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.

0657 GMT - Ithaca Energy has solid operations and balance sheet, aligned shareholders setting a clear direction and sector-leading optionality, Jefferies analyst Mark Wilson writes. The U.K. energy company is on the cusp of inclusion in the FTSE 100 after impressive second-quarter results, he says. Its shares have another potential catalyst in the form of potential approval for production start-up at its Rosebank development and sector-leading M&A options, he adds. Shares closed Thursday at 271.40 pence.(adam.whittaker@wsj.com)

0628 GMT - Thailand refineries still look bullish to Maybank Securities (Thailand), which cites a strong earnings outlook, attractive valuations and high dividend yields, analyst Chak Reungsinpinya says in a research report. Refineries' gross refining margins are also well-supported by supply disruptions, the analyst says. While global refinery throughput is increasing to 78.9 million barrels per day in 3Q from 75.9 million in 2Q, this remains below the normal range of 81 million-83 million barrels per day, keeping supplies of refined oil products tight. The brokerage's top pick in the Thai energy space is Bangchak Corp., with a buy rating and a target price of 65.00 baht. Its shares are 0.5% higher at THB54.25. (ronnie.harui@wsj.com)

0407 GMT - The potential listing of Sembcorp Industries unit Sembcorp Green Infra could be completed by early 2027, say CGS International analysts in a note. The Indian renewables subsidiary filed for an initial public offering that could raise up to 37.50 billion rupees. The market appears to value Sembcorp Industries' India business at around 9X forward enterprise value-to-Ebitda ratio, which could be raised through the IPO, the analysts say. The boost from that could drive a rerating for the parent company's Singapore stock, they add. Investors are likely to view Sembcorp Industries as a fundamental nonindex pick after its impending removal from the MSCI Singapore Index, they add. CGSI retains its add rating and target price of 7.15 Singapore dollars. Shares decline 0.8% to S$6.04. (megan.cheah@wsj.com)

0353 GMT - Tenaga Nasional appears to be a potential frontrunner to win the latest government tender for new gas-fired power plants, according to Hafriz Hezry of TA Securities. Having secured up to six hydrogen-ready gas turbines and generators with combined capacity of 4.2 GW from Mitsubishi Power, the utility company is well positioned to win the tender, the analyst says in a note. Awards could come in early 2027, after bidding closed in July, he says. The 1.4 GW Paka, Terengganu, gas-fired plant is also expected to support earnings upon commissioning in December 2028. Malaysia's energy transition plan and strong electricity demand could further support Tenaga's growth, the analyst adds. TA Securities maintains a buy rating on the stock and keeps the target price at 18.00 ringgit. Shares are 2.4% lower at 13.96 ringgit. (yingxian.wong@wsj.com)

0224 GMT - Boss Energy bull Macquarie thinks investors are too wrapped up in the uranium producer's short-term outlook. "FY27 is not the destination, yet the market has over-focused on it," Macquarie says in a note. It says the year ahead will be one of transition for Boss, which disappointed with weak FY27 guidance reflecting lower grades. "We suggest looking longer term" and focusing on the ramp up to 1.9 million pounds a year, says the bank. "Honeymoon value will be better demonstrated when fully ramped," it says. Macquarie reiterates an outperform rating and raises its price target by 2.8% to A$1.80 a share. Shares of Boss are down 2.3% at A$1.48, adding to Thursday's 17% tumble. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)

0216 GMT - The potential initial-public offering of Sembcorp Green Infra could boost parent company Sembcorp Industries' valuation by 5%-10%, says DBS Group Research's Pei Hwa Ho in a note. The Indian renewables subsidiary filed for an India IPO which could raise up to 37.50 billion rupees, with proceeds earmarked for debt repayment, the analyst says. She reckons Sembcorp Green Infra could support a low-to-mid-teens percentage fair multiple, citing its established scale, secured growth pipeline and profitability among factors. The IPO could unlock 400 million Singapore dollars to S$500 million of capital recycling for Sembcorp Industries, she adds. DBS retains a buy rating and S$7.30 target price on the Singapore energy solutions company. Shares are 0.8% lower at S$6.04. (megan.cheah@wsj.com)

