Sector Update: Energy Stocks Rising Despite Afternoon Reversal for Crude Oil
01:02 PM EDT, 05/10/2021 (MT Newswires) -- Energy stocks were higher this afternoon, with the NYSE Energy Sector Index climbing 0.7% while the SPDR Energy Select Sector ETF was up 1.2%.
Front-month West Texas Intermediate crude oil was falling $0.08 to $64.82 per barrel, reversing earlier gains, while the global benchmark Brent crude contract was unchanged at $68.28 per barrel. Henry Hub natural gas futures were $0.02 lower at $2.94 per 1 million BTU.
Among energy-related ETFs, the United States Oil Fund was rising 0.1% while the United States Natural Gas Fund was slipping 0.8%. The Philadelphia Oil-Service Sector index also was sinking 0.8% although the Dow Jones US Utilities Index was ahead 0.9%.
In company news, Pembina Pipeline (PBA) rose 1.3% after RBC Capital Markets increased its price target for Pembina's shares by C$2 to C$42 a share and reiterated its outperform stock rating.
Duke Energy (DUK) climbed 1.2% after reporting adjusted Q1 net income of $1.26 per share, improving on a $1.14 per share non-GAAP profit during the same quarter last year and beating the Capital IQ consensus by $0.05 per share.
Schlumberger (SLB) was fractionally higher, easing from a 3.1% rise to a 15-month high earlier that followed the oilfield-services company saying it was collaborating with NOV (NOV) to accelerate acceptance of automated drilling among oil and natural producers. NOV shares also were edging 0.7% higher this afternoon.