Energy Stocks Rebound As BP Soars

Loading...
Loading...
Energy stocks surged today, along with the broad market, as BP PLC
BP
made a come-back from its lowest levels in the last 14 years. The sector’s gains were also led by a higher-than-anticipated fall in crude oil inventories during yesterday’s session. Appearing bullish, the Dow Jones Industrial Average climbed 188.63 points, or 1.91%, to 10,088, by 12:39 pm. Dow components Exxon Mobil
XOM
surged 2.18% and Chevron
CVX
rose 3.16%. The NYSE Arca Oil Index (XOI) advanced 3.62% to 916.45. The NYSE Arca Natural Gas Index (XNG) climbed 3.14% to 516.31. The Philadelphia Oil Service Index (OSX) rose 4.23% to 169.49. Shares of BP rallied 8.05% to $31.55, by 12:57 pm. Although, BP was downgraded by S&P Equity Research from “buy” to “hold,” the analysts believe that the steep decline in BP’s share price was unjustified and the company is trading far lower than its true value. The analysts added, "the uncertainties arising from the Gulf of Mexico rig accident, the political sensitivities regarding BP keeping its 2010 dividend, the costs of the clean-up, upcoming civil charges and potential U.S. government resolutions." Read more
from Benzinga's Markets.
Posted In: NewsDowngradesIntraday UpdateMarketsMoversEnergy SectorS&P Equity Research
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!

Loading...