The latest Market Talks covering Energy and Utilities. Published exclusively on Dow Jones Newswires at 4:20 ET, 12:20 ET and 16:50 ET.

0310 GMT - Gulf Energy Development is likely the strongest earnings-growth stock in Thailand's utility sector, says Thanachart Securities analyst Nuttapop Prasitsuksant in a research report. This growth mainly stems from 2.8 gigawatts of low-risk projects of the domestic independent power producer and 3.0% gigawatts of fixed-tariff renewable projects which the brokerage assumes the company wins from two bidding rounds by the government this year. The company is also completing its telecom business value chain by acquiring a satellite business and investing in data centers in 1Q, the analyst adds. The brokerage raises the stock's rating to buy from hold and increases target price to THB58.00 from THB45.00. Shares closed 0.5% higher at THB52.75 on Thursday. (ronnie.harui@wsj.com)

0041 GMT - Oil is lower in early Asian trade, extending overnight losses. There may be concerns that the U.S. government may not be able to refill its strategic reserve in the short term, after U.S. Energy Secretary Jennifer Granholm told lawmakers that refilling the SPR would be difficult this year, ANZ analysts say in a note. "The market is also becoming increasingly impatient with the rebound in economic activity in China," they say, adding that consumer spending there remains subdued despite a sharp pickup in travel demand. Front-month WTI futures fall 0.8% to $69.37/bbl; front-month Brent declines 0.7% to $75.38/bbl. (justina.lee@wsj.com)1806 EDT [Dow Jones]--Canadian stocks end lower, with the benchmark S&P/TSX Composite Index falling 72.86, or 0.4%, to 19459.92. The blue-chip S&P/TSX 60 Index declined 0.4% to 1168.11. The S&P/TSX index was led lower by energy and financial losses. Among the top losers of the day were Stack Capital Group Inc., ECN Capital Corp. and Forza Petroleum Ltd. (sabela.ojea@wsj.com)

1344 GMT - Centrais Elétricas Brasileiras SA's shares are likely to be volatile as Brazil's government tries to find ways to reverse the electric utility's privatization, said Credit Suisse analysts Carolina Carneiro and Rafael Nagano in a research note. The government sold part of the state's stake in the company under the administration of right-wing former President Jair Bolsonaro, and left-wing President Luiz Inacio Lula da Silva has criticized the sale on multiple occasions. The government is unlikely to be able to reverse the privatization, but efforts to throw out a company bylaw preventing any shareholder from voting more than 10% of total shares will probably roil markets, the analysts said. (jeffrey.lewis@wsj.com)

1244 GMT - PetroRecôncavo SA's downside risks are mostly embedded in its share price, said XP Investimentos analysts in a research note. The Brazilian oil junior said Wednesday after the close that its net revenue jumped 172% in 4Q to 776.6 million reais, the equivalent of $148M, while net income soared to BRL408 million from BRL72.3 million a year earlier. Weaker oil prices are an important risk to the share price that's not currently priced in, but lower prices aren't XP's base case, the analysts said. (jeffrey.lewis@wsj.com)

1116 GMT - Parkland Corp. will likely keep its refinery business in the fold, despite a call to spin it off by an activist investor amid a stifled stock performance, Ben Isaacson says in a Scotiabank report. Engine Capital's main idea is to shed the Burnaby refinery, which would remove a conglomerate discount that has dragged on Parkland's portfolio, Isaacson says. "This idea is far from new," he adds, noting it's been discussed by the investment community "ad nauseam" but he doesn't expect to hear much more from the company on the topic. Although Isaacson thinks it's a good idea, PKI has already explored this idea in depth, he says, "and still believes as of [now] that the refinery should stay put." (adriano.marchese@wsj.com)

1107 GMT - Gulf Keystone Petroleum's pending field-development plan approval is key for future growth, Peel Hunt analysts write in a research note. The oil producer in the Kurdistan region of Iraq guides for gross average production in 2023 of 46,000-52,000 barrels per day, an 11% increase on year at the mid-point. But the expansion of production is subject to a timely approval by the Kurdistan regional government, which will be a key moment and will signal a period of multi-year production growth, the analysts say. Shares are up 3%. (christian.moess@wsj.com)

(END) Dow Jones Newswires

March 24, 2023 04:20 ET (08:20 GMT)

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