. The target company has not yet publicly responded to the proposed acquisition. Phillips' shares were 1.7% lower this afternoon.

Northern Oil & Gas (NOG) added 6.5% on Thursday after Raymond James increased its price target for the energy company's shares by $5 to $55 and reiterated its strong buy rating for Northern's stock.

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