Sector Update: Energy Shares Mixed Pre-Market; Solar City up 4% as Deutsche Initiates at Buy
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Energy shares are mixed, while crude oil futures are higher.
Light, sweet crude oil for February delivery is trading up $0.25 at $94.42 per barrel. In other energy futures, heating oil is down $0.01 at $2.97 per gallon while natural gas is up $0.14 at $4.46 per million British thermal units.
In other energy news, shares of SolarCity Corp. ( SCTY ) have jumped 4.00% to a 52-week high of $71.24 in pre-market trading as analysts at Deutsche Bank have initiated coverage of the stock with a Buy rating and a $90 price target.
"SCTY is one of the pioneers in the residential solar leasing market and is poised to benefit from accelerating growth of distributed generation," said Deutsche Bank. "We expect SCTY's installed base of solar customers to roughly double exiting 2014 and believe growth could accelerate in the 2015/16 timeframe."
The firm added that it expects declining system costs, customer acquisition costs, financing costs and rising volumes to drive significant scale benefits and operating leverage.