SM Energy Co SM:NYSE

Energy stocks were edging higher this afternoon, with the NYSE Energy Sector Index rising 0.1% while the Energy Select Sector SPDR Fund (XLE) was little changed. The Philadelphia Oil Service Sector index was posting a 1.6% advance and the Dow Jones US Utilities Index was adding 1.5%.

West Texas Intermediate crude oil was downr $3.37 to $73.56 per barrel while North Sea Brent crude was sliding $3.55 to $78.55 per barrel. Henry Hub natural gas futures were $0.18 higher at $4.17 per 1 million BTU.

In company news, Patterson-UTI Energy (PTEN) rose 5.2% after the contract drilling firm Wednesday said it likely generated more than $100 million in revenue during the final three months of 2023. Analysts polled by Capital IQ expected $70.5 million.

ProFrac Holding (ACDC) slid 2.1% after Morgan Stanley lowered its price target for the well-hydraulic fracturing company by $2 to $30 while reiterating is overweight rating. ProFrac said it completed its purchase of pressure pumping firms REV Energy Holdings and Producers Services Holdings.

SM Energy (SM) fell 5.4% after JPMorgan on Wednesday cut its stock rating for the oil and natural gas producer to neutral from overweight and lowered its price target by $9 to $46.