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Monday's Energy Stocks: Solar companies, electric utilities drag sector

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Six trends shaping the industries and sectors we cover in 2021

Six trends shaping the industries and sectors we cover in 2021

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Essential Energy Insights - January 2021


Monday's Energy Stocks: Solar companies, electric utilities drag sector

The Monday, July 30, trading day was marked by selloffs of solar companies and electric utilities as broader markets also saw declines. The Dow Jones Industrial Average retreated 0.57% to end at 25,306.83, and the S&P 500 dropped 0.58% to finish at 2,802.60.

American Electric Power Co. Inc. slid 1.04% on light volume to close at $70.40. On July 27, the company said it was canceling the $4.5 billion Wind Catcher wind farm after Texas regulators rejected cost recovery for the acquisition and construction of the 2,000-MW project.

NRG Energy Inc. saw its shares drop 1.61% to $31.07 on average volume and SCANA Corp. shares declined 1.42% to $40.35 on above-average volume. SCANA shareholders are due to vote July 31 on the company's proposed acquisition by Dominion Energy Inc.

Among solar companies, Sunrun Inc. shares shed 5.20% on below-average volume to close at $13.85; Vivint Solar Inc. dropped 2.61% in light trading to finish at $5.60; and SunPower Corp. dropped 1.60% in brisk trading to settle at $6.78.

The S&P 500 Utilities Sector was down 0.60% to 265.29.

Capital Power Corp. climbed 0.66% on below-average volume to end at C$26.05 on the Toronto Stock Exchange, after reporting second-quarter adjusted EBITDA of C$223 million, up from C$96 million a year ago. During the company's earnings call, CEO Brian Vaasjo said Capital Power may speed up a plan to convert units at its Genesee power station from coal to natural gas fueling.

Reversing the upward trend in the midstream sector, Southcross Energy Partners LP tumbled 14.47% on more than 10 times average volume to close at 66.71 cents, after terminating plans to merge with American Midstream Partners LP, citing what it called a failure of American Midstream to meet conditions under the merger agreement.

American Midstream Partners lost 7.58% to close at $6.10 on about a dozen times average trading volume. On July 27, American Midstream slashed its second-quarter distribution by 75% to 10.31 cents per common unit, from 41.25 cents in the previous quarter.

Magellan Midstream Partners LP announced plans to further expand the western leg of its refined petroleum products pipeline system in Texas. The partnership capped the trading day 0.82% higher on light volume to $71.32.

The Alerian MLP Index moved up 0.89% to conclude at 277.33, and the S&P 500 Energy Sector gained 0.84% to settle at 570.98.

In the coal sector, Alliance Resource Partners LP rose 3.16% in active trading to close at $19.60, after posting net income of $86.2 million, or 64 cents per basic and diluted limited partner unit, compared with $63.2 million, or 82 cents per basic and diluted limited partner unit, a year ago. Alliance President and CEO Joseph Craft said in an earnings call that the partnership's "impressive" second-quarter performance follows strong coal sales resulting from improvements in the domestic and seaborne markets.

Peabody Energy Corp. declined 3.30% on strong volume to finish at $42.46. The company is soliciting consent to amend the indenture that rules its 6% senior secured notes due in 2022 and 6.375% senior secured notes due in 2025.

Market prices and index values are current as of the time of publication and are subject to change.