Afternoon note on the energy marketSector Update: Energy Stocks Rising With Broader Markets
02:16 PM EDT, 05/13/2022 (MT Newswires) -- Energy stocks were higher this afternoon, with the NYSE Energy Sector Index rising 3.2% while the SPDR Energy Select Sector ETF (XLE) was up 3.3%. The Philadelphia Oil-Service Sector index was posting a 4.7% advance and the Dow Jones US Utilities Index was adding 0.5%.
West Texas Intermediate crude oil was rising $4.16 to $110.29 per barrel while Brent crude was advancing $3.88 to $111.33 per barrel. Henry Hub natural gas futures were $0.08 lower at $7.66 per 1 million BTU.
In company news, Algonquin Power & Utilities (AQN) rose 4.3% after late Thursday reporting a 16% increase in Q1 revenue over year-ago levels, climbing to $735.7 million and beating the Capital IQ consensus expecting $709.6 million for the three months ended March 31. The Canadian electric utility also raised its quarterly dividend by 6% to $0.1808 per share.
Occidental Petroleum (OXY) added 7% after a new regulatory filing showed Berkshire Hathaway (BRK.A, BRK.B) this week bought an additional 901,774 Occidental shares, boosting the equity stake of the financial and industrial conglomerate controlled by Warren Buffett to nearly 143.2 million shares.
TotalEnergies (TTE) rose 3.1% on Friday after the energy major said it has received a $160 million contract to develop a wind farm off the North Carolina coast.