Home Commodities Sector Update: Energy Stocks Ending Near Intraday Lows Amid Falling Commodity Prices

Sector Update: Energy Stocks Ending Near Intraday Lows Amid Falling Commodity Prices


Energy stocks added to their Thursday retreat this afternoon, with the NYSE Energy Sector Index falling 1.7% while the SPDR Energy Select Sector ETF (XLE) was down 2.6% in late trade. The Philadelphia Oil-Service Sector index was sinking 3.3% but the Dow Jones US Utilities Index was adding 0.6%.

West Texas Intermediate crude oil was $2.12 lower at $88.54 per barrel while Brent was sliding $2.83 to $93.95 per barrel. Henry Hub natural gas futures fell $0.14 to $8.12 per 1 million BTU.

In company news, Targa Resources (TRGP) dropped 4.2% this afternoon. The natural gas gathering and transportation company reported a 77% year-over-year increase in Q2 revenue to $6.06 billion. It raised its forecast for non-GAAP 2022 earnings before interest, taxes, depreciation and amortization.

ConocoPhillips (COP) was nearly 1% lower, giving back a nearly 2% gain earlier Thursday that followed the energy major reporting non-GAAP net income of $3.91 per share, more than trebling its $1.27 per share adjusted profit during the June quarter last year and beating the Capital IQ consensus by $0.06 per share.

Civitas Resources (CIVI) dipped 0.1% after the oil and natural gas producer reported Q2 net GAAP income of $5.48 per diluted share, reversing a year-ago net loss of $0.83 per share and exceeding the analyst estimate of a $3.94 per share profit.

Murphy Oil (MUR) rose 2.3% after the exploration and production company reported non-GAAP Q2 net income of $1.93 per diluted share, improving on an adjusted profit of $0.59 per share during the year-ago period and easily topping the Capital IQ consensus expecting $1.54 per share.

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