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Friday's Energy Stocks: CNX Resources down 3.49% on CONE stake acquisition

Broader markets made gains on Friday, Dec. 15, and most energy stocks reflected the same level of confidence.

The Dow Jones Industrial Average rose 0.58% to close at 24,651.74, and the S&P 500 added 0.90% to end the session at 2,675.81. The SNL Energy Index increased 0.09% to 290.92 at market close.

Kinder Morgan Inc. subsidiary Kinder Morgan Canada Ltd closed its offering of cumulative redeemable minimum rate reset preferred series 3 shares for total net proceeds of about C$250 million. Kinder Morgan Canada's share were down 2.15% at C$16.80 at market close on more than 20 times average volume. Kinder Morgan stock closed heavy trading 0.50% higher at $17.93.

Marathon Petroleum Corp. shares hiked 1.69% to close at $65.75 on high volume. The company agreed to exchange its general partner interests in MPLX LP for newly issued MPLX common shares. MPLX shares retreated 4.82% to close at $36.11 on brisk volume.

CNX Resources Corporation struck a deal to acquire Noble Energy Inc.'s 50% membership interest in CONE Gathering LLC for $305 million in cash and the mutual release of all outstanding claims. Noble Energy's shares shed 3.02% to close an active session at $25.66. CNX Resources indirectly owns 100% general partnership interests in CONE Midstream Partners LP, shares of which gained 1.42% to close at $17.16 on above-average volume. CNX Resources shares fell 3.49% to $13.81 on heavy volume.

Genesis Energy LP shares lost 3.43% to wrap up the day at $22.51, Southwestern Energy Co. shed 3.40% to $5.11 and EnLink Midstream Partners LP shares shaved 2.94% to finish the session at $15.49, all on high volumes.

The SNL Midstream Energy Index finished the day 0.62% lower at 107.39.

In gas utilities, Northwest Natural Gas Co. rose 1.56%, closing at $65.05, and New Jersey Resources Corp. added 1.24% to close at $40.95, both on heavy volumes. The SNL Gas Utility Index added 0.60% to end the day at 599.88.

In power, 8point3 Energy Partners LP stock gained 3.73% to end the day at $15.28 on high volume. Pattern Energy Group Inc. lost 1.33% to finish the day at $21.56 on strong volume as well.

In renewables, SunPower Corp. shares added 4.23% to end the day at $9.37, TerraForm Power Inc shares gained 3.36% to close at $12.01, both on heavy volumes. First Solar Inc. stock climbed 1.58% to finish a slow day at $68.96. Canadian Solar Inc shares decreased 1.87% to close at $17.36 on slim volume.

The SNL Merchant Generator Index hiked 0.73% to close at 103.81.

Among electric utilities, Unitil Corp. shares increased 0.95% to close at $48.00 on four times average volume after the utility completed the public offering of 690,000 common shares at $48.30 apiece.

The SNL Electric Company Index advanced 0.55% to close at 498.47, boosted by companies like Otter Tail Corp., AES Corp. and ALLETE Inc. Otter Tail shares climbed 2.00% to $45.80 at close, AES added 1.60% to close at $10.80 and ALLETE shares gained 1.49% to end the session at $77.90, all on heavy volumes.

In coal, Alliance Resource Partners LP added 2.47% to close at $18.70, Warrior Met Coal Inc. gained 2.39% to end the day at $23.95 and Arch Coal Inc. shares rose 1.73% to end at $86.86, all on brisk volumes. The SNL Coal Index was up 0.84% to 66.81 at market close.

Losing 3.1 cents in the prior session, January 2018 natural gas futures extended solidly lower during the Friday session, despite prospects for colder weather that should boost heating demand and cut into supply in the coming weeks. Moving from $2.581/MMBtu to $2.732/MMBtu, the January 2018 natural gas futures contract settled at $2.612/MMBtu, down 7.2 cents on the day.

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