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Monday's Energy Stocks: SemGroup falls 8.82% despite stronger Q4'17 results

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Monday's Energy Stocks: SemGroup falls 8.82% despite stronger Q4'17 results

Major U.S. stock indexes extended gains Monday, Feb. 26, while most energy benchmarks saw declines.

The Dow Jones Industrial Average added 1.58% to close at 25,709.27, and the S&P 500 grew 1.18% to end the day at 2,779.60. The SNL Energy Index retreated 0.27% to finish at 272.98.

In oil and gas exploration, SemGroup Corp. stock fell 8.82% to wrap a heavy session at $23.25 despite showing stronger financial results. The company reported fourth-quarter 2017 adjusted EBITDA of $111.5 million, compared to $66.2 million in the fourth quarter of 2016.

Williams Partners LP units shed 1.27% to close the day at $37.23 on below-average volume. Williams Partners launched a public offering of senior notes to repay approximately $750 million of 4.875% senior notes due 2024 and for general partnership purposes.

The SNL Midstream Energy Index decreased 0.27% to close at 105.41.

Vistra Energy Corp. saw its shares lose 0.21% to close a slow session at $18.98 after reporting a fourth-quarter 2017 net loss of $579 million, or a loss of $1.35 per share, compared with a net loss of $163 million, or a loss of 38 cents per share, in the fourth quarter of 2016.

The renewables sector performed strongly Monday, with shares of First Solar Inc. and SunPower Corp. helping the sector land in positive territory.

SunPower stock rose 6.15% to close a light session at $7.60, and First Solar shares advanced 5.36% to finish the day at $65.10 on above-average volume.

Sunrun Inc.'s shares hiked 2.69% to finish the day at $7.05 on high volume. Sunrun, its subsidiaries and their lenders agreed to amend the companies' $250 million credit facility to extend the maturity date by two years.

The SNL Merchant Generator Index spiked 2.06% to wrap the day at 96.55.

Among electric utilities, PPL Corp. stock declined 1.71% to end the session at $29.82 on below-average volume. The company on Feb. 23 entered into a distribution agreement for the potential sale of up to $1.0 billion of its common stock from time to time.

S&P Global Ratings downgraded PG&E Corp. and subsidiary Pacific Gas and Electric Co.'s issuer credit ratings to BBB+ from A- over the risk posed by the 2017 wildfires at its Northern California service territory. PG&E's shares lost 0.19% to end the day at $41.06 on brisk volume.

Wells Fargo Securities LLC downgraded Pinnacle West Capital Corp.'s shares to "market perform" from "outperform," based on valuation. Pinnacle's shares ticked up 0.16% to close a heavy session at $80.28.

The SNL Electric Company Index lost 0.85% to close at 466.75.

March natural gas futures settled its final session as the lead contract with a modest short-covering gain, rolling off the board at the close of trade Monday up 1.4 cents at $2.639/MMBtu.

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

S&P Global Ratings and S&P Global Market Intelligence are owned by S&P Global Inc.