Sector Update: Energy Stocks Stumble Again After Brent Crude Drops Below $80 Per Barrel

Last Updated: Tuesday, December 6, 2022 1:37 PM | MT Newswires

Energy stocks were sharply lower this Tuesday afternoon, with the NYSE Energy Sector Index falling 1.9% while the SPDR Energy Select Sector ETF (XLE) was down 2.7%. The Philadelphia Oil-Service Sector index was posting a 2.0% retreat and the Dow Jones US Utilities Index was slipping 0.4%.

West Texas Intermediate crude oil was sinking $3.34 to $73.59 per barrel while North Sea Brent crude also was declining $3.76 to $78.92 per barrel. Henry Hub natural gas futures were $0.13 lower at $5.45 per 1 million BTU.

In company news, Matador Resources (MTDR) was sinking 2.6%, reversing a nearly 2% gain earlier. The oil and natural gas producer said it was increasing its quarterly dividend by 50% to $0.15 per share.

ProPetro Holding (PUMP) was 0.5% lower. The oilfield-services company said an operator in the Permian Basin has signed a three-year contract for use of ProPetro's electric-powered hydraulic fracturing fleet once it takes delivery of the new e-fleet next summer. ProPetro also said it has ordered two more electric frac fleets with delivery expected before the end of 2023.

Vivint Smart Home (VVNT) jumped out to its best price in 13 months, rising over 32%, after the residential security firm agreed to a $2.8 billion buyout offer from NRG Energy (NRG). The electric utility will pay $12 in cash for each Vivint share, a 33.5% premium over Monday's closing price, and will also assume around $2.4 billion debt. NRG shares were down over 16%.

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