Broader benchmarks surged Tuesday, Feb. 6, to regain some footing after steep losses in Monday's session. Among energy indexes, midstream, merchant generation and coal broke the sell-off streak.
The Dow Jones Industrial Average advanced 2.33% on a volatile day to close at 24,912.77, and the S&P 500 spiked 1.74% to end yet another choppy session at 2,695.14. The SNL Energy Index lost 0.02% to end the day at 272.70.
In the midstream sector, National Oilwell Varco Inc. shares hiked 4.55% to close a robust day at $35.39 after the company reported its fourth-quarter 2017 financial results. National Oilwell Varco's quarterly revenues increased 16% from the same quarter of the prior year, to $1.97 billion. The company posted an adjusted loss of 4 cents, better than the adjusted loss of 15 cents reported in the same prior-year period.
SandRidge Energy Inc. shares spiked 2.24% to close at $16.87 on high volume, after the company received another all-stock merger offer from rival explorer Midstates Petroleum Co. Inc., a deal which could bring a combined market capitalization of $1 billion. Midstates Petroleum shares retreated 0.97% to end the day at $15.30 on above-average volume.
The SNL Midstream Energy Index gained 1.90% to close at 110.31.
In the power production sector, Innergex Renewable Energy Inc. completed its acquisition of Alterra Power Corp. for C$1.1 billion, including the assumption of Alterra's debt. Innergex shares were up 3.09% at the close of a strong session at C$14.01, and Alterra Power units gained 3.11% to finish a heavy session at C$7.95. The SNL Merchant Generator rose 0.26% to finish at 100.86.
Vectren Corp. launched a sale process led by Bank of America Merrill Lynch following earlier takeover interest in the utility, according to a Feb. 6 report by Bloomberg News, citing DealReporter. Vectren shares rose 5.35% to end at $61.79 on five times the average volume.
Most electric and diversified utilities, however, saw declines. NextEra Energy Inc. shares dropped 3.07% to $149.56 on more than double average volume. American Electric Power Co. Inc. fell 2.36% to $64.91, also on more than twice average volume, after releasing a plan to reduce emissions through 2050.
Otter Tail Corp.'s stock price decreased 1.18% to cap a brisk session at $39.93 after declaring a raise in quarterly dividend to 33.50 cents per share.
The SNL Electric Company Index lost 1.98% to end the day at 452.24.
In the coal sector, CONSOL Coal Resources LP shares hiked 1.92% to end an active day at $15.95 after reporting net income of $11.3 million, or 42 cents per unit, in the fourth quarter of 2017, compared with $11.7 million, or 41 cents per unit, in the prior-year period. Company executives said they are finding opportunities and upside potential in both domestic and export coal markets.
The SNL Coal Index added 1.58% to finish the session at 73.56.
Market prices and index values are current as of the time of publication and are subject to change.
