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Tuesday's Energy Stocks: US markets firmly lower on manufacturing woes

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Tuesday's Energy Stocks: US markets firmly lower on manufacturing woes

Wall Street stocks were firmly lower Tuesday, Oct. 1, as the Institute for Supply Management's survey of U.S. manufacturers suggested that the ongoing trade war between the U.S. and China is dragging down factories and exporters.

ISM's survey on manufacturing companies registered at 47.8%, down from 49.1% in July.

The Dow Jones Industrial Average closed the day down 1.28% to 26,573.04, and the S&P 500 fell 1.23% to 2,940.25.

U.S. energy markets moved alongside their equity market counterparts and posted losses. The S&P 500 Energy Sector dropped 2.30% to 427.07, and the Alerian MLP Index stumbled by 0.76% to 231.15.

Valaris PLC tumbled 9.36% in below-average trading on the New York Stock Exchange to $4.36. The company was tapped to drill wells for the Seagull development in the U.K. North Sea and was awarded several contracts and extensions worth $245 million.

Sizable losses were also seen at Range Resources Corp., which fell 7.85% on above-average volume to $3.52. Cimarex Energy Co. shares were down 5.47% in about average trading to exit the session at $45.32. Apache Corp. posted a 5.20% loss in below-average trading to settle at $24.27.

Golar LNG Ltd. shares slipped by 1.54% on average volume to $12.79 following an announcement that company CFO Graham Robjohns will step down.

Viper Energy Partners LP units were down 1.77% on above-average volume to close at $27.18. The partnership amended its revolver credit, which included a $125 million increase in its borrowing base.

On the other hand, Hess Corp. nudged higher by 0.23% on average volume to $60.62.

Roan Resources Inc. shares rose 21.14% on 13x the average volume to $1.49. Warburg Pincus LLC affiliate Citizen Energy Operating LLC agreed to acquire the company in a $1 billion all-cash deal that includes the assumption of Roan's funded net debt of roughly $780 million.

Teekay Offshore Partners LP posted a 31.90% increase on more than 100x average volume to $1.53 after the midstream service provider accepted a buyout offer from a consortium of Brookfield Business Partners LP.

Losses also enveloped midstream and pipeline partnerships. Antero Midstream Corp. saw a 3.24% decrease in light trading to $7.16. Phillips 66 Partners LP shed 1.70% in below-average trading to $55.66.

National Fuel Gas Co. was down 2.83% on below-average volume to $45.49. Fitch affirmed the company's long-term issuer default rating and senior unsecured debt at BBB.

NGL Energy Partners LP saw a 1.29% decrease in light trading to $13.73. The partnership closed a deal to sell TransMontaigne Product Services LLC and its associated assets to an unnamed buyer for $275.5 million.

Conversely, Genesis Energy LP added 0.75% in below-average trading to exit the Tuesday session at $21.63.

Electric and diversified utilities traded mixed but mostly lower, with the S&P 500 Utilities Sector wrapping the Tuesday session down 0.30% to 327.49.

Shares of Edison International slipped by 2.02% to $73.90, and NRG Energy Inc. nudged lower by 1.16% to $39.14, both on below-average volume. Sempra Energy shares lost 1.04% on average volume to close at $146.08.

PG&E Corp. and subsidiary Pacific Gas and Electric Co. secured $14 billion in backstop commitments to help the companies emerge from bankruptcy by June 30, 2020. PG&E Corp.'s shares settled at $9.90, down 1.00% in average trade.

Duke Energy Corp., meanwhile, added 0.34% in light trading to settle at $96.19. The company may accelerate the retirement of several coal-fired power plants in the Carolinas.

Dominion Energy Inc. gained 0.22% in below-average trading to $81.22. Dominion Energy Virginia, known legally as Virginia Electric and Power Co., submitted a proposal to spend approximately $594 million over the next three years to modernize Virginia's power grid.

Coal companies posted losses for the session. Alliance Resource Partners LP dropped 4.43% in above-average trading to $15.30. Peabody Energy Corp. shed 2.92% in average trade to close at $14.29.

Warrior Met Coal Inc. was down 1.18% on below-average volume to $19.29. Rating agency Moody's upgraded its outlook for the company from "stable" to "positive" following a decrease in debt.

Solar companies leaned mixed to lower. SunPower Corp. fell 5.29% in active trading to $10.39. Canadian Solar Inc. shares were down 3.34% in below-average trading to $18.25.

Automobile manufacturer Tesla Inc. drove the other way and closed the session at $244.69, up 1.59% in below-average trading.

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