03:50 PM EST, 11/04/2024 (MT Newswires) -- Energy stocks were higher late Monday afternoon, with the NYSE Energy Sector Index rising 1.5% and the Energy Select Sector SPDR Fund (XLE) climbing 1.6%.

The Philadelphia Oil Service Sector index spiked 1.8%, while the Dow Jones US Utilities index was falling 1.4%.

Oil prices rose following a decision by the Organization of the Petroleum Exporting Countries and its allies to delay a planned hike in production by a month, D.A. Davidson said in a note to clients.

Front-month West Texas Intermediate crude oil rose 3% to $71.58 a barrel while the global benchmark Brent crude contract was advancing 2.9% to $75.19 a barrel. Henry Hub natural gas futures climbed 4.8% to $2.79 per 1 million BTU.

In corporate news, Entergy's ( ETR ) updated strategic business plan has bolstered growth outlook, but associated execution risks and elevated valuation are reasons to adopt a more cautious view, BofA Securities said in a note Monday. The firm downgraded Entergy ( ETR ) to neutral from buy, but raised its price objective to $154 from $138. Entergy ( ETR ) shares were falling 2.3%.

Advent Technologies ( ADN ) shares soared 71%. The company said Monday that the EU Innovation Fund approved a grant of 34.5 million euros ($37.4 million) requested by its Greek subsidiary Advanced Energy Technologies for the Rhyno Project.

Talen Energy ( TLN ) shares shed 1.7% after a Federal Energy Regulatory Commission decision rejecting an amended interconnection agreement to increase the capacity of an Amazon.com (AMZN) data center connected to Talen's Susquehanna nuclear plant in Pennsylvania.

Constellation Energy ( CEG ) shares tumbled past 12%. Mizuho cut its price target for the company to $235 from $264, while maintaining its neutral rating. Constellation reported Q3 adjusted net income Monday of $2.74 per diluted share, up from $2.13 a year earlier. Analysts polled by Capital IQ expected $2.68.