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Sector Update: Energy Stocks Mixed in Friday Afternoon Trading
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Sector Update: Energy Stocks Mixed in Friday Afternoon Trading
Nov 9, 2024 1:24 PM

01:45 PM EST, 11/08/2024 (MT Newswires) -- Energy stocks were mixed Friday afternoon, with the NYSE Energy Sector Index decreasing 0.7% and the Energy Select Sector SPDR Fund (XLE) up 0.3%.

The Philadelphia Oil Service Sector index was posting a 2.1% drop, and the Dow Jones US Utilities index was rising 1.6%.

Front-month West Texas Intermediate crude oil was declining 2.7% to $70.37 a barrel while the global benchmark Brent crude contract was advancing 2.3% to $73.85 a barrel. Henry Hub natural gas futures fell 1.1% to $2.66 per 1 million BTU.

In corporate news, Icahn Enterprises ( IEP ) said Friday that it has sent a proposal to CVR Energy's ( CVI ) board to acquire additional shares of the petroleum refining company in a tender offer. Icahn ( IEP ) shares fell 7% and CVR jumped 12%.

Calumet (CLMT) reported a Q3 loss Friday of $1.18 per diluted share, swinging from earnings of $1.24 a year earlier. Analysts polled by Capital IQ expected a loss of $0.60. Sales for the quarter were $1.1 billion, down from $1.15 billion a year earlier. Analysts expected $972.1 million. Its shares popped nearly 4%.

NRG Energy ( NRG ) reported Q3 adjusted earnings Friday of $1.90 per diluted share, up from $1.57 a year earlier. The company also raised its 2024 guidance for adjusted EPS to a range of $5.95 to $6.75 from the previous guidance of $5.00 to $6.30. Its shares added 0.2%.

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