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Wednesday's Energy Stocks: Markets retreat after Fed raises interest rate

Broader U.S. indexes posted losses on Wednesday, June 13, in the wake of the Federal Reserve's decision to raise interest rates for the second time in 2018. Energy markets did not fare well, either.

The Dow Jones Industrial Average lost 0.47% to finish the midweek session at 25,201.20, and the S&P 500 decreased 0.40% to 2,775.63.

Electrical component manufacturer Enphase Energy Inc. saw its shares skyrocket 32.89%, reaching $5.98 on nine times the average volume after striking a deal to acquire SunPower Corp.'s microinverter business. SunPower shares were up 1.53% to finish an average session at $7.98.

TerraForm Power Inc. has seen a robust week as its acquisition of the Spanish independent power producer Saeta Yield S.A. inches near a close. TerraForm Power's stock grew 2.02% to wrap a brisk session at $11.59 after completing the tendered purchase of 95% of Saeta Yield's outstanding shares at €12.66 per share for a total consideration of $1.12 billion.

Among other major renewable energy producers, Sunrun Inc.'s shares added 3.63% to finish an above-average day at $13.98, while First Solar Inc. shares trimmed 2.15% to close a heavy session at $52.69.

Vistra Energy Corp. units were up 0.79% at $24.39 at the end of a strong session. Vistra executives highlighted their expectations for abundant cash flow to entice new shareholders, underscored by the launch of a $500 million share buyback effort.

The S&P 500 Utilities Index gave away 0.27% to finish the day at 246.63.

Oil major Exxon Mobil Corp.'s stock retreated 1.10% to end a slow session at $81.51 after signing a letter of intent with Plains All American Pipeline LP to push through with a joint venture for a pipeline that would carry crude oil and condensate produced in the Permian Basin to the Gulf Coast in Texas. Plains All American's stock was down 1.41% to wrap a light session at $25.15.

Energy Transfer Partners LP's shares slid 1.89% to $19.19 on low volume. Its subsidiary Rover Pipeline LLC agreed to pay a $430,000 penalty for water pollution violations resulting from construction activities for its 3.25-Bcf/d natural gas pipeline project.

AltaGas Ltd. is selling an indirect 35% stake in three Northwest British Columbia hydroelectric facilities for C$922 million help fund its C$8.4 billion acquisition of WGL Holdings Inc., representing almost half of the approximate C$2 billion in asset sales to be raised. AltaGas shares spiked 2.63% to reach C$25.79 at the close of a heavy session on the Toronto Stock Exchange, and WGL Holdings' stock ticked up 0.06% to end a light session at $88.45.

Among top performers were EQT Corp., whose shares that climbed 2.32% at the end of a solid session at $56.79, and Devon Energy Corp., whose stock advanced 1.57% to finish a below-average session at $42.59.

The S&P 500 Energy Index declined 0.41% to 560.50, and the Alerian MLP Index shed 1.57% to close at 269.12.

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