Industry Update: Energy stocks fall with 3% drop in crude oil prices

Energy stocks pared their midday decline this afternoon, with the NYSE Energy Sector Index falling 1.2% while the SPDR Energy Select Sector ETF (XLE) was down 1.3% at the end of the day. of session. The Philadelphia Oil-Service Sector Index, however, posted a 1.1% gain and the Dow Jones US Utilities Index was ahead 0.8%.

First-month West Texas Intermediate crude settled $3.39 to $92.07 a barrel, while global benchmark Brent crude also fell $3.22 to $93.26 a barrel. Henry Hub natural gas futures rose $0.11 to $4.31 per 1 million BTU.

In company news, the utility company (PEG) slipped 0.5% in late trades, reversing an early 1.3% gain that followed the electric utility increasing its quarterly allocation. compared to its previous distribution to investors of 5.9% at $0.54 per share.

CVR Energy (CVI) fell 3.1%, retracing part of its 5% decline earlier on Monday, after S&P Global Markets raised its outlook for the oil refining company to stable from the previous negative , citing improving markets and metrics.

On the upside, TC Energy Corp. (TRP) rose nearly 1% after the Canadian pipeline company reported net income of $1.14 per share in the fourth quarter, down from $1.20 per share in the period there. is a year old, but still beating the Capital IQ consensus of $0.10 per share. to share. Revenue rose 8.5% year over year to $3.58 billion, beating the analyst average of $3.57 billion. The company also increased its quarterly dividend by 3.4% to $0.90 per share.

Arch Resources (ARCH) climbed 5.2% after the coal miner reported net income of $11.92 per share in the fourth quarter, reversing a net loss of $5.17 per share in the same quarter in 2020, while revenue grew 123% year-over-year to $805.7 million, beating the analyst average of $715.1 million.

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Steve R. Hansen