Broader U.S. benchmarks closed Tuesday, Sept. 4, on the negative side of the ledger as the future of North American Free Trade Agreement hangs in the balance. Most energy stocks bucked the general trend.
The Dow Jones Industrial Average lost 0.05% to close the day at 25,952.48, and the S&P 500 retreated 0.17% to 2,896.72.
In the midstream sector, investors were mildly disappointed with the announced $1.87 billion sale of Southwestern Energy Co.'s Fayetteville Shale operations to a young, private-equity-backed driller, but the sale could be good news for midstream operator Boardwalk Pipeline Partners LP, analysts said. Southwestern's shares declined 4.98% to $5.34 on robust volume.
McDermott International Inc. stock dropped 4.86% on a relatively slow day to $18.40. The company completed the contract for the second phase of the Greater Western Flank project in Australia.
Additionally, NextDecade Corp launched a competitive engineering, procurement and construction bid process after agreeing with McDermott not to execute a contract for construction on the Rio Grande LNG project in Texas. NextDecade shares slid 7.36% to $6.29 on low volume.
EQT Corp. stock slipped 3.37% closing an average session at $49.30 after the company unveiled the full slate of executives for its stand-alone upstream and midstream companies once the separation of the two businesses closes.
Baker Hughes shares decreased 1.79% to $32.38 on thin volume. The company won the first large-scope integrated services contract from Saudi Arabian Oil Co.., or Saudi Aramco for its Marjan oilfield.
Cimarex Energy Co. closed its sale of oil and gas production assets in the southern Delaware Basin of West Texas to Callon Petroleum Co.'s subsidiary Callon Petroleum Operating Company for $544.5 million. Callon Petroleum's stock shed 2.04% to wrap a slow session at $11.07, and Cimarex units gave away 0.41% closing a weak session at $84.13.
Enable Midstream Partners shares outperformed the sector trend, climbing 1.86% to $15.86 on normal volume. CenterPoint Energy Inc. completed an internal spin of its midstream interests in Enable Midstream and its general partner Enable GP LLC to a newly created subsidiary called CenterPoint Energy Midstream Inc., a move that will turn CenterPoint Energy Resources Corp. toward a pure natural gas local distribution company. CenterPoint Energy's stock ticked up 0.47% to close at $27.92 on slightly above-average volume.
The S&P 500 Energy Index decreased 0.28% closing at 546.02, while the Alerian MLP Index was up 0.89% to 281.67.
Top performers in the power business were PG&E Corp., Edison International and WEC Energy Group Inc. PG&E stock hiked 1.80% to close at $47.01; Edison International shares gained 1.55% to finish at $66.75; and WEC Energy units closed at $68.26, adding 1.01%, all on high volumes.
SCANA Corp. shares slid 2.56% to $37.36 on slim volume and AES Corp. stock lost 2.30% to close a heavy session at $13.15.
The S&P 500 Utilities Index grew 0.55% to 271.17.
Market prices and index values are current as of the time of publication and are subject to change.