Sector Update: Energy Stocks Retreat Late Afternoon

MT Newswires Live08-31

Energy stocks were declining late Friday afternoon with the NYSE Energy Sector Index decreasing 0.7% and the Energy Select Sector SPDR Fund (XLE) down 0.5%.

The Philadelphia Oil Service Sector index dropped 1.4%, and the Dow Jones US Utilities index added 0.3%.

West Texas Intermediate crude oil fell 3.2% to $73.45 a barrel, while global benchmark Brent dropped 1.4% to $78.80. Henry Hub natural gas futures eased 0.1% to $2.13 per 1 million BTU.

In corporate news, Excelerate Energy (EE) shares fell 6.5% as Wells Fargo downgraded the stock to underweight from equalweight and trimmed its price target by $1 to $19.

YPF (YPF) shares popped 5.3% as Jefferies upgraded the company to buy from hold and raised its price target to $30 from $23.50.

Equinor (EQNR) plans to downsize its renewables division and is starting talks with unions about the impact on employees, Bloomberg reported. Equinor shares shed 1.5%.

Talos Energy (TALO) shares slumped 4.1%. Chief Executive Officer Tim Duncan stepped down, and Joseph Mills was named interim CEO until a permanent successor is named.

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