01:36 PM EDT, 08/13/2024 (MT Newswires) -- Energy stocks were lower Tuesday afternoon, with the NYSE Energy Sector Index decreasing 0.7% and the Energy Select Sector SPDR Fund (XLE) shedding 0.9%.

The Philadelphia Oil Service Sector index was posting a 1.1% drop, while the Dow Jones US Utilities index was up 0.4%.

Front-month West Texas Intermediate crude oil was falling 2.1% to $78.42 a barrel while the global benchmark Brent crude contract was declining 1.9% to $80.77 a barrel. Henry Hub natural gas futures were 1.6% lower at $2.15 per 1 million BTU.

In corporate news, Kodiak Gas Services ( KGS ) shares tumbled past 9%. The company reported Q2 earnings late Monday of $0.06 per share, down from $0.30 a year earlier. Two analysts surveyed by Capital IQ expected $0.49.

FirstEnergy ( FE ) said Tuesday it has reached a resolution for all outstanding proceedings with the Ohio Attorney General and the Summit County Prosecutor. Its shares were fractionally lower.

Xylem (XYL) is likely poised for a multi-decade growth cycle, with the company propelled by multiple tailwinds, UBS said Tuesday in a research note. UBS started coverage of Xylem with a buy rating and a $165 price target. Xylem shares popped 2.1%.