Sector Update: Energy Stocks Rise as Crude Oil Retraces Recent Highs

Last Updated: Monday, May 16, 2022 3:52 PM | MT Newswires

Energy stocks extended their Monday gains this afternoon, with the NYSE Energy Sector Index rising 2.6% while the SPDR Energy Select Sector ETF (XLE) was up 2.8%. The Philadelphia Oil-Service Sector index was posting a 3.6% gain while the Dow Jones US Utilities Index was adding 0.4%.

West Texas Intermediate crude oil was $3.71 higher at $113.77 per barrel while Brent crude was advancing $2.47 to $114.02 per barrel. Henry Hub natural gas futures rose $0.29 to $7.961 per 1 million BTU.

In company news, W&T Offshore (WTI) gained 4.4% on Monday, with the oil and natural gas producer saying chief technical officer Stephen Schroeder will retire on June 1 after a decade in the post. The company said Huan Gamblin will become its new vice president for business development and assume the majority of Schroeder's tasks.

Rattler Midstream (RTLR) added nearly 15% after Diamondback Energy (FANG) Monday offered to buy all of the oil and water pipeline company's common units it does not already own, with investors receiving 0.113 of a Diamondback share in exchange for each of their Rattler common units. Based on Friday's closing price for Diamondback shares, the deal value Rattler at around $15.08 per unit, or 17.3% above its last closing price. Diamondback shares were 1.3% lower this afternoon.

Altus Power (AMPS) climbed over 10% after the solar-energy supplier reported a surprise Q1 profit of $0.39 per share, up sharply from $0.01 per share during the the same quarter in 2021 and beating the single-analyst estimate that had been expecting a net loss of $0.02 per share. Revenue grew 53.6% year-over-year to $19.2 million but narrowly lagged the $19.6 million analyst call.

Kinetik Holdings (KNTK) rose 5.6% after Credit Suisse increased its price target for the natural gas gathering and processing company by $8 to $80 and reiterated its outperform rating for the stock to reflect Kinetik's improved outlook for cash flow.

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