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.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
S&P 500 pares some gains after Powell warns inflation still too high By Investing.comS&P 500 pares some gains after Powell warns inflation still too high
Read more »
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...
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.
Read more »
- Joe Morgan becomes 1st player in MLB history to have 200 HRs and 500 SBsThis Date in Baseball, August 27 - Joe Morgan becomes 1st player in MLB history to have 200 HRs and 500 SBs
Read more »
Newgarden looks to continue oval dominance in Bommarito 500 after rain moves qualifying to SundayJosef Newgarden will be looking to make IndyCar history Sunday as he seeks his sixth consecutive win on an oval track at the Bommarito Automotive Group 500.
Read more »