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Tuesday's Energy Stocks: Utilities lead as major markets decline

Markets closed the Tuesday, May 15, trading day in negative territory as the Dow Jones Industrial Average closed down 0.78% to finish at 24,706.41, and the S&P 500 slid 0.68% to end at 2,711.45.

Utilities recorded the biggest losses in the energy sector, with the S&P 500 Utilities Sector retreating 0.88% to 251.76.

Itron Inc. shares tumbled 7.48% in more than four times average trading to close at $62.125, after reporting first-quarter 2018 non-GAAP net income attributable to the company of $5.1 million, or 13 cents per share, down from $22.2 million, or 57 cents per share, in the same quarter of 2017. Smart grid technology supplier Itron's business jumped in the first quarter largely due to its acquisition of Silver Spring Networks Inc., but the integration resulted in restructuring charges.

Hydro One Ltd. increased 0.31% on strong volume to finish at C$19.34, after posting first-quarter 2018 adjusted net income attributable to common shareholders of C$210 million, or 35 Canadian cents per share, increasing from C$167 million, or 28 Canadian cents per share, a year earlier. Hydro One and takeover target Avista Corp. are closely monitoring an upcoming provincial election in Ontario which could see a change in philosophy with the Canadian company's majority owner. Shares of Avista settled down 0.11% at $52.34 on somewhat below-average volume.

Innergex Renewable Energy Inc. shed 0.44% in light trading to settle at C$13.72, after it booked first-quarter 2018 adjusted EBITDA of C$79.3 million, a 56% increase from C$50.9 million in the comparable quarter of 2017. Innergex formed a joint venture with Energía Llaima to acquire a hydro project in Chile.

Among other power stocks, NRG Energy Inc. declined 2.96% in average trading to close at $33.75; CenterPoint Energy Inc. slid 1.62% on slightly higher-than-average volume to $26.06; and PPL Corp. closed down 1.52% on nearly double average trading volume to $27.23.

Keyera Corp. shed 3.42% in above-average trading to finish at C$35.01. The company is developing a new crude oil storage and blending terminal in Cushing, Okla., with a working storage capacity of 4.5 million barrels across 12 aboveground tanks.

Hallador Energy Co. fell 11.10% on strong volume to end at $6.49, after its investor Yorktown Energy Partners VII L.P. distributed 2.2% of the company's outstanding shares to general and limited partners.

June natural gas futures finished another seesaw session slightly negative Tuesday, May 15, as the market remains caught between changing fundamentals. The contract shed 0.6 cent to settle at $2.836/MMBtu while trading from $2.830/MMBtu to $2.864/MMBtu.

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