Sector Update: Energy Stocks, Crude Oil Rising to Begin New Week

Last Updated: Monday, May 16, 2022 1:20 PM | MT Newswires

Energy stocks were rallying again this afternoon, with the NYSE Energy Sector Index rising 2.2% while the SPDR Energy Select Sector ETF (XLE) was up 3.3%. The Philadelphia Oil-Service Sector index also was posting a 3.6% gain while the Dow Jones US Utilities Index was adding 0.6%.

West Texas Intermediate crude oil was rising $2.75 to $113.24 per barrel while North Sea Brent Crude was advancing $2.04 to $113.59 per barrel. Henry Hub natural gas futures were $0.07 higher at $7.74 per 1 million BTU.

In company news, Rattler Midstream (RTLR) added over 16% after Diamondback Energy (FANG) Monday offered to buy all of the oil and water pipeline company's common units it does not already own, with investors receiving 0.113 of a Diamondback share in exchange for each of their Rattler common units. Based on Friday's closing price for Diamondback shares, the deal value Rattler at around $15.08 per unit, or 17.3% above its last closing price. Diamondback shares were fractionally lower this afternoon.

Altus Power (AMPS) climbed 4.1% after the solar-energy supplier reported a surprise Q1 profit of $0.39 per share, up sharply from $0.01 per share during the the same quarter in 2021 and beating the single-analyst estimate that had been expecting a net loss of $0.02 per share. Revenue grew 53.6% year-over-year to $19.2 million but narrowly lagged the $19.6 million analyst call.

Kinetik Holdings (KNTK) rose 4.3% after Credit Suisse increased its price target for the natural gas gathering and processing company by $8 to $80 and reiterated its outperform rating for the stock to reflect Kinetik's improved outlook for cash flow.

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