These 2 Soaring Energy-Related Stocks Largely Flew Under the Market's Radar Tuesday

The stock market closed mixed on Tuesday, as a potential resolution to the debt ceiling didn't spark much of an additional rally after last week's strong performance. The Nasdaq Composite (^IXIC 0.05%) posted modest gains, while the Dow Jones Industrial Average (^DJI 0.57%) again lagged behind, leaving the S&P 500 (^GSPC 0.23%) all but unchanged on the day.

Data source: Yahoo! Finance.

It was easy for many investors to focus solely on stocks related to artificial intelligence (AI), which again performed well. Yet those weren't the only high points in the market on Tuesday. Both Equitrans Midstream (ETRN 0.81%) and ChargePoint Holdings (CHPT) were big winners on Tuesday, and below, you'll find out why.

Equitrans Midstream gets a green light from D.C.

Shares of Equitrans Midstream finished higher by 35% on Tuesday. The company was perhaps the biggest direct beneficiary of the draft deal that the White House and leaders of the House of Representatives negotiated over the weekend.

Equitrans Midstream is the company behind the proposed Mountain Valley Pipeline project, which would move natural gas from the Appalachian Basin in northwestern West Virginia across the Appalachian Range to southern Virginia. The pipeline is one of several projects that have tried to give natural gas production a cost-effective route out of the region, but obtaining permits has proven to be an insurmountable obstacle thus far.

At some point during the negotiations, Sen. Joe Manchin (D-W.Va.) successfully had officials include language that would compel various federal agencies to take action to allow the last stages of the pipeline's construction to go forward. It would also funnel any future litigation to the D.C. Circuit Court of Appeals.

Stock analysts also jumped onto the bandwagon, with RBC Capital boosting its rating from sector perform to outperform and raising its price target from $7 per share to $10. The debt ceiling deal doesn't ensure that the project will survive court scrutiny, but it does greatly enhance its chances. The move higher for the stock reflects that, even in an environment in which natural gas prices have hit rock-bottom levels.

ChargePoint gets a jolt

Elsewhere, shares of ChargePoint Holdings jumped 14%. The electric vehicle (EV) charging network provider got a vote of confidence from Wall Street analysts even as share prices have languished near all-time lows.

Analysts of Bank of America Securities upgraded their rating on ChargePoint stock from neutral to buy. Although BofA cut its price target on the stock from $15.50 per share to $14, that still left plenty of room above the stock's closing price of around $8.50 last Friday.

BofA is optimistic that the EV charging network company has the ability to execute successfully on its business model. The analysts therefore believe that ChargePoint is a reasonable choice for investors who want to invest in charging infrastructure as demand for electric vehicles continues to rise. Moreover, even in the event of a recession, BofA sees ChargePoint being able to sustain its growth trajectory.

EV charging has become a competitive field, and worries about needs for massive capital investment amid rising interest rates have pushed ChargePoint's stock price lower in recent months. There's little dispute that there'll be plenty of need for charging stations, but that's no guarantee that ChargePoint will be one of the winners over the long run.