0132 GMT - MISC's potential Yinson acquisition could weigh on its share price, CGS International's Raymond Yap says in a note. Media reported MISC could be part of the consortium to take private Yinson, he notes. Concerns over Yinson's high gearing and offshore exposure could overshadow the potential benefits of greater scale and talent for MISC's offshore business, he says. However, higher crude tanker freight rates in 3Q are expected to lift its unit AET's earnings in 4Q with a lag, while seasonally stronger rates could sustain performance into 1Q 2027, he adds. CGS downgrades MISC's rating to reduce from add, and cuts its target price to 7.58 ringgit from 9.17 ringgit. Shares are 4.6% lower at 8.09 ringgit. (yingxian.wong@wsj.com)

0122 GMT - Genesis Energy's softer-than-expected annual earnings guidance helps to keep Forsyth Barr among the bears. Genesis forecast FY27 Ebitdaf of NZ$480 million-NZ$520 million. The miss to expectations reflects higher operating expenses, with Genesis's digital transformation project, higher brand costs and meter-cost transfer all contributing, analyst Andrew Harvey-Green says. "In Genesis's favor is the short-term South Island hydro position," he says. "Inflows are strong, more than offsetting North Island dryness." Genesis is down 1.9% at NZ$2.65 today. (david.winning@wsj.com; @dwinningWSJ)

1926 GMT - Oil futures snap a three-session losing streak and settle higher as the market turns its attention away from the Middle East to the Russia-Ukraine war that's heating up. "The bearish mood changed when reports emerged that Vladimir Putin had allegedly said talks with Ukraine were fruitless and that Russia was preparing to ramp up the war," Phil Flynn of the Price Futures Group says in a note. "The market is already pricing in victory on the Iranian front. The wild card now is what is happening on the Russian front." WTI settles up 1.6% at $83.53 a barrel, and Brent rises 2.1% to $89.70.(anthony.harrup@wsj.com)

1639 GMT - Oil futures pick up after three sessions of losses that followed the U.S. tightening of sanctions on Iran and talks between Iran and Oman on opening a corridor through the Strait of Hormuz. Sanctions "tend to be rather leaky" and increasing them doesn't have much of an impact, says Christian Lawrence, head of Americas and energy market strategy at Rabobank. Sanctions against secondary countries could be more effective but in the case of Iran they would need to target China, which seems unlikely, he adds. The oil price decline is still well within recent ranges, with short-term pricing driven by headline noise, Lawrence says. "We have seen a lot more oil getting through the strait recently, but not distillates." WTI is up 0.6% at $82.69 a barrel and Brent is up 1.1% at $88.81. (anthony.harrup@wsj.com)

1358 GMT - Oil futures are higher following three days of declines, with the market watching for progress toward a reopening of the Strait of Hormuz. The pickup in prices is "underscoring how two-sided the market remains as traders balance diplomatic optimism against limited evidence of a meaningful improvement in physical flows," Kaynat Chainwala of Kotak Neo says in a note. "The path forward hinges on whether the 30- to 60-day corridor timeline holds and physical loadings actually rise, leaving prices vulnerable to sharp reversals on any setback." WTI is up 0.3% at $82.50 a barrel and Brent rises 1.1% at $88.78 a barrel. (anthony.harrup@wsj.com)

1256 GMT - Treasury yields are little changed as the U.S. economy shows strength ahead of Fed Chairman Warsh's first Jackson Hole speech Friday. Nvidia's strong revenue growth lifts Wall Street's mood, while crude futures tick higher. Weekly jobless claims decrease to 203,000 from an upwardly revised 207,000, as layoffs remain contained. Investors expect so far cagey Warsh to clarify his approach to inflation and his view on the Treasury plan to increase long-term bond buyouts. The 10-year trades at 4.666%, slightly higher than yesterday's settle but off overnight highs. The two-year follows a similar pattern and trades at 4.228%.