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Tuesday's Energy Stocks: SolarCity leads rooftop solar equities lower

Q2: U.S. Solar and Wind Power by the Numbers

Essential Energy Insights - September 17, 2020

Essential Energy Insights September 2020

Rate case activity slips, COVID-19 proceedings remain at the forefront in August


Tuesday's Energy Stocks: SolarCity leads rooftop solar equities lower

SolarCity Corp.led rooftop solar stocks lower Tuesday, May 10.

After cuttingits installation guidance for the year, SolarCity shares fell 20.84% on brisk volumeto finish at $17.82

The company's shares were trading down more than 26% at one pointduring the trading and several analysts slashed share price targets for the country'slargest rooftop solar company. Credit Suisse cut its target price for SolarCityto $38, from $62, assessing the company's first-quarter performance as even weakerthan expected.

Vivint Solar Inc.shares fell 2.42% in active trading to $2.42 after the company's first-quarter earningsand revenues fell short of analyst expectations.

The company after market-hours May 9 said its non-GAAP EPS losswidened to 65 cents from 57 cents in the 2015 first quarter, while total revenuerose to $17.2 million from $9.5 million in the year-ago quarter.

Analysts had been expecting a normalized EPS loss of 59 centson revenues of about $17.9 million, according to S&P Global Market Intelligenceestimates.

Sunrun Inc.ended at $6.37, down 13.80%, after Reuters reportedthat the company was accused in a lawsuit of failing to disclose in risks related to its Nevada operations.

The Nevada Public Utilities Commission in recent months has a series of deep cuts incredits provided to rooftop solar customers and put higher fixed charges on thosecustomers as well.

Enbridge Inc.climbed 3.84% to $40.00 in light trading after it signed a deal to buy a 50% stake in offshore wind energydeveloper Eolien Maritime France SAS for C$282 million. The remaining interest inEolien Maritime is held by Electricitéde France SA subsidiary EdFEnergies Nouvelles, and the two companies will jointly develop projects.

Talen Energy Corpshares rose 2.45% on below-average volume to end the session at $12.53, after thecompany increased itsfull-year 2016 earnings guidance to reflect the sale of certain assets. The companyis now targeting full-year adjusted EBITDA of $655 million to $855 million and adjustedfree cash flow, or FCF, of $260 million to $460 million.

CenterPoint EnergyInc. earned 1.94% to settle at $22.10 after President and CEO ScottProchazka, said that milder weather in the company's service territories had onlya "slight" impacton the company's first-quarter earnings. CenterPoint Energy reported $154 million, or 36 cents per share, in first-quarternet income, up from $131 million, or 30 cents per share, in the first quarter of2015.

Emera Inc.shares advanced 1.13% to C$46.42, after the company said it has its on growth in the southern U.S., particularlyFlorida and New Mexico, as it builds on its soon-to-be-closed acquisition of Completing the US$6.5billion TECO acquisition will give the company a base to explore opportunities awayfrom its traditional U.S. base of New England, CEO Chris Huskilson said on the company'sfirst-quarter 2016 earningsconference call.

The SNL Energy Index closed up 0.39% to 267.04.

Coal sector stocks led broader market gains during the Tuesdaysession as the SNL Coal Index saw a 3.49% rise to 49.62.

Westmoreland CoalCo. lifted 15.64% on strong volume to close the day at $7.32, afterits executives expressedtheir hope that the recently acquired San Juan mine in New Mexico will bolster thecompany's earnings after positive initial performance. "I can't say enoughabout the first two months in San Juan, and that's continued here through April,"said Jason Veenstra, Westmoreland's CFO and treasurer, on an call.

Westmoreland ResourcePartners LP, the master limited partnership of Westmoreland Coal, finished1.52% higher at $5.36. The partnership reporteda first-quarter net loss of $8.9 million, compared to a net loss of $6.2 milliona year ago, according to a Form 10-Q.

Arch Coal Inc.shares saw a 7.50% increase to 43 cents on the over-the-counter market, after itreported a net loss of$206.7 million in the first quarter as the company continues through bankruptcy.

As producers contend with mounting stockpiles and falling consumptionthis year, the U.S. Energy Information Administration projects the largest annual production decline on both apercentage and tonnage basis since the beginning of record keeping in 1949.

From the midstream energy space, Southwestern Energy Co. shares rose 7.20% to settle at $12.36,CONSOL Energy Inc. closed6.81% higher to $14.74, and Rose RockMidstream LP shares saw a 6.71% rise to $18.60 in weak trading. Sharesof Summit Midstream Partners LPwent up 5.32% to $21.97.

Phillips 66 PartnersLP shares dipped 0.73% on average volume to $53, after the partnershipfiled a shelf registrationfor the potential offering and sale of up to $250 million of common units from timeto time.

The SNL Midstream Energy Index gained 0.81% to 104.98.

June natural gas futureswere higher Tuesday, May 10, as supportive weather outlooks drove a test of theupside. Reaching a $2.173/MMBtu intraday high, the contract settled the sessionwith a 6-cent gain at $2.158/MMBtu.

The Dow Jones Industrial Average earned 1.26% to 17,928.35 andthe S&P 500 rose 1.25% to 2,084.39.

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