Sector Update: Energy Stocks Edging Higher Near Friday Close

Last Updated: Friday, August 12, 2022 3:54 PM | MT Newswires

Energy stocks have turned moderately higher this afternoon, with the NYSE Energy Sector Index rising almost 0.1%, reversing a small midday dip, while the SPDR Energy Select Sector ETF (XLE) was up 0.7%. The Philadelphia Oil-Service Sector index also was posting a 1.6% advance and the Dow Jones US Utilities Index was adding 1.5%.

West Texas Intermediate crude oil settled $2.45 lower at $91.89 per barrel while North Sea Brent crude also was sliding $1.65 to $97.95 per barrel. Henry Hub natural gas futures fell $0.10 to $8.78 per 1 million BTU.

In company news, Broadwind (BWEN) advanced 7.4% after the turbines and windmills manufacturer Friday said principal accounting officer Thomas Ciccone was selected to be its new chief financial officer, succeeding Eric Blashford after the Broadwind chief executive last October also took on interim CFO responsibilities during the search for a permanent finance chief.

Petrobras (PBR) rose 8.5% after the Brazilian energy major late Thursday said it was exploring the potential sale of its its 34 mining titles for potassium salts in the Amazon Basin.

ProFrac Holding (PFHC) was 10% higher after the energy services company reported a Q2 profit of $6.6 million as revenue grew 237% year-over-year to $589.8 million, beating Wall Street expectations looking for $563 million. ProFrac also said it expects an incremental improvement in its results for Q3 compared with Q2, helped by additional bundling of materials with its pressure pumping services, pricing improvements and the upcoming deployment of its first electric fleet.

To the downside, PetroChina Company (PTR) slid 1.6% after saying it notified the New York Stock Exchange it plans to voluntary delist its American depositary shares, citing limited trading volume for its stock in the US compared with the Hong Kong Stock Exchange and other factors. The company expects its last day of NYSE trading will be Sept. 8.

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