Energy

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

Energy stocks were narrowly mixed this afternoon, with the NYSE Energy Sector Index climbing 0.2% while the SPDR Energy Select Sector ETF (XLE) was down 0.2%.

Front-month West Texas Intermediate crude oil was sinking $0.14 to $80.50 per barrel while the global benchmark Brent crude contract also was declining $0.17 to $83.25 per barrel. Henry Hub natural gas futures were flat at $5.51 per 1 million BTU.

Among energy-related ETFs, the United States Oil Fund (USO) was ahead less than 0.1% while the United States Natural Gas Fund (UNG) was adding 1.2%. The Philadelphia Oil-Service Sector index was posting a 0.3% gain and the Dow Jones US Utilities Index was ahead 1.0%.

In company news, Plug Power (PLUG) gained over 11% after the hydrogen engines and fueling company made an unspecified equity investment in privately held Airflow and will work with the company to develop and certify a hydrogen fuel cell-based propulsion system for its electric-powered short takeoff and landing aircraft.

Vistra (VST) rose more than 10% 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.

JinkoSolar (JKS) shares increased 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.

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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