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Thursday's Energy Stocks: Wall Street, energy sector close mixed

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Thursday's Energy Stocks: Wall Street, energy sector close mixed

Broader markets and energy indices closed mixed on Thursday, Oct. 24, though with little overall change from the previous day. The Dow Jones Industrial Average spent most of the day down, finishing 0.11% off to 26,805.53, as several component companies reported third-quarter earnings results. The S&P 500, meanwhile, advanced 0.19% to 3,010.29.

While California utilities continued power shutoffs that began Oct. 23, wildfires started early Oct. 24 in Sonoma County, north of San Francisco, and in San Bernardino County, northeast of Los Angeles, and major evacuations were ordered. PG&E Corp. subsidiary Pacific Gas and Electric Co. appeared to be most impacted. PG&E Corp. stock slumped 12.20% in heavy trading to close at $7.20.

CMS Energy Corp. rose 1.83% in active trading to $64.45, after unveiling a 10-year, $25 billion capital investment plan, with funds primarily allocated to electric and gas utility operations. The company also reported adjusted net income of $208 million in the third quarter of 2019, up from $169 million in the corresponding quarter of 2018.

American Electric Power Co. Inc. climbed 1.36% on slightly above-average volume to $95.72, after it posted operating earnings of $722.3 million in the third quarter of 2019, up from $619.1 million in the comparable quarter of 2018. AEP has a $33 billion capital forecast for 2019 through 2033, with 75% of capital allocated to transmission and distribution spending.

Xcel Energy Inc. nudged up 0.16% to $64.54 in below-average trading after announcing third-quarter GAAP and ongoing earnings of $527.0 million, or $1.01 per share, in the 2019 third quarter, up from $491.0 million, or 96 cents per share, in the year-ago period. The S&P Global Market Intelligence consensus normalized earnings estimate for the quarter was $1.03 per share.

Among other electric and diversified utilities, CenterPoint Energy Inc. added 1.89% to $30.16, and Exelon Corp. gained 1.16% to $46.18, while AES Corp. shed 1.46% to $16.88, all in active trading.

Tesla Inc. shares jumped 17.67% on about 4x average trading volume to settle at $299.68. The automaker reported non-GAAP net income attributable to common stockholders of $342 million, or $1.91 per share. Analysts had expected a loss of $40.7 million, according to the mean consensus estimate for net income excluding exceptions on S&P Global Market Intelligence.

The S&P 500 Utilities Sector lifted 0.39% to 329.07.

In the oil and gas sector, TechnipFMC PLC lost 11.77% on more than 3x average volume to close at $20.68, after it posted third-quarter adjusted net income of $54.4 million, down 61.1% from the adjusted net income of $139.8 million a year ago.

The company's plan to separate its operating segments into two diversified pure-play companies remains on track for the first half of 2020.

QEP Resources Inc. shares advanced 10.58% on strong volume to $3.45, after posting third-quarter adjusted net income of 5 cents per share, down from 17 cents per share a year ago. The S&P Global Market Intelligence consensus normalized earnings estimate for the third quarter was 4 cents per share.

Valero Energy Corp. saw a 3.26% increase in active trading to finish at $96.91. The refiner booked an adjusted net income attributable to stockholders of the company of $609 million, or $1.48 per share, for the third quarter, down from $856 million, or $2.01 per share, a year ago.

Husky Energy Inc. shed 6.62% on brisk volume in the Toronto Stock Exchange to settle at C$8.89. The company posted C$273 million, or 26 Canadian cents per share, in net earnings for the third quarter, compared to C$545 million, or 53 Canadian cents per share, in the prior-year quarter.

The S&P 500 Energy Sector declined 0.43% to 435.50, and the Alerian MLP Index receded 0.20% to 221.03.

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