Sector Update: Energy Stocks Fall in Tuesday Afternoon Trading

MT Newswires Live03-11

Energy stocks were falling Tuesday afternoon, with the NYSE Energy Sector Index shedding 0.9% and the Energy Select Sector SPDR Fund (XLE) dropping 1.1%.

The Philadelphia Oil Service Sector index retreated 1.2%, and the Dow Jones US Utilities index fell 1.3%.

Front-month West Texas Intermediate crude oil was rising 0.4% to $66.29 a barrel while the global benchmark Brent crude contract was advancing 0.5% to $69.60 a barrel. Henry Hub natural gas futures were 1% lower at $4.45 per 1 million BTU.

In corporate news, TXNM Energy (TXNM) is considering a sale after getting takeover interest from a potential buyer, Bloomberg reported Monday. TXNM shares jumped past 6%.

HighPeak Energy (HPK) shares fell 4.2% after the company overnight reported lower Q4 net income and operating revenue that also missed analysts' expectations.

Archrock (AROC) has agreed to buy Natural Gas Compression Systems and NGCSE in a cash-and-stock deal valued at about $357 million, the companies said. Archrock shares jumped past 5%.

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