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Tuesday's Energy Stocks: Power producers slide; Avangrid slips on Q2 earnings

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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

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Essential Energy Insights - January 2021


Tuesday's Energy Stocks: Power producers slide; Avangrid slips on Q2 earnings

AvangridInc. slipped 1.98% in active trading to close at $45.00 on Tuesday,July 19, after reporting second-quarter 2016 adjusted net income of $100million, or 32 cents per share. The result was below the S&P Capital IQ normalized EPS consensusestimate of 46 cents, results released July 18 showed.

Macquarie Research maintained its "outperform"rating on Avangrid, though it criticized the company's communicationspractices. Wells Fargo Securities reiterated its own "outperform"rating on the company.

Avangrid also announced the election of former MexicanPresident Felipe de Jesús Calderón Hinojosa to its board. Calderón is joined byElizabeth Timm, who was also elected as an independent director after thecompany increased its board size by two, to 14.

Power producers amassed losses for the session as the SNLMerchant Generator Index receded 1.05% to 97.21. fell 5.73% onbelow-average volume to finish at $14.64, following its offering for notes that willmature in 2027. Funds from the offering will help redeem the company'soutstanding 8.25% senior notes due 2020 and a portion of outstanding 7.875%senior notes due 2021.

DynegyInc. dropped 5.30% in near-average volume to end at $16.80,TerraForm Power Inc.closed down 3.00% in light trading to $11.98, and tumbled 3.08% on averagevolume to settle at $14.49.

August natural gas futures continued to mark time in familiarterritory July 19, covering a 7-cent range and the day just 0.6 cent higher at$2.728/MMBtu. Finding a range of just $2.717/MMBtu to $2.787/MMBtu throughoutthe session, the front-month contract has failed to break a $2.65/MMBtu to$2.80/MMBtu range in more than a week.

Among midstream companies, went down 4.29%in thin volume to $41.32, SemGroup Corp. closed 3.61% lower to $32.28 in lighttrading and Rose Rock MidstreamLP slipped 3.35% in weak volume to $26.22.

The SNL Midstream Energy Index fell 0.18% to 119.43.

With the continuous decline in U.S. coal exports around the world, the SNLCoal Index retreated 1.50% to 58.90. According to a report from the U.S.Department of Commerce, the U.S. exported a total of 20.8 million tonnes ofcoal in the first five months of 2016, an amount 36% lower from the 32.6million tonnes of coal exported from the U.S. in the first five months of 2015.

Cloud PeakEnergy Inc. shed 3.33% on weak volume to end at $2.61. Productionat the company's coal mines continues to drop, with overall production down 7.3% tojust over 11.8 million tons in the second quarter of 2016, from 12.8 milliontons produced in the previous quarter.

In other coal stocks, Natural Resource Partners LP decreased 4.45% in weaktrading to $20.60, ForesightEnergy LP dipped 1.05% in above-average volume to $1.88 andCNX Coal Resources LPlost 1.62% in active trading to $10.90.

The Dow Jones Industrial Average climbed 0.14% to 18,559.01,and the S&P 500 fell 0.14% to 2,163.78.

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