Energy is the best-performing sector this summer. Here are the stocks driving it

  • 📰 CNBC
  • ⏱ Reading Time:
  • 24 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 13%
  • Publisher: 72%

Nigeria News News

Nigeria Nigeria Latest News,Nigeria Nigeria Headlines

The S&P 500 energy sector has outperformed its counterparts since Memorial Day, rallying more than 10% in that time.

It's been a hot summer for energy. The S & P 500 energy sector has outperformed its counterparts since Memorial Day, rallying more than 10% in that time. That gain helped energy recover most of its year-to-date losses. Through Friday's close, the sector is down just 0.9% for 2023. Energy's strong summer gains coincided with a 10.2% pop in West Texas Intermediate oil prices, as investors assessed the prospects of better-than-expected economic growth.

Analysts are also generally bullish on the stock's prospects going forward. FactSet data shows more than 55% of those covering Marathon Petroleum have a buy rating on it, with the average price target implying 7% upside. Shares are up 23.7% year to date. MPC YTD mountain MPC in 2023 SLB , Halliburton , APA , Baker Hughes , Targa Resourses and Williams Cos . are also key contributors to energy's summer outperformance, rallying more than 20% each.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 12. in NG

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

U.S. stocks finish higher as S&P 500, Nasdaq snap 3-week losing streakU.S. stocks finished higher on Friday, helping the Nasdaq Composite and S&P 500 clinch their first weekly gain after three weeks of losses. The S&P 500...
Source: MarketWatch - 🏆 3. / 97 Read more »

This week's most overbought and oversold stocks in the S&P 500 include several pharma namesHere are the stocks analysts believe could soon rally, as well as the ones that may be due for a correction.
Source: CNBC - 🏆 12. / 72 Read more »