trending Market Intelligence /marketintelligence/en/news-insights/trending/2RPVltEKA2MftF_KvLzDjw2 content esgSubNav
In This List

Friday's Energy Stocks: Sector underperforms; SunEdison dives on DOJ investigation


Insight Weekly: Recession risk persists; Banks pull back from crypto; 2022 laggard stocks rally


Highlighting the Top Regional Aftermarket Research Brokers by Sector Coverage


Energy Evolution | A transition to cleaner energy drives demand for new nickel mines


Energy Evolution | Looking ahead to the energy transition in 2023

Friday's Energy Stocks: Sector underperforms; SunEdison dives on DOJ investigation

TheSNL Energy Index fell 0.67% to 259.51 on Friday, April 1. At the broadermarkets, the Dow Jones Industrial Average rose 0.61% to 17,792.75 and theS&P 500 climbed 0.63% to 2,072.78.

Largediversified companies led gains in the energy space, like , climbing 0.56% to$81.13, and Dominion ResourcesInc. lifting 0.36% to $75.39. The SNL Energy Large DiversifiedIndex gained 0.54% to 215.09.

dipped 0.06% inweak volume to close at $51.70, with the Federal Trade Commission the company's proposedacquisition of Wake Forest, N.C.-based PowerSecureInternational Inc. Under the deal, PowerSecure stockholders will be paid $18.75in cash for each common stock they own.

gained 0.13% in thinvolume to end at $55.28 after announcingkey management changes. ClecoPower LLC President Darren Olagues will replace Bruce Williamson asCEO and president of Cleco. Williamson will also leave the CEO position atCleco Power and will no longer serve on Cleco's board.

advanced 0.61% inlight trading to close at $50.87 after the Indiana Utility RegulatoryCommission reapproved Vectren Energy Delivery of Indiana's gas infrastructuremodernization projects, representing $890 million in investments supported byrecovery mechanisms.

Inrenewables, SunEdison Inc.tumbled 20.40% in heavy volume to close at 43 cents, after the U.S. Departmentof Justice subpoenaedthe company to seek information related to financing activities for theacquisition of Vivint Solar Inc.In a March 31 filing, SunEdison said the DOJ is also investigating on the "conductof a former non-executive employee who is alleged to have committed wrongdoingin connection with the Vivint termination negotiations."

Vivintshares lost 3.77% in weak trading to end at $2.55.

rose 0.67% inbelow-average trading to end at $22.49 after winning power purchase agreements to supply 500 MW ofsolar capacity to Mexico's ComisiónFederal de Electricidad.

Mostcoal stocks registered declines and pulled the SNL Coal Index down 3.92% to37.68.

dropped 4.43%in below-average trading to close at $10.79 after the $420 million sale of oneof the most productive Central Appalachia coal mines to a unit. The sale ofthe Buchanan mine in southwest Virginia is intended to help CONSOL pay downdebt.

declined3.57% in thin volume to end at $1.08 after receiving permission from the U.S. Mine Safety andHealth Administration to temporarily seal the entire Deer Run mine to reduce oreliminate oxygen flow paths. The mine represents a significant portion ofForesight's production capacity and is one of its four Illinois Basin coal complexes.

Amongmidstream stocks, Cheniere EnergyInc. shed 0.18% in weak trading to end at $33.77, amid news thatits second LNG shipment from its Sabine Pass export facility has beenpurchased byGAIL (India) Ltd.

fell2.12% in weak trading to close at $36.39 and MPLX LP dropped 4.45% in light volume to end $28.37.Marathon completed adropdown of its inland marine business to MPLX, effective March 31.

"Theaddition of this business to the partnership under a fee-for-capacity contract withMPC adds approximately $120 million of annual EBITDA, providing a highlypredictable income and cash-flow stream that further diversifies the earningsmix for MPLX," said Gary Heminger, chairman and CEO of MPLX.

declined 2.34%in brisk trading to finish at $18.40 after underwriters of its public offeringof 2,500,000 common units has exercisedin full its option to buy an additional 375,000 common units.

TheSNL Midstream Energy Index lost 2.71% to 94.51.

Maynatural gas futures traded on both sides of the prior-day settle of$1.959/MMBtu, but finishedthe week's closing session lower by a modest 0.3 cent at $1.956/MMBtu,pressured by the total working natural gas supply and the imminent arrival ofmilder weather.

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