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Tuesday's Energy Stocks: Market remains mixed all around, utilities on uptick


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Tuesday's Energy Stocks: Market remains mixed all around, utilities on uptick

The Dow Jones Industrial Average dropped on Tuesday, March 12, weighed down by the under-pressure Boeing Co. stock. Down 0.38%, the index closed at 25,554.66, while the S&P 500 gained 0.30% to close at 2,791.52. Boeing stock listed on NYSE dropped 6.15% to $375.41 in heavy trading.

An Ethiopian Airlines Boeing 737 Max crashed March 11, killing all aboard and raising flags over the aircraft's airworthiness. This was the second Boeing 737 Max crash in less than six months.

Energy and utilities indexes gained on the day, but most master limited partnerships did not fare well.

In the oil and gas sector, Cheniere Energy Inc. units advanced 2.34% to $69.59 on robust trading. The Federal Energy Regulatory Commission approved a request from a Cheniere unit to introduce feedgas to the second liquefaction train of its Corpus Christi LNG export terminal in Texas, a significant step toward bringing the facility online in the second half of 2019.

Texas-headquartered fossil fuel explorer Centennial Resource Development Inc. saw shares hop up 4.14% to wrap an average day at $9.06. Its subsidiary Centennial Resource Production LLC has commenced a $500 million offering of senior unsecured notes due 2027.

Norwegian company Equinor ASA's stock listed on the NYSE grew 1.20% to finish a light session at $21.98. Equinor CEO and President Eldar Sætre said oil and natural gas majors should be more transparent in reporting their emissions reductions and climate change strategies.

ONEOK Inc. shares inched up 0.69% to $66.75 on slow trading. The company launched an offering of its senior notes totaling $1.25 billion, with net proceeds set to be used for debt repayment and capital expenditures.

Among notable gainers, Range Resources Corp. stock climbed 5.48% to finish at $10.39; EQT Corp. units rose 5.08% to $19.65; and Devon Energy Corp. shares moved up 3.45% to $28.76, all on below-average volume.

Losers in the industry included Andeavor Logistics LP, Holly Energy Partners LP and NuStar Energy LP. Andeavor Logistics lost 3.09% to $35.10; Holly Energy shed 2.34% to $28.40; and NuStar Energy retreated 2.12% to $26.74, all on average or light volume.

The S&P 500 Energy Index increased 0.58% to 479.75, while the Alerian MLP Index decreased 0.33% to 251.36.

Gas utility National Fuel Gas Co.'s stock added 1.15% to close an average trading day at $60.53. The utility's director Philip Ackerman stepped down from the board at the annual shareholders meeting convened on March 7.

In the electric and diversified utilities business, Entergy Corp. units picked up 0.99% to close an active session at $94.89. Its subsidiary utility Entergy Louisiana LLC has completed the sale of $525 million of 4.20% collateral trust mortgage bond.

Among other top performers were NRG Energy Inc., advancing 2.75% to close at $42.94 on brisk volume; Emera Inc., up 2.67% to C$49.15 on about double average volume; Pattern Energy Group Inc., which gained 2.64% to $21.75 in below-average trading; and Vistra Energy Corp. picking up 2.50% to $25.88 in heavy trading.

The S&P 500 Utilities Index increased 0.62% to 294.00.

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