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Only 2 Power Utilities Gain during a Tough Week for the Sector

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Nov. 20 2020, Updated 12:34 p.m. ET

XLU extends losses

The power utilities sector remained under stress last week. The representative of the sector, the Utilities Select Sector SPDR (XLU), dropped by 4.1% during the week. This was the second week of losses in a row for the sector.

During the same period, the broad-based SPDR S&P 500 ETF Trust (SPY) dropped 1.5%. SPY is a key ETF tracking the S&P 500 benchmark index.

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NRG Energy rises

While the whole sector was under stress, NRG Energy (NRG) emerged as a gainer. The stock gained 2.1% to end the week at $24.49. The company reported its 4Q14 and fiscal 2014 earnings on February 27. The company swung to a profit in 4Q with the help of doubled profits in its renewable energy segment. You may want to have a look at our solar power page if you’re interested in renewable energy.

NRG Energy has announced that it will reorganize into three business lines:

  1. NRG Business
  2. NRG Home
  3. NRG Renew

Covanta gains

The only other gainer during the past week was Covanta Holdings (CVA). The stock gained 0.6% to end the week at $21.80. Covanta is the leader in the energy-from-waste segment, with a market capitalization of $2.9 billion.

Apart from these two stocks, every other stock in the sector (out of the 41 that Market Realist tracks) was in the red during the week. We’ll discuss the top losers, including PPL (PPL), in the next part of this series.

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