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Tuesday's Energy Stocks: SCANA down 5.12% on downgrade, Tesla up 10.99%


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Tuesday's Energy Stocks: SCANA down 5.12% on downgrade, Tesla up 10.99%

Broader indexes posted gains on Tuesday, Aug. 7, while most energy equities ended the session with declines.

The Dow Jones Industrial Average increased 0.50% to finish at 25,628.91, and the S&P 500 grew 0.28% to 2,858.45.

Electric vehicle maker Tesla Inc. saw a 10.99% spike in its share price, closing at $379.57 on three times the average volume despite a pause in trading after CEO Elon Musk hinted taking the company private with the help of funding from Saudi Arabia's sovereign wealth fund, which has acquired about 3% to 5% shares.

Although Musk said there is no final decision on going private yet, the possibility is definitely on the cards.

Among large electric utilities, SCANA Corp. share dropped 5.12% to $40.02 on above-average volume, though it regained most of what it had lost in after-hours trading. Mizuho Securities USA LLC downgraded SCANA Corp. to "neutral" from "buy," and lowered its target price to $43 from $45, citing a federal court decision that denied utility subsidiary South Carolina Electric & Gas Co.'s request to stop the Public Service Commission of South Carolina from implementing a temporary rate reduction tied to V.C. Summer cost recovery.

AES Corp. shares decreased 1.37% to close at $13.63 on average volume. AES' second-quarter 2018 adjusted earnings of 25 cents per share remained unchanged from the same period of last year.

PG&E Corp. stock declined 2.06% to close at $43.66 on slightly below-average volume, while NRG Energy Inc. shares gained 2.67%, finishing a slightly above-average session at $34.20.

In the gas utility business, Northwest Natural Gas Co. shares declined 2.77% to $63.15 on above-average volume after the company posted a consolidated net loss of $998,000, or 3 cents per share, in the second quarter, compared with consolidated net income of $2.7 million, or 10 cents per share, a year earlier.

The S&P 500 Utilities Index decreased 0.22% to close at 269.80.

Oil and gas explorer Black Stone Minerals Co. LP shares advanced 5.02% to $18.40 on high volume. The company reported second-quarter net income of $28.7 million, down from the $54.2 million reported during the corresponding period in 2017. Despite a decline in net income year-over-year, Black Stone Minerals raised its production guidance for 2018.

Andeavor Logistics LP reported second-quarter net earnings of $148 million, or 63 cents per common unit. The limited partnership's shares were up 0.88% at the end of a brisk session to $47.97.

Anadarko Petroleum Corp. shares slid 5.48% to close a robust session at $64.54, and Noble Energy Inc. units gave away 3.55% to wrap an active session at $31.23. Cimarex Energy Co. stock added 2.42% to close at $97.34 on slightly above-average volume.

The S&P 500 Energy Index inched up 0.72% to close at 561.93, while the Alerian MLP Index lost 0.73% to 285.24.

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