Utilities: Top 5 Stocks for September-November 2023
9 minutes for reading
NRG Energy Inc., New Fortress Energy Inc., Constellation Energy Corporation, Vistra Corp., and Public Service Enterprise Group Inc. are the companies in the utility sector that have experienced the most significant growth in their stock values in the last three months. Today, on 15 November 2023, we will examine the quarterly reports of these firms and conduct a technical analysis of their stocks.
Selection criteria for companies
- The sector is utilities
- The companies are not classified as funds
- The stock is traded on the NYSE and NASDAQ
- The share price exceeds 2 USD
- Their market capitalisation is over 2 billion USD
- The average trading volume for the last 30 days is more than 750,000 shares
Growth values were determined as the percentage difference between the opening prices on 14 August and the closing prices on 14 November 2023. The market capitalisation of the companies was valid as of the time of writing.
1. NRG Energy: +29.89%
Founded in: 1989
Registered in: the US
Headquarters: Houston, Texas
Platform: NYSE
Market capitalisation: 10.68 billion USD
NRG Energy Inc. operates in renewable energy and technologies for improving energy efficiency, specializing in energy production, distribution, and sales. It also develops innovative energy solutions for the industry and private consumers.
NRG Energy Inc. (NYSE: NRG) stock surged 29.89% from mid-August to mid-November 2023, from 36.43 USD to 47.32 USD per unit. On 1 November 2023, the corporation announced that its subsidiaries, Texas Genco LP LLC and Texas Genco GP LLC, completed the sale of NRG South Texas LP, which owns a 44% interest in the South Texas Project Electric Generating Station (STP), to Constellation Energy Corporation for 1.75 billion USD.
NRG Energy Inc. reported its Q3 2023 results on 2 November 2023. Revenue from July to September 2023 decreased by 6.63% from the corresponding period of 2022, down to 7.95 billion USD, while net profit skyrocketed by 411.94%, reaching 343 million USD or 1.42 USD per share.
Technical analysis of NRG Energy stock and forecast for year-end 2023
When writing this article, NRG Energy Inc. shares are at their all-time high of 47.85 USD. They are testing the upper boundary of the ascending channel near 47.50 USD, from where they might rebound in the near term as part of a corrective wave.
The pullback target could be the support level at 45.00 USD. After testing this level, the price might rebound and continue its upward momentum, which has been developing since mid-March 2023.
The growth target could be the 50.00 USD mark. However, it should not be excluded that the quotes might rise to 55.00 USD without significant corrections in the short run.
Technical analysis of NRG Energy Inc. stock chart*
2. New Fortress Energy: +23.38%
Founded in: 2014
Registered in: the US
Headquarters: New-York, New-York
Platform: NASDAQ
Market capitalisation: 7.28 billion USD
New Fortress Energy Inc. develops, constructs, and operates the infrastructure for producing and transporting liquified natural gas. It provides turnkey energy solutions.
New Fortress Energy Inc. (NASDAQ: NFE) stock gained 23.38% from 14 August to 14 November 2023, rising from 28.79 USD to 35.52 USD per unit. On 8 November, the corporation announced its financial results for Q3 2023. Revenue dropped 29.70% compared to the Q3 2022 results, down to 514.5 million USD, while net profit increased 10.85%, reaching 62.3 million USD or 0.30 USD per share.
Technical analysis of New Fortress Energy stock and forecast for year-end 2023
New Fortress Energy Inc. shares are testing the resistance level of 36.00 USD on the daily chart. In the short run, the price might have a chance to form a corrective wave targeting the support level of 34.00 USD. After the potential correction is over, a rebound from the support level could serve as an additional signal, confirming that the upward movement might continue. The uptrend began to form in early June 2023.
The first growth target might be the next resistance level of 37.70 USD. If the quotes break this mark, this could indicate the continuation of the uptrend. The growth target is likely to be 40.50 USD.
Technical analysis of New Fortress Energy Inc. stock chart*
3. Constellation Energy: +18.84%
Founded in: 2022
Registered in: the US
Headquarters: Baltimore, Maryland
Platform: NASDAQ
Market capitalisation: 40.36 billion USD
Constellation Energy Corporation produces and sells energy to commercial and private clients. In addition, it sells natural gas and other products and provides energy services. The company is also involved in developing and introducing solutions to enhance energy efficiency and use renewable energy sources.
