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Friday's Energy Stocks: Summit Midstream, First Solar shares fall on Q4 results

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Friday's Energy Stocks: Summit Midstream, First Solar shares fall on Q4 results

Broader U.S. benchmarks ended Friday, Feb. 23, with gains, while the majority of the energy sector also performed positively.

The Dow Jones Industrial Average advanced 1.39% to finish the day at 25,309.99, and the S&P 500 rose 1.60% to wrap the session at 2,747.30. The SNL Energy Index added 1.38% to close at 272.64.

Summit Midstream Partners LP shares fell 8.85% to close at $17.50 on more than four times average volume, after the company's fourth-quarter earnings results missed guidance. Summit Midstream on Feb. 22 reported adjusted EBITDA of $72.9 million in the fourth quarter of 2017, missing the analyst consensus estimate of $76 million.

Pembina Pipeline Corp. shares rose 3.68% to close at C$42.49 on high volume after releasing fourth-quarter results Feb. 22. The company posted fourth-quarter adjusted EBITDA of C$674 million, up from C$342 million in the comparable period of 2016.

Appalachian shale gas driller Cabot Oil & Gas Corp. shares added 2.43% to close an active day at $24.46. Cabot released adjusted fourth-quarter profits of $59.5 million, compared to the $5.1 million reported in the fourth quarter of 2016. The company also announced plans to triple the size of its share buyback program to 30 million shares, or about $720 million.

Plains All American Pipeline LP secured 525,000 barrels per day of long-term commitments to ship oil from the Permian Basin to the Corpus Christi coastal area on its Cactus II crude oil pipeline system. The company's shares added 1.38% to wrap a slow day at $21.26.

The SNL Midstream Energy Index closed the day up 0.64% at 105.54.

In renewables, First Solar Inc. saw its shares drop 6.77% to end the session at $61.79 on nearly triple the average volume. The photovoltaic panel manufacturer on Feb. 22 reported a fourth-quarter 2017 GAAP net loss of $432.5 million, or a loss of $4.14 per share, compared to a net loss of $750.8 million, or a loss of $7.22 per share, in 2016. The company said it may consider producing more solar panels in the U.S. to take advantage of some of the provisions in the tax reforms.

AES Corp. shares grew 1.84% to wrap the week at $10.49 on thin volume. AES subsidiary AES Distributed Energy Inc. started construction of its hybrid 28-MW solar photovoltaic facility and 100-MWh, five-hour duration energy storage system in Hawaii.

The SNL Merchant Generator Index retreated 0.42% to finish at 94.61.

Edison International shares rose 4.07% to close the week at $62.17 on slim volume. The company posted quarterly core earnings of $357 million, or $1.10 per share, compared to fourth-quarter 2016 core earnings of $316 million, or 97 cents per share.

Vectren Corp. shares gained 2.25% in above-average trading volume to close at $63.07. Its utility Vectren Energy Delivery of Ohio Inc. plans to request an increase in gas delivery prices in its first base rate request filed in more than 10 years with the Public Utilities Commission of Ohio.

Trimming deeper losses notched earlier in the day, NYMEX March natural gas futures ended the week marginally lower ahead of the afternoon expiration of the March options contract.

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