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Tuesday's Energy Stocks: Oil, gas outpace energy sector, broader markets

Broader markets closed lower on Tuesday, Oct. 22, as investors weighed the latest Brexit developments and a new batch of corporate earnings.

The Dow Jones Industrial Average dipped at the end of the day to close down 0.15% at 26,788.10, and the S&P 500 declined 0.36% to settle at 2,995.99.

In the energy sector, oil and gas companies recorded the biggest gains, as the S&P Energy Sector rose 1.31% to 434.10. However, the Alerian MLP Index dipped 0.07% to 221.97.

Shares of Callon Petroleum Co. added 2.70% to $3.81, and Carrizo Oil & Gas Inc. rose 2.60% to $7.49, both on strong volume.

Major shareholder Paulson & Co. Inc. is renewing its effort to derail the planned $3.2 billion merger between Callon and Carrizo, describing the move as one that "enriches management, not shareholders."

Occidental Petroleum Corp. advanced 3.43% in brisk trading to $42.22. Occidental and Colombia's Ecopetrol SA received U.S. regulatory approvals to form a joint venture to develop 97,000 net acres of Occidental's Midland Basin properties in the Permian Basin.

Among other oil and gas companies, Pioneer Natural Resources Co. gained 4.01% on average volume to $130.42; National Oilwell Varco Inc. added 3.76% in active trading to $21.54; and Schlumberger Ltd. earned 3.66% on heavy volume to $34.82.

Among electric and diversified utilities, NextEra Energy Inc. closed up 1.48% on strong volume to $236.24, after it announced adjusted earnings of $2.39 per share in the third quarter, improving from $2.17 per share in the prior-year quarter. The S&P Global Market Intelligence consensus normalized EPS estimate for the quarter was $2.29.

NextEra Energy Partners finished 0.16% higher to $51.16. One of its subsidiaries struck an agreement with Ares Management Corp. fund Ares Infrastructure and Power Group to acquire a 22.5% ownership interest in Meade Pipeline Co LLC for $286 million. Executives were again questioned about their decision to invest in natural gas pipelines through an affiliated "clean energy" company.

The partnership also reported third-quarter 2019 adjusted EBITDA of $315 million, an increase from adjusted EBITDA of $203 million in the third quarter of 2018. The S&P Global Market Intelligence consensus EBITDA estimate was $310.71 million.

Also recording gains, AES Corp. climbed 2.80% in active trading to $16.90; CenterPoint Energy Inc. rose 1.91% on above-average volume to $29.29; and Edison International gained 1.49% in light trading to $71.54. Meanwhile, MGE Energy Inc. dropped 2.88% to $74.50 in more than double average trading.

The S&P 500 Utilities Sector was up 0.45% to 326.58.

Arch Coal Inc. increased 5.52% on strong volume to $83.29, after reporting net income of $6.34 per share in the 2019 third quarter, compared with $6.10 per share in the prior-year period. The S&P Global Market Intelligence consensus GAAP earnings estimate for the third quarter was $3.17 per share.

The company's metallurgical coal segment performed well despite the weaker market and challenging mining conditions related to the longwall mining machine at the company's Mountain Laurel complex, executives said on an earnings call.

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