The day at a glance · 6 sections · 4 min read
Mood · Risk-On
+62
Sentiment, −100 to +100
XOM Buybacks (12mo)
$20.67B
CVX Buybacks (12mo)
$13.42B
COP Q1 EPS
$1.78
Key driverStrong Q1 earnings from refiners driven by elevated crack spreads and robust capital return programs from oil majors
Daily briefEnergy· Money365.Market AI ·
Energy Q1 Earnings Roll In; Utilities Boost Grid Spend
Oil majors report strong buybacks, refiners beat on soaring crack spreads, utilities accelerate capex for energy infrastructure boom
Oil & Gas Majors
BullishCOP Operating Cash
$4.3B
XOMCVXCOP
Exxon Mobil ($XOM) continued its aggressive capital return program with stock buybacks totaling $20.67 billion over the 12 months through September 2025, positioning it among the largest share repurchase programs in the market. Scotiabank raised its price target on $XOM to $163 from $128 while maintaining an Outperform rating.
Chevron Corporation ($CVX) also demonstrated strong shareholder returns with $13.42 billion in buybacks over the same period, while CEO Mike Wirth commented on April 27 that recent changes to Venezuela's oil policy represent progress, though additional reforms are needed to attract meaningful foreign investment.
ConocoPhillips ($COP) reported first-quarter 2026 earnings per share of $1.78 and adjusted earnings per share of $1.89, generating cash provided by operating activities of $4.3 billion and cash from operations of $5.4 billion. Meanwhile, $XOM faces a new lawsuit alleging accounting fraud related to orphaned well cleanup costs for 670 oil and gas wells in New Mexico, with the stock trading around $154.67.
Refining Sector
BullishVLO Q1 Net Income
$1.26B
VLO Q1 EPS
$4.22
VLO Dividend
$1.20+6%
VLOPSX
Valero Energy ($VLO) reported first-quarter 2026 profit of $1.26 billion, with net income of $4.22 per share, and increased its quarterly cash dividend by 6 percent to $1.20 per share. Refining earnings have surged as crack spreads soared amid ongoing geopolitical tensions, with Valero's earnings expected to more than triple in Q1 compared to the prior year period.
Phillips 66 ($PSX) showcased operational strength and commitment to shareholder returns despite facing significant mark-to-market losses during the quarter, demonstrating resilience amid volatile market conditions.
Exploration & Production
BullishDVN Stock Performance
+8.4%
DVN
Devon Energy ($DVN) surged 8.4% following analyst upgrades that raised earnings estimates, with Zacks assigning the company its highest rank reflecting growing confidence in upcoming results. The move higher comes as shareholder-focused pressure from investors like Kimmeridge around the pending Coterra merger underscores how governance and capital allocation could materially shape Devon's longer-term value story. Analysts have expressed optimism about the company's earnings outlook, driving positive momentum in the stock.
Renewables & Clean Energy
BullishFSLR Net Profit Margin
29.3%
FSLR Price Target (Citi)
$243
NEE 1-Year Return
+47.8%
NEE YTD Return
+19.3%
FSLRNEE
First Solar, Inc. ($FSLR) stands out with a net profit margin of 29.3%, positioning it among the most profitable renewable energy stocks in the current market. Citi analyst Vikram Bagri lowered the firm's price target on April 21 to $243 from $300 while maintaining a Buy rating on the shares.
NextEra Energy ($NEE) has delivered impressive returns with the stock up 47.8% over the last year and 19.3% year-to-date, trading around $96.51 as investors weigh whether the valuation still offers upside after a 48% one-year surge. The stock has returned 6.5% over the last 7 days and 5.6% over the last 30 days, with recent coverage focusing on NextEra's position as one of the larger US utilities in the renewable energy transition.
Utilities & Grid Infrastructure
NeutralSO Net Profit Margin
14.7%
SO Price Target (Wells Fargo)
$99
DUK Closing Price
$126.51-1.01%
SONEEDUK
The Southern Company ($SO) received a price target increase from Wells Fargo on April 21 to $99 from $96 while maintaining an Equal Weight rating, with a net profit margin of 14.7% placing it among profitable renewable energy stocks. US electric and gas utilities are preparing for a sharp acceleration in capital spending in 2026 to power an ongoing energy infrastructure boom.
Duke Energy ($DUK) closed at $126.51, reflecting a 1.01% decline compared to its last close, as the sector navigates rate cases and infrastructure investment needs.
Looking Ahead
NeutralXOMCVXDVNVLO
Investor focus will remain on how sustained elevated crack spreads support refiner profitability into Q2, particularly as geopolitical risks continue to influence supply dynamics. The oil majors' capital allocation strategies, including the substantial buyback programs at $XOM and $CVX, will continue to shape shareholder return expectations. Meanwhile, the utility sector's accelerating capital expenditure plans signal growing confidence in long-term electricity demand tied to data centers, industrial expansion, and the broader energy transition. Analyst revisions and corporate governance debates around E&P names like $DVN suggest ongoing attention to merger integration and value creation strategies in the upstream space.
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