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Thursday's Energy Stocks: Range Resources down 4.35%, midstream sector drags

The S&P 500 finished lower Thursday, Sept. 6, losing 0.37% to close at 2,878.05, driven by a selloff in the technology sector. The Dow Jones Industrial Average closed 0.08% higher at 25,995.87. Most energy stocks also closed in negative territory.

Exxon Mobil Corp. shares decreased 1.11% on active volume to close at $80.46. The company said it is in talks with the Guangdong Provincial Government for the proposed construction of a chemical complex that would help meet growing demand in China.

Patterson-UTI Energy Inc. stock declined 1.82% to close at $16.16 on average volume. The company said that for the month of August and for the two months ended Aug. 31, the company had an average of 178 drilling rigs operating.

Tourmaline Oil Corp. shares shed 0.86% closing a strong session at C$19.57. Its board declared a third-quarter cash dividend of 10 Canadian cents per common share for an increase of 11% over the second-quarter dividend of 9 Canadian cents per share.

Magellan Midstream Partners LP stock gave away 1.27% to finish an active day at $68.25. Magellan Midstream is not having problems securing customers for its Houston-area Seabrook Logistics LLC crude export terminal, even as international buyers push for U.S. export facilities to accommodate the biggest tankers most commonly used in oil trade.

Range Resources Corp. stock dropped 4.35% to $14.95, Marathon Oil Corp. units slipped 4.01% to close at $20.36, and EQT Corp. shares declined 3.81% $46.91, all on above-average volumes.

The S&P 500 Energy Index lost 1.93%, finishing at 535.06, and the Alerian MLP Index slipped 1.04% to 280.05.

In the power sector, Boralex Inc. added 2.13% to close at C$19.66 in average trading volume. The company's two projects totaling roughly 49.5 MW were selected in the second round of an onshore wind power request for proposals in France.

Carlyle Group LP stock retreated 1.87% in slightly above-average volume to wrap at $22.28, after the company made its first wind investment with a deal to acquire a 612-MW operating wind generation portfolio in New York state from Noble Environmental Power LLC.

Among major electric utilities, PG&E Corp. shares slid 3.13% to $45.53 on robust volume, and SCANA Corp. stock shrunk 2.68% to wrap a light session at $36.68.

CRA International Inc. will conduct two auction processes to procure full requirements default supply generation service for customers of FirstEnergy Corp.'s Pennsylvania utilities. FirstEnergy units inched up 0.42% to $37.96 on slim volume.

The S&P 500 Utilities Index added 0.39% to close at 275.68.

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