Sector Update: Energy Stocks Edge Down Late Afternoon

MT Newswires Live
26 Jul

Energy stocks edged lower late Friday afternoon, with the NYSE Energy Sector Index shedding 0.1% and the Energy Select Sector SPDR Fund (XLE) easing 0.3%.

The Philadelphia Oil Service Sector Index dropped 0.6%, and the Dow Jones US Utilities Index was little changed.

West Texas Intermediate crude oil declined 1.4% to $65.13 a barrel, and global benchmark Brent shed 1.1% to $68.39 a barrel. Henry Hub natural gas futures increased 0.6% to $3.11 per 1 million BTU.

In corporate news, Hess Midstream (HESM) shares rose 2.5% after Wells Fargo upgraded the stock to overweight from equalweight and lifted its price target to $47 from $41.

Bloom Energy (BE) is "growing at a faster pace" than expected as it expands with high-profile clients like Oracle (ORCL), Amazon (AMZN) Web Services, and Cologix, UBS said in a note emailed Friday. UBS raised its price target on Bloom Energy's stock to $41 from $29 with a buy rating. Bloom shares climbed 4.3%.

Teck Resources (TECK) shares fell nearly 6% after JPMorgan downgraded the stock to neutral from overweight and cut its price target to $56 from $63.

CenterPoint Energy (CNP) shares gained 1.4% after it said Friday it's planning to hire 200 lineworkers by the end of this year and about 800 employees by 2030 to back its $53 billion energy investments in the Greater Houston area.

Phillips 66 (PSX) shares added 0.6% after the company reported that it swung to Q2 adjusted earnings.

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