It’s been an energetic summer. Since Memorial Day, the S & P 500’s energy sector has performed better than its peers. It has gained more than 10%. This gain has helped energy recover the majority of its losses for the year. The sector has been down 0.9% in 2023 through Friday’s closing. Energy’s summer gains coincided in part with a 10.2% increase in West Texas Intermediate crude oil prices as investors assessed prospects for better-than expected economic growth. WTI has fallen more than 2% in the last month due to concerns about China and recent data from Europe. CNBC Pro screened S & P 500 Energy sector to find best-performing stocks since Memorial Day and what analysts expect them to do next. Marathon Petroleum led the energy sector this summer with a jump of more than 32 percent. The company’s net income and revenue were higher than expected on Aug. 1. Analysts also have a generally positive outlook for the stock. FactSet data indicates that more than 55% have a positive rating for Marathon Petroleum, and the average price target implies 7% growth. Shares have risen 23.7% in the past year. MPC YTD MPC in 2023 MPC for the mountain SLB, Halliburton, APA, Baker Hughes, Targa Resources, and Williams Cos. These companies are also major contributors to the energy sector’s strong summer performance, with each company gaining more than 20%. Analysts like SLB, Halliburton, and Targa shares. At least 80% rate them as buys. Baker Hughes is also expected to grow by 12%, according to the average price target. 70% of analysts give it a “buy” rating. APA’s price target is expected to rise 16.6% in the next year, but less that half of analysts rate it as a buy. Williams has only 39% buy ratings and an average price target that indicates a rise of 8.6%.
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