KNTK

Kinetik Holdings Inc.

34.08
USD
4.60%
34.08
USD
4.60%
31.30 87.70
52 weeks
52 weeks

Mkt Cap 553.68M

Shares Out 16.25M

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Energy Sector Update for 08/10/2022: PLUG,ARRY,TRP,TRP.TO,KNTK

Energy stocks eased from their midday peak this afternoon, with the NYSE Energy Sector Index rising 0.5% and the SPDR Energy Select Sector ETF (XLE) up 0.3%. The Philadelphia Oil-Service Sector index was posting a 0.4% advance and the Dow Jones US Utilities Index was posting a 0.1% gain. West Texas Intermediate crude oil settled $1.43 higher at $91.93 per barrel, reversing an earlier decline after the Energy Information Administration said US commercial inventories rose by 5.5 million barrels during the seven days ended Aug. 5, compared with market expectations for a drop of 1 million barrels last week. North Sea Brent crude also was advancing $0.84 to $97.15 per barrel, while Henry Hub natural gas futures rose $0.37 to $8.20 per 1 million BTU. In company news, Plug Power (PLUG) was 17% higher late in Wednesday trading after the hydrogen fuel-cell company reported a 21.4% increase in Q2 revenue over the same quarter in 2021, rising to $151.3 million. It also reiterated its outlook expecting between $900 million to $925 million in FY22 revenue, straddling the $915.3 million analyst mean. Array Technologies (ARRY) climbed over 26% after the solar-tracking equipment company late Tuesday reported non-GAAP Q2 net income of $0.09 per share, up from $0.02 a year ago and crushing the Capital IQ consensus looking for another $0.02 per share adjusted profit. Revenue also more than doubled over year-ago levels, rising 116% to $424.9 million and also exceeding the $336.9 million Street view. TC Energy (TRP) gained 1.8% after the Canadian pipeline company Wednesday completed a CA$1.8 billion ($1.41 billion) bought-deal financing of 28.4 million shares at CA$63.50 apiece, or 3.2% under its closing price Aug. 4 when the stock sale was announced. Net proceeds will help fund construction of the Southeast Gateway pipeline in Mexico. To the downside, Kinetik Holdings (KNTK) declined 2.8% after the natural gas gathering and processing company earned $0.06 per share during the three months ended June 30, trailing the Capital IQ consensus expecting a $0.60 per share profit. The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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