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Thursday's Energy Stocks: NGL Energy dives 20%, utilities gain

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Essential Energy Insights - February 2021

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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


Thursday's Energy Stocks: NGL Energy dives 20%, utilities gain

Broader markets posted mixed results Thursday, Aug. 3, while energy sectors retreated on a busy day of second-quarter earnings reports.

The Dow Jones Industrial Average increased 0.04% to 22,026.10, while the S&P 500 finished down 0.22% at 2,472.16. The SNL Energy Index decreased 0.43% to 292.79.

NGL Energy Partners LP shares dipped 20% on five times the average volume to close at $9.80 after the company reported a net loss of $63.7 million for the first quarter of fiscal 2018, compared to net income for the first quarter of fiscal year 2017 of $182.8 million.

Antero Resources Corp. stock lost 4.28% after a brisk session to settle at $19.01 after reporting a loss of $5.1 million in the quarter. The results were a sharp reduction from the $569 million in loss it posted in the same quarter a year ago. Analysts remain worried about the impact of Rover Pipeline LLC's construction delays.

Enterprise Products Partners LP booked $653.7 million in second-quarter net income attributable to limited partners, an increase from $558.5 million in the corresponding quarter last year. The company's shares decreased 1.47% to $26.84 on low volume.

Spectra Energy Partners LP stock added 0.40% value to close at $45.72 on slightly above-average volume. Spectra reported second-quarter 2017 ongoing net income from controlling interests of $357 million, rising from $293 million in the year-ago quarter.

Shell Midstream Partners LP reported $65.5 million of net income attributable to the partnership in the second quarter, down from $70.8 million in the prior quarter. Shell Midstream shares shed 0.82% after an active session to close at $27.91.

The SNL Midstream Energy Index slipped 1.55% to end the day at 114.12.

The coal industry had a lackluster day with the SNL Coal Index losing 2.92% to finish at 64.45. Westmoreland Coal Co. shares plummeted 13.79% to settle at $3.69 on heavy volume after reporting a second-quarter net loss of $50.5 million, compared to a net loss of $29.4 million in the year-ago period.

Ormat Technologies Inc. stock decreased 4.81% to $57.64 on active trading. Ormat posted an 8.5% year-over-year increase in second-quarter adjusted EBITDA to $88.1 million, from $81.2 million a year earlier.

NRG Energy Inc. recorded a $13 million year-over-year drop in second-quarter adjusted EBITDA to $685 million from $698 million in the comparable quarter of 2016. The company shares declined 2.00% to $23.98 on thin volume.

NRG Yield Inc. units increased 0.82% on light volume to $18.40 after releasing second-quarter 2017 adjusted EBITDA of $270 million, a $13 million year-over-year increase from $257 million in the corresponding quarter of 2016.

SCANA Corp. shares retreated 2.70% to $65.34 on active volume after releasing second-quarter 2017 earnings of $121 million, compared with $105 million for the corresponding quarter of 2016.

Dynegy Inc. shares declined 7.03% to $8.07 on high volume and First Solar Inc. lost 2.73% to end at $47.30 after a slow session. The SNL Merchant Generator Index retreated 1.98% to 97.22.

UGI Corp. slipped 5.10% to $48.17 on heavy volume after releasing quarterly results after market hours on Aug. 2. UGI reported adjusted net income of $16.6 million, for the third quarter of fiscal 2017, a sharp decrease from $40.0 million in the comparable quarter of fiscal 2016.

Duke Energy Corp. recorded second-quarter 2017 adjusted EPS of $1.01, compared with adjusted EPS of $1.07 for the comparable quarter of 2016. Duke's shares climbed 0.90% to finish at $86.51 on active volume.

CenterPoint Energy Inc. shares added 1.06% to close at $28.47 on average volume after reporting second-quarter 2017 adjusted net income on a guidance basis of $125 million, or 29 diluted cents per share, compared to $73 million, or 17 cents per share in the second quarter of 2016.

The SNL Electric Company Index inched up 0.68% to 484.78.

NYMEX September natural gas futures were higher ahead of and immediately following the midmorning release of weekly storage data, hitting a $2.846/MMBtu high before sinking to a $2.793/MMBtu low and settling 1.1 cents lower on the session at $2.800/MMBtu, the lowest settlement since March 1.

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