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Thursday's Energy Stocks: Enbridge up 5.84%, Dow tops 24,000

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Thursday's Energy Stocks: Enbridge up 5.84%, Dow tops 24,000

Broader markets and most energy stocks made gains on Thursday, Nov. 30, closing the month on a positive note. The Dow Jones Industrial Average topped 24,000 for the first time in history with investors reacting positively to the tax overhaul legislation advancing through Congress.

The Dow added 1.39% to close at 24,272.35, and the S&P 500 added 0.82% to finish the day at 2,647.58. The SNL Energy Index increased 1.42% to 292.00 at market close.

Midstream giant Enbridge Inc. saw a 5.84% surge in share price, reaching $37.71 on strong volume as it announced a plan for a new C$22 billion capital program and dividend increases. Analysts lauded the plan for providing clarity on how Enbridge will integrate Spectra Energy Corp after acquiring it in February.

Enbridge subsidiaries Enbridge Energy Partners LP and Spectra Energy Partners LP also provided financial guidance for 2018. Enbridge Energy Partners forecast 2018 distributable cash flow in a range of $775 million to $825 million, including DCF attributable to noncontrolling interests and assuming core maintenance CapEx of about $40 million. Spectra's 2018 DCF is projected to be in the range of $1.63 billion to $1.67 billion, assuming maintenance CapEx of $230 million.

Enbridge Energy Partners stock grew 8.70% to finish the session at $14.62, and Spectra Energy Partners shares added 5.36% to finish at $40.92, both on high volume.

SandRidge Energy Inc.'s board received the ire of billionaire Carl Icahn after adopting what he described as a "poison pill" measure designed to stifle shareholders who want to block a pending $746 million merger with fellow driller Bonanza Creek Energy Inc.

"The proposed value-destroying Bonanza acquisition, together with your blatant attempt to strip shareholders of the right to campaign against the transaction — while preserving that right for yourselves — have convinced us that you do not have the best interests of shareholders at heart," Icahn's letter to the board said. Icahn Capital LP is SandRidge's largest shareholder.

SandRidge stock was up 2.76%, closing at $18.61 and Bonanza Creek edged 0.07% into positive territory to close at $27.77, both on strong volumes.

Enbridge Energy Management LLC advanced 6.72% to close at $13.50 on heavy volume, Cheniere Energy Partners LP Holdings, LLC finished a heavy trading day 6.42% higher at $27.86 and EnLink Midstream LLC added 6.03% to end the day at $16.70 on below-average volume.

The SNL Midstream Energy Index was up 3.42% to close at 104.44.

Among independent power producers, NRG Energy Inc. posted a 1.95% loss, settling at $27.65 on active volume. The company priced its offering of $870 million of 5.75% senior notes due 2028.

NRG Yield Inc. shares declined 1.61% to close at $19.05. NextEra Energy Partners shares added 2.71% to finish a slow day at $39.03.

In the renewable sector, TerraForm Power Inc. shrunk 1.39% to finish the day at $12.08 on below-average volume. First Solar Inc. rose 3.47% to close at $62.10 on slim volume.

The SNL Merchant Generator Index was 0.69% higher at market close at 104.28.

PG&E Corp. stock lost 1.49% to close a heavy trading day at $54.24 after its utility Pacific Gas and Electric Co. completed the issuance of $2.5 billion of senior notes during late hours on Nov. 29.

The SNL Electric Company added 0.30% to close at 514.38.

The SNL Coal Index rose 2.24% to close the day at 63.84. Arch Coal Inc. finished 5.19% higher at $82.56, Warrior Met Coal Inc. grew 4.37% to $22.22 at close, both on high volumes.

Following two days of gains, NYMEX January 2018 natural gas futures retreated more than 15 cents on Thursday, selling off sharply after the government released an overall bearish storage report. The contract traded down to a $3.046/MMBtu low before settling at $3.025/MMBtu, down 15.4 cents on profit taking and fresh selling.

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