Sharp increase in oil prices has led to outperformance of energy stocks, with WTI rising 20% this year. EIA forecasts $90/bbl in Q2 2024 and $3.60/gal in retail gasoline prices by 2024. 3 energy firms in top 10 S&P 500 performers YTD and many more set to report earnings in April 2024.
David Tepper's hedge fund, Appaloosa Management, made strategic moves in Q4 2023, including entering new positions, boosting select tech holdings, reducing exposure to semiconductors, and making key exits.
MPC's robust Q4 FY23 performance reveals resilience, with revenue and other income reaching $36.82 billion, exceeding the $35.25 billion consensus. While income from operations dipped to $3.73 billion, adjusted EPS surged to $3.98, outpacing the expected $2.20. The company's strong financial position is evident with $10.2 billion in available funds.
Companies Reporting Before The Bell
• CommVault Systems (NASDAQ:CVLT) is estimated to report quarterly earnings at $0.73 per share on revenue of $208.06 million.