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Friday's Energy Stocks: Street recovers, renewable sector sees decline

Wall Street partially recovered from a midday selloff on Friday, Aug. 9, prompted in part by President Donald Trump's tweet that a trade deal between the U.S. and China is unlikely. Energy-specific indexes were also pressured by broader market trends.

The Dow Jones Industrial Average shed 0.34% to close at 26,287.44, and the S&P 500 retreated 0.66% to 2,918.65.

Oil and gas major Exxon Mobil Corp. is looking to sell its stakes in Norwegian oil and gas fields for more than $4 billion. The company owns minority stakes in 20 fields in Norway, operated by Equinor ASA and Royal Dutch Shell PLC. Exxon Mobil stock fell 2.13% to wrap an active day at $70.84. Shell's class A stock lost 1.24% to $57.30 and its class B shares shed 0.73% to $57.35, both on active volumes, while Equinor settled 1.06% lower at $16.87 on light volume.

Among big losers in the oil and gas industry, Andeavor Logistics LP stock gave away 6.24% to $32.17 on brisk volume, Antero Midstream Partners LP stock shed 5.48% to $7.25 on active volume and EQT Corp. shares slid 4.12% to $12.09 in average trading.

Enerplus Corp. shares jumped 8.80% in heavy trading to $6.43 after the company announced second-quarter net income of C$85.1 million, or 36 Canadian cents per share, for the second quarter, topping C$12.4 million, or 5 cents per share, a year ago.

Inter Pipeline Ltd. shares picked up 4.95% to wrap an active session at C$24.81. The company has confirmed that it received an unsolicited, nonbinding takeover bid from an unnamed company, but said it is not in talks over the matter.

Enerflex Ltd. stock climbed 3.90% in heavy trading to finish at C$16.00 after reporting second-quarter net earnings of C$40.6 million, or 45 Canadian cents per share, up from C$20.4 million, or 23 Canadian cents per share, posted for the second quarter of 2018.

The S&P 500 Energy Index fell 1.25% to 435.96 and Alerian MLP Index lost 0.75% to 230.34.

In the electric and diversified utilities business, PG&E Corp. stock inched down 2.11% to $18.12 on low volume after the company reported non-GAAP earnings from operations of $581.0 million, or $1.10 per share, in the 2019 second quarter, a decrease from $601.0 million, or $1.16 per share, in the prior-year quarter.

Chesapeake Utilities Corp. shares shed 1.57% to close a slow session at $91.44. The company reported second-quarter adjusted net income of $8.3 million, or 50 cents per share, compared to $7.6 million, or 46 cents per share, in the comparable quarter of 2018.

NRG Energy Inc. shares were down 2.76% to $34.15 on average volume, while AES Corp. gave away 1.77% to $15.57 and PPL Corp. shares slipped 1.44% to $29.38, both on light volume.

In the renewable sector, Sunrun Inc. shares nosedived 12.70% to $16.36 on active volume, First Solar Inc. stock gave up 1.95% to $63.50 in slow trading and Vivint Solar Inc. shares plunged 19.14% to $7.52 on heavy volume.

TerraForm Power Inc.'s stock chipped off 0.80% to close an average day at $16.18. The company released second-quarter 2019 adjusted EBITDA of $196 million, up from $128 million in the comparable quarter of 2018.

TransAlta Corp. shares spiked 6.11%, finishing a robust session at C$8.51. The company announced comparable EBITDA of C$215 million in the 2019 second quarter, down from C$248 million in the year-ago quarter.

The S&P 500 Utilities Index inched up 0.04% to 308.29.

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