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In This List

Thursday's Energy Stocks: Oil, gas stocks outperform sector, broader markets

Webinar Replay

Deep Dive on Oil & Gas for Financial Institutions

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Thursday's Energy Stocks: Oil, gas stocks outperform sector, broader markets

Stocks rallied Thursday, Aug. 8, with oil and gas equities outperforming sector and broader markets, as oil prices also closed higher.

The Dow Jones Industrial Average rose 1.43% to 26,378.19, and the S&P 500 advanced 1.88% to 2,938.09. Brent crude rose 2.05% to $57.38 per barrel.

Marathon Oil Corp.'s stock price closed up 6.72% in strong trading at $12.86, after reporting $189.0 million, or 23 cents per share, in adjusted net income for the second quarter, compared to $126.0 million, or 15 cents per share, in the year-ago quarter.

Carrizo Oil & Gas Inc. gained 6.41% in active trading to settle at $9.79, after it reported an adjusted net income attributable to its shareholders of $65.9 million, or 71 cents per share. The S&P Global Market Intelligence consensus normalized EPS estimate for the quarter was 69 cents.

Shares of Occidental Petroleum Corp. increased 2.46% to $47.13, and Anadarko Petroleum Corp. added 0.78% to $72.77, both in heavy trading, following a Bloomberg report saying Occidental sold $13 billion of debt to help fund its pending $38 billion with Anadarko.

Murphy Oil Corp. shed 7.30% on strong volume to close at $20.06. The company posted an adjusted income from continuing operations of $35.7 million, or 21 cents per share, for the second quarter, up from a loss of $8.0 million, or a loss of 5 cents per share, a year ago.

Targa Resources Corp. advanced 5.39% on brisk volume to end at $35.96, after it announced second-quarter adjusted EBITDA of $306.5 million, a drop from $315.2 million in the prior-year period.

Talos Energy Inc.'s stock price moved up 8.93% in strong trading to finish at $20.01. The oil and gas producer reported second-quarter GAAP net income of $94.8 million, or $1.74 per share, up significantly from a net loss of $74.9 million, or $1.69 per share, a year ago.

Shares of Cheniere Energy Inc. finished 2.97% higher in heavy trading to settle at $62.81, after recording second-quarter adjusted EBITDA of $615.0 million, up from $531.0 million a year earlier.

Among master limited partnerships, Sanchez Midstream Partners LP plunged 69.26% on about 66x average trading volume to close at 51.03 cents, after suspending all cash distributions to common and preferred unitholders, as the partnership takes a more accelerated approach to reducing leverage.

Energy Transfer LP gained 5.25% on strong volume to conclude at $14.03, after posting second-quarter adjusted EBITDA of $2.82 billion, an increase from $2.26 billion in the prior-year period. The partnership raised its 2019 outlook for adjusted EBITDA to about $10.8 billion to $11.0 billion. It also cut its capital expenditure guidance to about $4.6 billion to $4.8 billion.

BP Midstream Partners LP rose 1.98% in brisk trading to $14.95. The partnership booked second-quarter net profit attributable to the partnership of $37.3 million, or 35 cents per share, up from the $30.5 million, or 29 cents per share, posted for the same period in 2018.

NGL Energy Partners LP agreed to sell TransMontaigne Product Services LLC, which holds refined products midstream assets in the Southeast, to an unnamed buyer for about $300 million. NGL Energy Partners shed 1.16% in active trading to finish at $13.65.

The S&P 500 Energy Sector edged up 2.89% to 441.49, and the Alerian MLP Index closed 1.30% higher at 232.08.

Electric and diversified utilities also tracked broader market and sector gains as the S&P 500 Utilities Sector rose 1.02% to 308.18.

Sunrun Inc. dropped 6.21% on heavy trading volume to close at $18.74. The company recorded a second-quarter net loss attributable to common shareholders of $1.3 million, or negative 1 cent per diluted share, compared to net income attributable to common shareholders of $7.4 million, or 6 cents per diluted share, a year ago.

OGE Energy Corp. added 1.49% on about average volume to finish at $42.99, reported second-quarter 2019 net income of $100.2 million, or 50 cents per share, a decline from $110.7 million, or 55 cents per share, in the year-ago period.

Ormat Technologies Inc. was up 10.05% in brisk trading to close at $71.71, after reporting second-quarter adjusted EBITDA of $94.9 million, up 17.4% from $80.8 million in the comparable quarter of 2018. The S&P Global Market Intelligence consensus adjusted EBITDA estimate for the quarter $86.0 million.

Evergy Inc. gained 1.51% on normal volume to close at $61.93, after posting non-GAAP adjusted earnings of $140.3 million, or 58 cents per diluted share, compared to $179.1 million, or 67 cents per diluted share, in the same period in 2018.

PG&E Corp. shares increased 1.93% in strong trading to settle at $18.51, after the company disclosed in a bankruptcy filing a restructuring plan indicating an intention to maintain its power purchase agreements, among other commitments.

NiSource Inc.'s stock price rose 4.23% in brisk trading to finish at $28.80. The company sold $750 million of its 2.95% notes due Sept. 1, 2029, at 99.826% of the principal amount.

In the coal sector, Peabody Energy Corp. picked up 4.76% on strong volume to end at $18.50, after raising its quarterly dividend to 14.5 cents per share from the prior quarter's dividend of 14 cents per share.

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