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Wednesday's Energy Stocks: US markets notch gains, midstream partnerships slip

Wall Street stocks closed the Wednesday, Oct. 23, session slightly higher as investors looked beyond lackluster earnings reports from Boeing Co. and Caterpillar Inc.

However, a lower-than-expected revenue outlook from Texas Instruments Inc. pulled down semiconductor shares.

The Dow Jones Industrial Average exited the midweek session at 26,833.95, up 0.17%, and the S&P 500 closed at 3,004.52, increasing by 0.28% for the day.

Oil and gas companies saw a boost from higher oil prices, with Brent crude up 2.24% to $61.04 per barrel and West Texas Intermediate seeing a 2.57% increase to $55.88/bbl. The S&P 500 Energy Sector added 0.75% to close at 437.36.

Notable gainers included EOG Resources Inc., which posted a 3.41% increase in active trading to settle at $71.94. Devon Energy Corp. saw a 3.05% increase on above-average volume to settle at $21.30. Cimarex Energy Co. saw a 2.65% gain in light trading to exit the session at $44.57.

Schlumberger Ltd. gained 1.46% in active trading to $35.33. Two of the company's subsidiaries announced that they will be redeeming certain series of senior notes.

Eni SpA shares added 1.39% in average trading on the New York Stock Exchange to $31.39. The company began producing gas and condensate from the Obiafu 41 discovery in Nigeria.

Shareholders of C&J Energy Services Inc. and Keane Group Inc. on Oct. 22 approved all the necessary proposals needed for the previously announced all-stock merger of equals. C&J stock was up 4.00% in below-average trading to $9.88, and Keane's shares increased by 4.75% in active trading to $5.51.

Hess Corp. posted a 1.38% decrease in below-average trading to close at $66.62.

RPC Inc. shares fell 9.04% in more than twice the average volume to $4.63 after the company reported a third-quarter adjusted net loss of $18 million, or a loss of 8 cents per share, down from an adjusted net income of $50 million, or 23 cents per share, seen a year ago.

Midstream and pipeline partnerships saw mixed to ultimately lower moves, with the Alerian MLP Index shedding 0.22% to 221.48.

Losses were seen at Magellan Midstream Partners LP, which stumbled by 1.53% in above-average trade to $63.26. EQM Midstream Partners LP units were down 0.91% in near-average trading to $32.80. Energy Transfer LP slipped by 0.79% in below-average trading to close at $12.60. On the other hand, DCP Midstream LP rose by 3.06% on above-average volume to settle at $24.25.

Electric and diversified utilities saw diverging but predominantly higher moves during the midweek session, with the S&P 500 Utilities Sector adding 0.37% to 327.78.

Gainers for the session included AES Corp., which added 1.36% in above-average trading to $17.13. PPL Corp. shares were up 1.34% in brisk trade to $33.18. Edison International saw a 1.23% increase in light trading to $72.42.

PG&E Corp. saw a 1.23% rise in below-average volume to $8.20. The company's utility subsidiary Pacific Gas and Electric Co. warned that it may have to proactively cut power again starting Oct. 23 due to forecasts of strong, dry winds.

Also of note, MGE Energy Inc. gained 2.05% to $76.03 on nearly 7x average volume, and Pattern Energy Group Inc. advanced 2.05% to $27.35 in about double average trading.

On the other hand, CMS Energy Corp. shed 0.69% on about triple average volume to close at $63.29.

Major coal companies leaned higher as well, with Arch Coal Inc. up 3.25% in twice the average volume to $86.00. Peabody Energy Corp. saw a 2.65% increase in light trading to $16.28. CNX Resources Corp. gained 2.47% on below-average volume to close at $7.46.

Solar companies spent the midweek session mixed.

First Solar Inc. shed 1.67% in near-average trading to $55.28. The company announced that it will sell two solar photovoltaic projects in Utah to D. E. Shaw Renewable Investments for an undisclosed amount.

On the other hand, Sunrun Inc. advanced 4.39% in average trading to $15.93. TerraForm Power Inc. saw a 1.91% gain in above-average trading to $16.79.

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