Energy

Energy Sector Update for 10/13/2021: GLNG,PLUG,PSX,VST,JKS

Energy stocks were mostly higher this afternoon, with the NYSE Energy Sector Index climbing 0.7% while the SPDR Energy Select Sector ETF (XLE) was up 0.2%. The Philadelphia Oil-Service Sector index was posting a 1.0% gain and the Dow Jones US Utilities Index was ahead 0.9%.

Front-month West Texas Intermediate crude oil settled $0.20 lower at $80.44 per barrel while the global benchmark Brent crude contract was declining $0.19 to $83.23 per barrel. Henry Hub natural gas futures rose $0.09 to $5.59 per 1 million BTU.

In company news, Golar LNG (GLNG) rose 4% after Wednesday saying it secured a one-year fixed time charter for one of its liquified natural gas carriers with the potential to generate $36.5 million in revenue over its term.

JinkoSolar (JKS) increased 1.1% after the company's monocrystalline silicon solar cell produced a best-ever 25.4% maximum solar conversion efficiency as verified by Japan Electrical Safety and Environment Technology Laboratories.

Vistra (VST) rose more than 11% after the electric utility authorized a new $2 billion stock buyback program to replace its existing repurchase program that had about $1.33 billion remaining. The company overnight also priced a $1 billion private placement of 1 million shares of its 8% Series A fixed-rate reset cumulative redeemable perpetual preferred stock at $1,000 apiece.

Plug Power (PLUG) gained nearly 13% after it made an unspecified equity investment in privately held Airflow as part of a new strategic partnership to develop and certify a hydrogen fuel cell-based propulsion system for Airflow's short takeoff and landing aircraft. Plug Power also said it was working with Phillips 66 (PSX) to develop low-carbon business opportunities while Morgan Stanley increased its stock rating for Plug Power to overweight from equal-weight and raised its price target for the company's shares by $5 to $40 each.

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

In This Story

GLNG PLUG PSX VST JKS

Latest Markets Videos

MTNewswires

Founded in 1999, MT Newswires (formerly known as Midnight Trader) is a leading provider of original source, multi-asset class, real-time, global financial news and information to most of the largest banks, brokerage firms and professional market data, trading & research applications in North America.

Learn More