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Monday's Energy Stocks: NGL Energy rebounds 6.47%

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Essential Energy Insights - February 2021

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Six trends shaping the industries and sectors we cover in 2021

Six trends shaping the industries and sectors we cover in 2021


Monday's Energy Stocks: NGL Energy rebounds 6.47%

Broader market indexes continued to ascend Monday, Aug. 7, with coal companies and merchant generators joining the rally.

The Dow Jones Industrial Average continued its positive streak, adding 0.12% to reach 22,118.42, and the S&P 500 gained 0.16% to close at 2,480.91. The SNL Energy Index retreated 0.09% to finish the day at 291.62.

NGL Energy Partners LP outperformed the market, rising 6.47% to $10.70 on high volume. The company's stock plunged by double digits Aug. 3 after reporting disappointing second-quarter earnings.

Ferrellgas Partners LP stock grew 2.92% to close at $4.58 on light volume after acquiring two propane retailers in central and eastern Tennessee, Lindsey Propane and Sevier County Propane.

Cheniere Energy Inc. continued its losing streak, shedding 2.66% to settle at $43.15 on more than twice the average volume.

The SNL Midstream Energy Index ended on the negative side of the ledger, decreasing 0.66% to 112.67.

In the power sector, Dynegy Inc. shares increased 1.30% to close at $8.60 on below-average volume after it launched a cash tender offer to purchase up to $1.2 billion of its outstanding 6.75% senior notes due 2019.

NextEra Energy Partners shares slid 0.77% to $40.05 on light volume after the company disclosed the implementation of governance changes announced in July, allowing limited partnership unit holders to vote for the majority of the board members.

In the renewables sector, First Solar Inc. units rose 1.23% to $48.57 on below-average volume. The solar panel manufacturer sold seven operating solar plants totaling 190 MW in India to India Infrastructure Fund II for an estimated $300 million.

The SNL Merchant Generator Index gained 1.09% to close at 99.71.

Among coal producers, Arch Coal Inc. shares spiked 1.19% after a slow day to finish at $76.51 after the company won a legal victory over former employees who sued the coal producer for including holdings in its own stock in staff retirement savings plans.

Among other big coal extractors, Peabody Energy Corp. and Warrior Met Coal Inc. made gains. Peabody increased 2.80% to close at $29.01, and Warrior Met Coal added 2.58% to close at $24.66, both on brisk volume.

The SNL Coal Index moved up 0.07% to close at 65.44.

NYMEX September natural gas futures turned higher in the week's opening session despite a lack of fundamental support for the gains. Bargain hunting drove the day's upside action as the contract touched a $2.812/MMBtu high before settling 2.7 cents higher on the day at $2.801/MMBtu.

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