Sector Update: Energy Stocks Decline Tuesday Afternoon
Written by Emily J. Thompson, Senior Investment Analyst
Source: NASDAQ.COM
- Energy Sector Performance: Energy stocks were mostly lower, with the NYSE Energy Sector Index down 0.2% and the Energy Select Sector SPDR Fund (XLE) decreasing by 0.6%.
- Oil and Gas Prices: West Texas Intermediate crude oil rose by 0.1% to $83.50 a barrel, while Brent crude increased by 0.3% to $86.84 a barrel. However, Henry Hub natural gas futures fell by 2.3% to $2.42 per 1 million BTU.
- Corporate News: Exxon Mobil and Shell are among the companies interested in buying a stake in Galp Energia's oil discovery off Namibia's coast. Exxon shares dropped by 0.8%, and Shell was down by 0.2%.
- Acquisition Updates: Crescent Energy's proposed acquisition of SilverBow Resources saw progress as the waiting period expired under the Hart-Scott-Rodino Antitrust Improvements Act. Crescent shares rose by 0.9%, and SilverBow was up by 1%.
- PG&E Power Shutoff: PG&E shares fell by 0.7% after shutting off power for about 2,000 customers in California as part of a planned public safety event to prevent wildfires.
Analyst Views on PCG
Wall Street analysts forecast PCG stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for PCG is 21.45 USD with a low forecast of 18.00 USD and a high forecast of 25.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
11 Analyst Rating
9 Buy
2 Hold
0 Sell
Strong Buy
Current: 15.780
Low
18.00
Averages
21.45
High
25.00
Current: 15.780
Low
18.00
Averages
21.45
High
25.00
About PCG
PG&E Corporation is a holding company. The Company's primary operating subsidiary is Pacific Gas and Electric Company (the Utility), a public utility operating in Northern and Central California. The Utility is engaged in the sale and delivery of electricity and natural gas to customers. The Utility generates electricity and provides electric transmission and distribution services throughout its service area in northern and central California to residential, commercial, industrial, and agricultural customers. The Utility provides electricity, transmission, and distribution services in its service area. The Utility owns approximately 18,000 circuit miles of interconnected transmission lines operating at voltages ranging from 60 kilovolts (kV) to 500 kV. The Utility also operates 33 electric transmission substations with a capacity of approximately 67,000 megavolt amperes (MVA). Customers can also obtain electricity from alternative providers such as municipalities (CCAs).
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
