Sector Update: Energy Stocks Mixed Late Afternoon
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Jul 02 2024
0mins
Source: NASDAQ.COM
Energy Stocks:
- NYSE Energy Sector Index slightly up, while Energy Select Sector SPDR Fund down.
- Philadelphia Oil Service Sector Index and Dow Jones US Utilities Index both saw gains.
Oil Prices:
- West Texas Intermediate crude oil dropped to $82.92 per barrel.
- Global benchmark Brent crude fell to $86.36 per barrel.
- Henry Hub natural gas futures decreased to $2.44 per 1 million BTU.
Corporate News:
- CVR Energy made a binding offer for shares in Citgo Petroleum's parent company.
- TotalEnergies plans to relinquish its gas condensate discoveries license off South Africa.
- Crescent Energy's proposed acquisition of SilverBow progresses as waiting period expires.
Stock Movements:
- CVR Energy shares down 0.3%.
- TotalEnergies shares slightly higher.
- Crescent Energy and SilverBow Resources saw increases in their shares.
PG&E Update:
- PG&E shares declined by 0.3% after shutting off power for 2,000 customers in California 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.
