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

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.

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 »