SM Energy Co SM:NYSE

Last Price$26.28NYSE Previous Close - Last Trade as of 7:00PM ET 3/24/23

Today's Change+0.75(2.94%)
Bid (Size)$26.28 (1)
Ask (Size)$26.54 (1)
Day Low / High$24.66 - 26.32
Volume1.6 M

Sector Update: Energy Stocks Lower Amid Weaker Oil Prices

4:15PM ET 1/04/2023 MT Newswires
Energy stocks turned narrowly lower this Wednesday afternoon, with the NYSE Energy Sector Index and the Energy Select Sector SPDR Fund (XLE) down about 0.3%. The Philadelphia Oil Service Sector index still was posting a 1.0% advance and the Dow Jones US Utilities Index was adding 0.9%.

West Texas Intermediate crude oil settled 4.9% lower at $73.19 per barrel while North Sea Brent crude also was sliding 5% to $78.04 per barrel. Henry Hub natural gas futures rose 4.3% to $4.16 per 1 million BTU.

In company news, Hannon Armstrong Sustainable Infrastructure Capital (HASI) rose 4.5% after announcing its acquisition of 49% equity stake in a 1.3-gigawatt renewable-energy portfolio, consisting of 17 operating solar projects and a single wind farm in six states, from AES.

Patterson-UTI Energy (PTEN) rose 3.8% after the contract drilling firm said it expects Q4 net income to surpass $100 million. Analysts polled by Capital IQ expect $70.5 million.

To the downside, ProFrac Holding (ACDC) slid 1.2% after Morgan Stanley lowered its price target for the well-hydraulic fracturing company by $2 to $30 while reiterating is overweight rating.

SM Energy (SM) fell 6.1% after JPMorgan cut its stock rating for the oil and natural gas producer to neutral from overweight and lowered its price target by $9 to $46.