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Friday's Energy Stocks: Markets retreat after China GDP miss

Broader markets edged lower on Friday, Oct. 18, following a report showing that China's economy rose 6.0% year over year in the third quarter, slowing from the 6.2% annual growth recorded in the previous three-month period. Also, a couple of major Dow components tallied steep losses on the day.

The Dow Jones Industrial Average slid 0.95% to 26,770.20, and the S&P 500 closed 0.39% lower to 2,986.20.

Meanwhile, energy equities closed mixed.

DTE Energy Co. shares were down 1.65% in active trading to close at $127.34, after the company's DTE Midstream subsidiary agreed to acquire a gathering system and gathering pipeline in the Haynesville Shale of Louisiana for $2.25 billion. The announcement received a tepid reaction from investors even as management reassured shareholders and analysts about the sellers' credit quality and the location.

Under the deal, DTE Midstream would acquire 100% of the assets from midstream company Momentum Midstream LLC and producer Indigo Natural Resources LLC, including an existing gathering system and a 150-mile gathering pipeline under construction.

PG&E Corp. bondholders and wildfire victims filed a joint Chapter 11 plan of reorganization with the U.S. Bankruptcy Court in San Francisco. The alternative plan will effectively give the unsecured noteholders and wildfire victim ownership of new PG&E Corp. shares. The company's stock price settled 0.89% lower on below-average volume to $7.76.

AES Corp. gained 0.86% in light trading to $16.38. AES has started commercial operations at the first LNG facility in Panama and Central America. The hub is located at the corporation's Colón plant, which consists of a 180,000-cubic-meter LNG tank and a 381-MW combined-cycle power plant.

Among other electric and diversified utility companies, Exelon Corp. rose 1.37% in heavy trading to $44.67; American Electric Power Co. Inc. climbed 1.23% on slightly higher-than-average volume to $94.14; Ameren Corp. gained 1.08% on above-average volume to $76.62; and NRG Energy Inc. added 1.01% in above-average trading to $40.15. Also, Pattern Energy Group Inc. was up 1.99% to $26.67 in active trading.

The S&P 500 Utilities Sector was up 0.37% to 323.94.

Schlumberger Ltd. advanced 1.32% in brisk trading to finish at $32.31, after reporting third-quarter net income of $596 million, or 43 cents per share, down from $644 million, or 46 cents per share, in the prior-year period. The results beat the S&P Global Market Intelligence consensus estimate of 40 cents per share.

The oilfield services major is taking a hard look at its North American land market operations as the region once again dragged down earnings in the third quarter.

Transocean Ltd. shares retreated 2.78% in below-average trading to $4.54, after the company reported that it added approximately $75 million in contract value in the third quarter, bringing its total backlog to $10.8 billion.

TechnipFMC PLC was down 0.43% on about average volume to $22.90. The company secured an engineering, procurement, construction and installation contract for the development of the Pyxis and Xena fields offshore northwest Australia.

Holly Energy Partners LP rose 8.80% on brisk volume to settle at $23.13. For 2019 through 2020, the partnership expects to have a constant quarterly distribution amount of 67.25 cents per unit, or $2.69 on an annualized basis.

Its 2020 distribution guidance will reflect contractual tariff escalators and the Cushing Connect joint venture, offset by lower revenues from Delek and higher maintenance capital costs due to one-time events.

Among other oil and gas companies, EOG Resources Inc. lost 3.49% in active trading to $64.44; Pioneer Natural Resources Co. shed 3.40% on near-average volume to $123.36; and Cimarex Energy Co. declined 3.19% in light trading to $41.33.

The S&P 500 Energy Sector dropped 0.54% to 420.67, while the Alerian MLP Index picked up 0.70% to 221.98.

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