Sector Update: Energy Stocks Extend Rebound with WTI Crude Oil Climbing Above $90 Per Barrel

Last Updated: Thursday, August 18, 2022 3:52 PM | MT Newswires

Energy stocks extended their Thursday gains this afternoon, with the NYSE Energy Sector Index rising 2.2% and the SPDR Energy Select Sector ETF (XLE) up 2.6%.

The Philadelphia Oil-Service Sector index was climbing 4.7% and the Dow Jones US Utilities Index was ahead 0.4%.

West Texas Intermediate crude oil settled $2.39 higher at $90.50 per barrel, while North Sea Brent crude was advancing $2.92 to $96.57 per barrel. Henry Hub natural gas futures fell $0.06 to $9.20 per 1 million BTU, reversing its midday gains.

In company news, Tellurian (TELL) was continuing its Thursday advance, with shares of the energy producer rising nearly 13% in late trade, after saying it has completed the $125.5 million purchase of natural gas assets in the Haynesville shale in eastern Texas from EnSight Partners, adding around 250 million cubic feet per day to its natural gas production capacity.

Canadian Solar (CSIQ) rose nearly 14% 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 11% 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 1.9% lower this afternoon.

Northern Oil & Gas (NOG) added 8.5% 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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