Sector Update: Energy Stocks Struggling for Direction Despite Friday Rebound in Commodity Prices

Last Updated: Friday, October 22, 2021 1:27 PM | MT Newswires

Energy stocks were mixed this afternoon, with the NYSE Energy Sector Index falling 0.3% while the SPDR Energy Select Sector ETF (XLE) was up 0.3%.

Front-month West Texas Intermediate crude oil was rising $1.0 to $83.50 per barrel while the global benchmark Brent crude contract also was advancing $0.76 to $85.37 per barrel. Henry Hub natural gas futures were $0.11 higher at $5.23 per 1 million BTU.

Among energy-related ETFs, the United States Oil Fund (USO) was ahead 0.7% while the United States Natural Gas Fund (UNG) was adding 0.1%. The Philadelphia Oil-Service Sector index was posting an 0.8% decline but the Dow Jones US Utilities Index was 0.5% higher.

In company news, FTS International (FTSI) climbed 3.1% after the hydraulic fracturing company Friday agreed to a $407.5 million buyout offer from ProFrac Holdings, which will pay $26.52 in cash for each FTS share, representing a 0.3% discount to Thursday's closing price.

Diamondback Energy (FANG) was 0.5% higher after agreeing to sell selected water midstream assets to its Rattler Midstream (RTLR) subsidiary for $160 million in cash in a drop-down transaction. Diamondback had acquired the sourced and recycled water gathering, storage and disposal systems earlier this year from QEP Resources and Guidon Operating LLC, the companies said. Rattler shares were down 1.2%.

Schlumberger (SLB) fell 1.1% after the oilfield-services company reported an 11% year-over-year increase in Q3 net revenue to $5.85 billion but still lagging the Capital IQ consensus expecting $5.94 billion in revenue for the three months ended Sept. 30.

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