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Tuesday's Energy Stocks: Antero Midstream jumps 15% on consolidation deal


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Tuesday's Energy Stocks: Antero Midstream jumps 15% on consolidation deal

Energy companies enjoyed sectorwide gains on Tuesday, Oct. 9, while broader markets settled with slight losses. The Dow Jones Industrial Average retreated 0.21% to close at 26,430.57, and S&P 500 declined 0.14% to end at 2,880.34.

Antero Midstream Partners LP's unit price soared 15.09% on nearly six times average volume to finish at $33.93, after Appalachian shale driller Antero Resources Corp. announced that its general partner Antero Midstream GP LP would acquire all of the master limited partnership's 188.1 million outstanding common units.

Antero Midstream GP is to convert into a corporation, and the combined entity resulting from the deal is to be named Antero Midstream Corp. The consolidation deal would also eliminate Antero Midstream Partners' required cash payments to its general partner.

Antero Resources was up 3.18% to end at $19.48, and Antero Midstream GP picked up 9.17% to conclude at $18.69, both in robust trading.

Among other MLPs, Western Gas Partners LP gained 3.69% in brisk trading to close at $46.95; DCP Midstream LP added 3.54% on below-average volume to finish at $43.59; and EnLink Midstream Partners LP advanced 3.16% on light volume to settle at $18.95.

The Alerian MLP Index rose 1.05% to settle at 281.67.

Canadian exploration and production company Frontera Energy Corp. earned 2.82% on strong volume to close at C$18.21 on the Toronto Stock Exchange, following its announcement of discovering light oil from its Acorazado-1 exploration well on the 100% owned and operated Llanos-25 block in Colombia.

Cabot Oil & Gas Corp. is now expecting that its third-quarter net production will be slightly below previous guidance due startup delays at Williams Cos. Inc.'s Atlantic Sunrise natural gas pipeline expansion project and other operational changes. Cabot Oil inched up 0.25% on brisk volume to settle at $24.41, while Williams Cos. retreated 0.22% in weak trading to finish at $27.63.

The S&P 500 Energy Sector edged up 0.99% to close at 576.72.

Among electric and diversified utilities, SCANA Corp. rose 1.66% to $39.91 and PG&E Corp. increased 1.31% to $48.55, while Pattern Energy Group Inc. declined 4.13% to $18.12, all on roughly average volume.

CenterPoint Energy Inc. said it terminated the remaining commitments with two lenders in connection with financing its proposed acquisition of Vectren Corp. Shares of CenterPoint Energy were up 0.64% in strong trading to end at $28.13, while Vectren dipped 0.04% in light trading to finish at $71.62.

The S&P 500 Utilities Sector added 0.42% to 275.50.

Among coal companies, Peabody Energy Corp. slid 2.86% on slightly below-average volume to close at $35.69, after declaring force majeure on its North Goonyella coking coal mine in Australia due to elevated gas levels at the mine site.

Westmoreland Coal Co. slumped 42.66% in OTC trading to close at 7.23 cents, while Westmoreland Resource Partners LP picked up 2.91% on light volume to finish at $2.12. The companies filed for Chapter 11 bankruptcy protection after years of attempting to delever their balance sheets.

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