Liberty Energy Inc LBRT:NYSE

Last Price$12.76NYSE Previous Close - Last Trade as of 7:00PM ET 6/30/22

Today's Change-0.56(4.20%)
Bid (Size)$9.00 (39)
Ask (Size)$15.55 (31)
Day Low / High$12.56 - 13.25
Volume3.0 M

Sector Update: Energy Stocks Extend Friday Retreat Following Late Reversal by Crude Oil

3:48PM ET 4/29/2022 MT Newswires
Energy stocks continued to lose more ground this afternoon, with the NYSE Energy Sector Index dropping 2.5% while the SPDR Energy Select Sector ETF (XLE) was down 2.6%. The Philadelphia Oil-Service Sector index also was retreating 4.3% and the Dow Jones US Utilities Index was sliding 2.4%.

West Texas Intermediate crude oil settled $0.67 lower at $104.69 per barrel, giving back an earlier advance, while North Sea Brent crude still was gaining $1.75 to $109.34 per barrel. Henry Hub natural gas futures rose $0.36 to $7.24 per 1 million BTU.

In company news, Orbital Energy Group (OEG) fell 6.1% after the electric utility company Friday priced a $21 million direct offering of 16.2 million shares at $1.30 each, or 0.8% under Thursday's closing price. Investors participating in the deal also received five-year warrants becoming exercisable in six months to buy up to 16.2 million additional shares at $1.31 apiece.

Liberty Energy (LBRT) fell 9.3% after Friday pricing a secondary offering of 14.5 million class A common shares previously owned by a Schlumberger (SLB) subsidiary. The company did not disclose the per-share price paid by underwriters for the deal, who are expecting to sell the Liberty stock through open-market or negotiated transactions from time to time, according to the preliminary prospectus.

Chevron (CVX) declined 3% after lagging Wall Street expectations with its Q1 earnings and the energy major also warning it expects a drop in Q2 production due to turnarounds at its liquefied natural gas facilities in Australia and Angola coupled with a one-month shutdown of the CPC pipeline in Kazakhstan and the expiration of its Erawan concession in Thailand.

Exxon Mobil (XOM) slid 2.7% after the energy giant reported non-GAAP Q1 net income of $2.07 per share, up from $0.65 during the year-ago period but still trailing the Capital IQ consensus looking for a $2.23 per share profit for the three months ended March 31, excluding one-time items.