By Claudia Assis, MarketWatch
SAN FRANCISCO (MarketWatch) -- Energy stocks rose Friday, with Exxon Mobil Corp. among the top gainers of the session after news that Warren Buffett's Berkshire Hathaway Inc. took a large stake in the company.
Exxon shares took the Buffett seal of approval and ran with it Friday: Shares rose 1.1%.
According to an SEC filing Thursday, Buffett's Berkshire Hathaway (BRKA) (BRK/A) added about 40 million shares of Exxon (XOM) and whittled its ConocoPhillips (COP) holdings to about 13.5 million shares from 24 million.
Exxon fits Buffett's style of investing, analysts said. The oil giant has lagged behind the market since the recession. It reported third-quarter earnings above analyst expectations, however, and said things were looking up, with major projects on time and on budget.
Shares of ConocoPhillips were among the worst performing energy stock on the S&P, down 1.3%. Chevron Corp. (CVX) shares rose 0.1%.
Exxon has gained 9% this year, compared with gains of nearly 20% for energy stocks on the S&P. In the same period, Chevron has risen 10%, and ConocoPhillips 26%.
Other top gainers included coal producers Peabody Energy Corp. (BTU), up 2.6%, and Consol Energy Inc. (CNX), up 2.1%.
Refiners were giving back a bit of their steep gains in the previous session. Tesoro Corp. (TSO) declined 1.8%, while Phillips 66 (PSX) shares were down 1%.
The SPDR Energy Select Sector (XLE), an exchange-traded fund focused on energy names, advanced less than 0.1%.
Energy stocks were poised to end the week up 1.1%.
-Claudia Assis; 415-439-6400; AskNewswires@dowjones.com
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(END) Dow Jones Newswires
11-15-13 1245ETCopyright (c) 2013 Dow Jones & Company, Inc.
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