Industry update: Energy stocks surge alongside oil prices

Energy stocks were up sharply this afternoon, with the NYSE Energy Sector index climbing 2.3% while the SPDR Energy Select Sector ETF (XLE) was up 2.2%. The Philadelphia Oil-Service Sector Index posted a gain of 4.3% and the Dow Jones US Utilities Index was ahead of 2.1%.

First month West Texas Intermediate crude rose $ 2.56 to $ 68.82 per barrel as the global benchmark Brent crude contract rose $ 2.57 to $ 72.45 per barrel. Henry Hub natural gas futures contracts were $ 0.45 to $ 3.68 lower per million BTUs.

In company news, Ranger Oil (ROCC) rose nearly 14% after the energy company raised its sales volume forecast for the fourth quarter to a new range of 26,700 to 28,000 barrels of oil per day compared to its previous forecast, forecasting between 25,700 and 27,700 barrels per day, citing better-than-expected performance from its existing wells, faster cycle times and less anticipated downtime.

Laredo Petroleum (LPI) climbed 8.5% Monday afternoon after Raymond James lowered his price target for the oil and gas producer from $ 20 to $ 85 per share, but reiterated its outperformance rating for the action of society.

FTS International (FTSI) rose slightly after the hydraulic fracturing services company said it was moving forward with its proposed merger with ProFrac Holdings after the “go shop” period expired to solicit d ‘other Sunday offers. The proposal is still subject to the approval of FTS International shareholders.

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Felix J. Dixon