Constellation Energy Corporation (NASDAQ: CEG) stock rose by 18.84% over three months from 106.46 USD to 126.52 USD. It was announced on 1 November that the corporation purchased NRG South Texas LP for 1.75 billion USD. We have already mentioned this deal above.
Constellation Energy Corporation presented its Q3 2023 results on 6 November. Operating revenues from July to September added 1% from the corresponding period of last year, reaching 6.11 billion USD. Net profit amounted to 690 million USD or 2.27 USD per share, while a year ago, the company posted a loss of 193 million USD or 0.57 USD per share.
Technical analysis of Constellation Energy stock and forecast for year-end 2023
Constellation Energy Corporation shares are testing the upper boundary of the ascending channel at 126.25 USD. A corrective wave is forming at this stage, which might push the price to the support level of 120.00 USD. The quotes might pull back and test this level, following which they could have a chance to rebound and continue their upward momentum.
If the price breaks the upper boundary of the ascending channel, this may signal a potential price rise. In this case, the growth target could be 130.00 USD. It can be presumed that the quotes might move to this level without significant corrections.
Technical analysis of Constellation Energy Corporation stock chart*
4. Vistra: +17.18%
Founded in: 1882
Registered in: the US
Headquarters: Irving, Texas
Platform: NYSE
Market capitalisation: 12.59 billion USD
Vistra Corp. produces and supplies energy to private and commercial clients. In addition, the company develops projects aimed at enhancing energy efficiency and using renewable energy sources.
Vistra Corp. (NYSE: VST) stock added 17.18% over the period in question, rising from 30.04 USD to 35.2 USD per share. On 7 November, the corporation released its Q3 2023 report, announcing that operating revenues decreased by 20.60% to 4.09 billion USD, and net profit dropped 25.96% to 502 million USD.
Technical analysis of Vistra stock and forecast for year-end 2023
Having tested the upper boundary of the ascending channel at 35.50 USD, Vistra Corp. shares are forming a corrective wave. It can be presumed that the price might continue its upward movement once the correction is complete.
If the price breaks the resistance level of 35.60 USD, this could additionally signal a potential price rise. Should the quotes gain a foothold above this level, they may have a chance to rebound and continue their upward trajectory beyond the ascending channel. The growth target could be 39.00 USD.
Technical analysis of Vistra Corp. stock chart*
5. Public Service Enterprise Group: +5.12%
Founded in: 1903
Registered in: the US
Headquarters: Newark, New Jersey
Platform: NYSE
Market capitalisation: 31.52 billion USD
Public Service Enterprise Group Inc. is engaged in producing, supplying, and distributing energy and natural gas. It provides services to businesses, industrial facilities, and private households across several states in the US. In addition, the company actively invests in the development of renewable energy sources.
From mid-August to mid-November 2023, the stock of Public Service Enterprise Group Inc. (NYSE: PEG) added 5.12%, rising from 60.17 USD to 63.25 USD. The company published the Q3 2023 report on 31 October, announcing that net profit rose by 21.93%, reaching 139 million USD or 0.27 USD per share.
Technical analysis of Public Service Enterprise Group stock and forecast for year-end 2023
Public Service Enterprise Group Inc. shares have been moving upward since 3 October 2023. At the time of writing, following a correction, the quotes are heading towards 64.60 USD. If they surpass this resistance level, this could signal a continuation of the upward trend.
The potential growth target may be the next resistance level of 69.00 USD. It is worth recalling that the price tested it in April 2023. However, a scenario is possible whereby the price might rebound from the resistance level at 64.60 USD with another corrective wave likely to develop before the price potentially continues its upward trajectory.
Technical analysis of Public Service Enterprise Group Inc. stock chart*
What contributed to the surge in utilities stocks?
The leaders of stock price gains in the utilities sector from mid-August to mid-November 2023 were NRG Energy Inc., New Fortress Energy Inc., Constellation Energy Corporation, Vistra Corp., and Public Service Enterprise Group Inc. The quarterly reports of these companies could be the key driver of the surge in their stocks.
* – Past performance is not a reliable indicator of future results or future performance.
The material presented and the information contained herein is for information purposes only and in no way should be considered as the provision of investment advice for the purposes of Investment Firms Law 87(I)/2017 of the Republic of Cyprus or any other form of personal advice or recommendation, which relates to certain types of transactions with certain types of financial instruments.
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