Markets rebounded on Thursday, May 30, as investors tried to divert their attention from the ongoing U.S.-China trade tensions. The energy sector, however, was dragged down by a sharp decline in oil prices.
In and up-and-down day, the Dow Jones Industrial Average finished up 0.17% to 25,169.88, and the S&P 500 grew 0.21% to close at 2,788.86. Brent Crude Oil prices, meanwhile, declined 4.36% to $66.42 per barrel.
Oil and gas major Chevron Corp. saw shares move down 1.19% to $115.38 in below-average trading after the company entered a $2 billion deal to sell affiliate Chevron North Sea Ltd. to Ithaca Energy Ltd.
Devon Energy Corp. shares were down 3.99% at the close of an active day to $25.78. Canadian Natural Resources Ltd. is in play to acquire Devon Energy's oil sands assets in a C$3.8 billion deal. Canadian Natural's shares listed on the Toronto Stock Exchange moved down 0.76% to C$36.53 on average volume.
Altus Midstream Co. placed into service a 200-MMcf/d cryogenic processing train, one of the three facilities planned to serve production in the Alpine High play in the Delaware Basin. Altus shares shed 1.03% to $4.81 on below-average volume.
Among notable movers were Cimarex Energy Co., giving away 4.51% to $59.12 on roughly average volume; Range Resources Corp., shrinking 4.29% to $7.81 on below-average volume; and Marathon Petroleum Corp., trimming off 3.84% to $47.11 on slightly above-average volume.
The S&P 500 Energy Index decreased 1.18% to 439.19, and the Alerian MLP Index retreated 1.03% to 244.94.
Among electric and diversified utilities, Vistra Energy Corp. shares slipped 2.50% to $23.42 in above-average trading. Vistra Operations Co. LLC increased its revolving credit facility to $2.725 billion from $2.675 billion.
Enphase Energy Inc. shares slid 3.19% to $15.77 on more than double average volume. The company intends to offer $120 million of convertible senior notes due June 1, 2024, in a private placement to qualified institutional buyers.
Meanwhile, California-headquartered utilities PG&E Corp. and Edison International were both up on Thursday. PG&E Corp. shares hiked 3.79% to $17.78 in heavy trading, and Edison International stock gained 1.76% to $59.70. California regulators signed off on the utilities' wildfire mitigation plans.
In the renewable energy sector, Canadian Solar Inc. shares jumped 9.72% to $19.41 on brisk volume despite reporting a net loss attributable to the company of $17.2 million, or 29 cents per share, in the first quarter of 2019, compared to net income of $43.4 million, or 72 cents per share, in the prior-year period. The company had predicted a steep decline in revenues but reported a better result than its earlier guidance indicated.
First Solar Inc. shares added 3.08% to $59.64 on below-average volume. The company announced a power purchase agreement with PacifiCorp, which will then deliver power from a new solar facility in Utah to a Facebook Inc. data center.
The S&P 500 Utilities Index decreased 0.14% to 292.65.
Market prices and index values are current as of the time of publication and are subject to change.