trending Market Intelligence /marketintelligence/en/news-insights/trending/carurr6jjp4vmkvya-1stw2 content esgSubNav
In This List

Tuesday's Energy Stocks: Wall St. rebounds on another volatile day

Podcast

Next in Tech | Episode 49: Carbon reduction in cloud

Blog

Using ESG Analysis to Support a Sustainable Future

Research

US utility commissioners: Who they are and how they impact regulation

Blog

Q&A: Datacenters: Energy Hogs or Sustainability Helpers?


Tuesday's Energy Stocks: Wall St. rebounds on another volatile day

Broader benchmarks surged Tuesday, Feb. 6, to regain some footing after steep losses in Monday's session. Among energy indexes, midstream, merchant generation and coal broke the sell-off streak.

The Dow Jones Industrial Average advanced 2.33% on a volatile day to close at 24,912.77, and the S&P 500 spiked 1.74% to end yet another choppy session at 2,695.14. The SNL Energy Index lost 0.02% to end the day at 272.70.

In the midstream sector, National Oilwell Varco Inc. shares hiked 4.55% to close a robust day at $35.39 after the company reported its fourth-quarter 2017 financial results. National Oilwell Varco's quarterly revenues increased 16% from the same quarter of the prior year, to $1.97 billion. The company posted an adjusted loss of 4 cents, better than the adjusted loss of 15 cents reported in the same prior-year period.

SandRidge Energy Inc. shares spiked 2.24% to close at $16.87 on high volume, after the company received another all-stock merger offer from rival explorer Midstates Petroleum Co. Inc., a deal which could bring a combined market capitalization of $1 billion. Midstates Petroleum shares retreated 0.97% to end the day at $15.30 on above-average volume.

The SNL Midstream Energy Index gained 1.90% to close at 110.31.

In the power production sector, Innergex Renewable Energy Inc. completed its acquisition of Alterra Power Corp. for C$1.1 billion, including the assumption of Alterra's debt. Innergex shares were up 3.09% at the close of a strong session at C$14.01, and Alterra Power units gained 3.11% to finish a heavy session at C$7.95. The SNL Merchant Generator rose 0.26% to finish at 100.86.

Vectren Corp. launched a sale process led by Bank of America Merrill Lynch following earlier takeover interest in the utility, according to a Feb. 6 report by Bloomberg News, citing DealReporter. Vectren shares rose 5.35% to end at $61.79 on five times the average volume.

Most electric and diversified utilities, however, saw declines. NextEra Energy Inc. shares dropped 3.07% to $149.56 on more than double average volume. American Electric Power Co. Inc. fell 2.36% to $64.91, also on more than twice average volume, after releasing a plan to reduce emissions through 2050.

Otter Tail Corp.'s stock price decreased 1.18% to cap a brisk session at $39.93 after declaring a raise in quarterly dividend to 33.50 cents per share.

The SNL Electric Company Index lost 1.98% to end the day at 452.24.

In the coal sector, CONSOL Coal Resources LP shares hiked 1.92% to end an active day at $15.95 after reporting net income of $11.3 million, or 42 cents per unit, in the fourth quarter of 2017, compared with $11.7 million, or 41 cents per unit, in the prior-year period. Company executives said they are finding opportunities and upside potential in both domestic and export coal markets.

The SNL Coal Index added 1.58% to finish the session at 73.56.

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