Courtesy of the global shift to renewable energy and the turmoil in the energy market after the Russian invasion of Ukraine, the utility industry has shaped up to be one of the rather dynamic sectors .
The NRG Energy Earnings Beat Lifts Utilities ETFs March 1, 2021
Utilities sector-related exchange traded funds lit up after NRG Energy (NYSE: NRG) revealed better-than-expected fourth-quarter results and claimed it was able to shake off the financial setback from the cold storm in Texas.
On Monday, the
Utilities Select Sector SPDR (NYSEArca: XLU), the largest utilities sector-related ETF, advanced 3.1%. The three funds were testing their long-term support at the 200-day simple moving average.
NRG Energy shares jumped 14.2% on Monday. NRG makes up 4.6% of FXU’s underlying portfolio, 4.4% of RYU, and 3.3% of XLU.
NRG reported fourth-quarter earnings of $2.10 per share, up from $1.27 in the year-earlier quarter, TheStreet reports. In comparison, analysts surveyed by FactSet predicted earnings of 45 cents per share.