Sector Update: Energy Stocks Rally Again Amid Surging Crude Oil Prices

Last Updated: Tuesday, January 4, 2022 1:42 PM | MT Newswires

Energy stocks were soaring this afternoon, with the NYSE Energy Sector Index climbing 2.8% while the SPDR Energy Select Sector ETF (XLE) was up 3.5%. The Philadelphia Oil-Service Sector index was posting a 4.7% gain and the Dow Jones US Utilities Index was ahead 0.2%.

Front-month West Texas Intermediate crude oil was rising $0.92 to $77.00 per barrel while the global benchmark Brent crude contract was advancing $1.00 to $79.98 per barrel. Henry Hub natural-gas futures were $0.07 lower at $3.74 per 1 million BTU.

In company news, NexTier Oilfield Solutions (NEX) rallied Tuesday, rising almost 25%, after the company late Monday said it was expecting between $500 million to $510 million in revenue for its just-concluded Q4, topping Wall Street estimates looking for $494.5 million in revenue for the three months ended Dec. 31. It also is expecting to deploy an additional upgraded tier 4 dual fuel frac fleet during Q1, for an average of 32 fleets during the quarter.

Valaris (VAL) climbed 3.4% after late Monday announcing new bareboat charter contracts from ARO Drilling for four of its marine drillrigs, with three-year extensions to the existing charters with ARO Drilling and the first two newbuild jackups slated for delivery during the second half of 2022.

Exelon (EXC) has turned narrowly lower, reversing a nearly 1% mid-morning gain, after RBC Capital Markets raised its price target for the electricity and natural gas utility by $9 to $60 a share and reiterated its outperform rating for the stock ahead of the company's planned spinoff of its Constellation Energy retail energy and generation business later this quarter into a standalone company.

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