Sector Update: Energy Stocks Mixed as Crude Oil Prices Decline

Last Updated: Tuesday, August 16, 2022 3:43 PM | MT Newswires

Energy stocks were narrowly mixed this afternoon as Tuesday losses by crude oil accelerated, with the NYSE Energy Sector Index falling 0.2% and the SPDR Energy Select Sector ETF (XLE) adding less than 0.1%.

West Texas Intermediate crude oil was $2.88 lower at $86.53 per barrel, while Brent crude was sliding $3.21 to $91.89 per barrel. Henry Hub natural gas futures rose $0.60 to $9.33 per 1 million BTU.

The Philadelphia Oil-Service Sector index was falling 0.9% but the Dow Jones US Utilities Index was adding 0.2%.

In company news, Ormat Technologies (ORA) turned 1.3% lower this afternoon, giving back an early 1.1% gain to its best price since January 2021, after the energy-services company Tuesday said it has signed new contracts valued at nearly $100 million to help build a new geothermal power plant in New Zealand and providing air-cooled energy converters for an existing power plant in Indonesia.

Bloom Energy (BE) plunged 11% after the solid-oxide fuel-cells company late Monday it would sell 13 million of its class A common shares through an upcoming public offering. Net proceeds will fund additional research and development, sales and marketing and other general business activities.

Sunnova Energy (NOVA) slid over 10% after disclosing plans for a $425 million private placement of convertible senior notes maturing in February 2028. The initial conversion rate, yield and other terms of the notes will be determined when the deal prices, the residential energy services firm said.

Scorpio Tankers (STNG) was down 2.4%, reversing a small morning advance, after it said late Monday that it paid $50 million to buy back 1.29 million of its common shares at $38.65 apiece from its Eneti (NETI) affiliate.

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