Sector Update: Energy Stocks Rebound Friday With 4% Jump in Crude Oil Prices

Last Updated: Friday, May 13, 2022 3:49 PM | MT Newswires

Energy stocks gave back a small portion of their prior gains this afternoon, with the NYSE Energy Sector Index rising 3.0% in late trade and the SPDR Energy Select Sector ETF (XLE) was up 3.2%. The Philadelphia Oil-Service Sector index was posting a 4.3% advance while the Dow Jones US Utilities Index was adding 0.9%.

West Texas Intermediate crude oil settled $4.36 higher at $110.49 per barrel while Brent crude was advancing $3.95 this afternoon to $111.40 per barrel. Henry Hub natural gas futures fell $0.08 to $7.66 per 1 million BTU.

In company news, ProFrac Holding (PFHC) was 3.3% higher late in its first day on the public markets on Friday after the energy-services company overnight priced a $288 million initial public offering of 16 million shares at $18 apiece, trailing the expected $21 to $24 range. After first paying underwriter discounts and other offering expenses, ProFrac said it expects to use the $273.4 million in net proceeds to repay debt and for other general corporate purposes.

TotalEnergies (TTE) rose 3% on Friday after the energy major said it has received a $160 million contract to develop a wind farm off the North Carolina coast.

Algonquin Power & Utilities (AQN) rose 5% after late Thursday reporting a 16% increase in Q1 revenue over year-ago levels, climbing to $735.7 million and beating the Capital IQ consensus expecting $709.6 million for the three months ended March 31. The Canadian electric utility also raised its quarterly dividend by 6% to $0.1808 per share.

Occidental Petroleum (OXY) added 8.1% after a new regulatory filing showed Berkshire Hathaway (BRK.A, BRK.B) this week bought an additional 901,774 Occidental shares, boosting the equity stake of the financial and industrial conglomerate controlled by Warren Buffett to nearly 143.2 million shares.

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