Energy Sector Update for 03/14/2023: GE,NEP,PBR,CRGY

Energy stocks climbed Tuesday afternoon, with the NYSE Energy Sector Index rising 0.2% while the Energy Select Sector SPDR Fund (XLE) gained 1%. The Philadelphia Oil Service Sector index was advancing 0.7% and the Dow Jones US Utilities Index climbed 0.9%.

West Texas Intermediate crude oil slumped 4.6% to $71.33 per barrel, while North Sea Brent crude was sliding 4.5% to $77.15 per barrel. Henry Hub natural gas futures fell 1.2% to $2.57 per 1 million BTU.

In company news, General Electric (GE) gained 2.2% after Oppenheimer raised its price target for the conglomerate by $4 to $102 a share and reiterated its outperform rating for the stock.

NextEra Energy Partners (NEP) climbed 2.9% after the wind- and solar-energy utility company filed a shelf registration statement for the potential sale of up to $500 million of its common units representing limited partner interests.

Among decliners, Petrobras (PBR) fell 1.6%, erasing earlier gains, after the Brazilian energy major said it was taking all necessary steps to resume production at its Bahia Terra Cluster by next month after the Brazilian National Agency of Petroleum, Natural Gas and Biofuels shut down the 37-well onshore complex in December.

Crescent Energy (CRGY) slid 2.1% after Wells Fargo cut its price target for the oil and natural gas producer by $2 to $16 and reiterated its overweight rating for the stock.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


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