Energy stocks eased during afternoon trading, with the NYSE Energy Sector Index Tuesday climbing 0.6% while the SPDR Energy Select Sector ETF (XLE) was up 1.0%. The Philadelphia Oil-Service Sector index was hanging onto a 0.1% gain and the Dow Jones US Utilities Index was 1.2% higher.
Front-month West Texas Intermediate crude oil was $0.52 higher at $82.96 per barrel while the global benchmark Brent crude contract was advancing $0.61 this afternoon to $84.94 per barrel. Henry Hub natural gas futures rose $0.10 to $5.08 per 1 million BTU, reversing a morning decline.
In company news, Sempra (SRE) climbed 1.5% after Morgan Stanley, Mizuho Securities and KeyBanc adjusted their price targets for the company while keeping their respective investment ratings on the stock.
Permian Basin Royalty Trust (PBT) rose 12% after declaring an October cash distribution of $0.022354 per unit, or about 3.3% below its September payout. Oil production levels at its Texas royalty properties increased 1.2% during August, but it said reduced output of natural gas and dips in commodity prices cut the overall net contribution to the trust by 3.5% from the prior month to $1.08 million.
Kosmos Energy (KOS) climbed 1.9% after late Tuesday disclosing plans for a $400 million private placement of senior notes maturing in 2027 and using the net proceeds, together with cash on hand, to refinance the $400 million of notes it issued to buy Anadarko WCTP.
Halliburton (HAL) was 0.3% higher, overcoming an early 3.3% decline after the oilfield services giant said its Q3 revenue grew 29.5% over year-ago levels to $3.86 billion but still trailed the Capital IQ consensus expecting $3.91 billion for the three months ended Sept. 30. Adjusted net income rose to $0.28 per share from $0.11 during the same quarter in 2020, matching the Capital IQ consensus.