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Friday's Energy Stocks: PG&E down 10.5% on wildfire investigation findings

Q2: U.S. Solar and Wind Power by the Numbers

Essential Energy Insights - September 17, 2020

Essential Energy Insights September 2020

Rate case activity slips, COVID-19 proceedings remain at the forefront in August


Friday's Energy Stocks: PG&E down 10.5% on wildfire investigation findings

PG&E Corp. stock took a beating Friday, Oct. 13, falling 10.51% to settle at $57.72 on more than 13 times average trading volume. The company might be facing major liability suits after it was found that utility subsidiary Pacific Gas and Electric Co.'s infrastructure may have played a role in causing some of the massive wildfires sweeping Northern California. The investigation is still in progress.

Broader indexes rallied to record gains after President Donald Trump announced he will "decertify" the nuclear deal with Iran. Energy markets, however, slid into losses.

The Dow Jones Industrial Average grew 0.13% at market close to 22,871.72, and the S&P 500 edged up 0.09% to finish at 2,553.17. The SNL Energy Index, meanwhile, slipped 0.70% to settle at 291.75. PG&E Corp. is one of the index's component companies. The SNL Electric Company Index also declined, down 0.47% to close at 489.88.

Other California utilities saw their shares decline as well. Edison International stock finished 2.10% below breakeven to settle at $77.99 on brisk volume. Sempra Energy stock slid 0.94% to close at $114.87 on above-average volume. Sempra closed an offering for $850 million of its floating rate notes due March 15, 2021.

The SNL Midstream Index also closed in the red, declining 0.73% to 111.72. Major companies such as Genesis Energy LP, Sunoco LP, Southwestern Energy Co. and Enterprise Products Partners LP saw their share values drop.

Genesis Energy shares lost 2.98% to $24.39 on nearly double average volume. Sunoco shares shed 2.13% to close at $31.69 on six times average volume, and Southwestern Energy capital retreated 2.06% to $5.71 on below-average volume.

Enterprise Products Partners decreased 1.01% to finish the session at $26.39 on heavy volume, after the company announced late Oct. 12 that it is slowing its distribution growth and moving toward self-funding of its capital spending to account for wary midstream sector investors.

Companies such as Cheniere Energy Partners LP Holdings LLC, NGL Energy Partners LP and QEP Resources Inc. managed to outperform the market trend. Cheniere units grew 1.32% to $25.41, NGL stock hiked 1.28% to finish at $11.90, and QEP shares added 1.02% to $8.91 at the end of the session, all on slim volumes.

In the independent power producer sector, large entities such as 8point3 Energy Partners LP, NRG Energy Inc. and Pattern Energy Group Inc. profited. 8point3 added 2.95% to finish the session at $15.73 on heavy volume. NRG stock grew 1.48% to close at $26.06 on high volume, and Pattern Energy shares hiked 1.11% to reach $24.70 per share on below-average volume. Covanta Holding Corp. lost 2.27% per share to $15.05 on light volume.

In the renewables sector, TerraForm Power Inc. stock slipped 4.76% to close the last session of the week at $12.00 on high volume, but Sunrun Inc. gained 2.41% on its share price to finish at $5.52 on light volume. First Solar Inc. increased 1.04% per share to reach $47.60 on thin volume. The company has rallied behind Suniva Inc.'s and SolarWorld Americas Inc.'s petition to impose tariffs and price controls on crystalline silicon photovoltaic solar cells and panels.

The SNL Merchant Generator remained unchanged at 101.55.

NYMEX November natural gas futures pulled back to near unchanged after posting early gains to a $3.036/MMBtu high early on Friday. The contract settled 1.1 cent higher at $3.000/MMBtu.

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