News

Energy stocks were mixed late Friday, with the NYSE Energy Sector Index decreasing 0.4% and the Energy Select Sector SPDR Fund (XLE) up 0.3%.

The Philadelphia Oil Service Sector index was posting a 0.3% drop and the Dow Jones US Utilities index was up 0.3%.

Front-month West Texas Intermediate crude oil was declining 1.3% to $77.94 a barrel while the global benchmark Brent crude contract was down 1.2% to $81.98 per barrel. Henry Hub natural gas futures were 0.9% lower at $1.80 per 1 million BTU.

In corporate news, General Electric (GE) shares gained 1.3% after JPMorgan upgraded the rating on the company's stock to overweight from neutral and raised the price target to $180 from $166.

Petrobras (PBR) shares tumbled 11.5% after the board approved a lower-than-expected Q4 dividend of 14.2 billion Brazilian reais ($2.85 billion). Analysts expected $3.7 billion in Petrobras dividends for the quarter, based on Bloomberg's review of estimates by four analysts.

California Resources (CRC) said in a Friday filing that it expects to continue executing its capital and drilling programs amid uncertainty over an oil and gas permit process that is being litigated between Kern County and environmental groups. Its shares were falling 1.7%.

Kodiak Gas Services (KGS) shares rose 1.4% after it said Friday the US regulatory waiting period for its proposed merger with CSI Compressco (CCLP) expired. The deal probably will close around April 1, Kodiak said. CSI Compressco shares jumped 6.8%.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.