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Tuesday's Energy Stocks: Markets rally on tariff reprieve

Wall Street bounced back on Tuesday, Aug. 13, on the news of a delay and removal of tariffs on certain Chinese imports.

The U.S. Trade Representative's Office said in a statement that certain products will be removed from the tranche of tariffs slated to go into effect Sept. 1 due to "health, safety, national security and other factors."

The Dow Jones Industrial Average rose 1.44% to 26,279.91, and the S&P 500 advanced 1.48% to 2,926.32.

Most electric and diversified utilities closed with gains, though the S&P 500 Utilities Sector overall logged a scant 0.04% increase to finish at 307.88.

Pattern Energy Group Inc. closed up 2.62% on nearly 6x average trading volume to $25.81, after confirming that it has received takeover interest from unnamed third parties. The company said it has been responding to such inquiries as appropriate but has not reached any agreement or arrangement for any transaction.

PG&E Corp. shares increased 1.19% in below-average trading to conclude at $16.95. Its utility, Pacific Gas and Electric Co., named Andrew Vesey as president and CEO, effective Aug. 19. Vesey most recently served as managing director and CEO at Sydney-based AGL Energy Ltd. and also previously served as COO of AES Corp.

Southern Co. declined 2.52% in heavy trading to finish at $57.20, after launching a public offering of 30 million equity units at a stated amount of $50 per unit for an aggregate stated amount of $1.5 billion.

Also recording gains, Clearway Energy Inc. advanced 3.55% to $16.92 in somewhat below-average trading; Vistra Energy Corp. picked up 2.36% to $22.59; NRG Energy Inc. added 1.92% on light volume to close at $34.59; Dominion Energy Inc. gained 1.36% in light trading to settle at $75.38; and Pinnacle West Capital Corp. advanced 1.23% on above-average volume to finish at $92.97.

Among MLPs, Martin Midstream Partners LP shed 3.47% in active trading to settle at $4.45. The partnership divested its East Texas Pipeline to an unnamed buyer for about $17.5 million. Proceeds from the sale will be used to decrease outstanding borrowings under the partnership's credit facility.

Buckeye Partners LP added 0.24% on strong volume to $40.95. Buckeye and Trafigura Trading LLC received the first shipment of crude oil from the Permian Basin delivered via Plains All American Pipeline LP's Cactus II pipeline to the Buckeye Texas Partners LLC terminal in Corpus Christi, Texas.

Plains closed 0.93% higher in heavy trading to $21.75.

Other top performers included Antero Midstream Corp., which advanced 2.41% on strong volume to $7.22; DCP Midstream LP, which added 2.01% in light trading to $25.41; and TC PipeLines LP, which rose 1.91% on light volume to $37.29.

In other oil and gas stocks, Cimarex Energy Co. picked up 3.39% in active trading to $42.39; Valero Energy Corp. moved up 2.06% on about average volume to $78.74; and Hess Corp. gained 1.99% in slightly below-average trading to $62.02.

The S&P 500 Energy Sector added 1.01% to close at 434.15, and the Alerian MLP Index lifted 0.66% to settle at 229.43.

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