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Thursday's Energy Stocks: Wall Street ekes out gains, energy sector closes mixed

Broader markets settled with small gains on Thursday, Jan. 10, while energy indices closed mixed. The Dow Jones Industrial Average edged up 0.51% to 24,001.92, while the S&P 500 closed the day 0.45% higher to 2,596.64.

American Midstream Partners LP shed 1.22% in weak trading to close at $4.06, after a shareholder urged the three independent directors to turn down ArcLight Capital Partners LLC's unsolicited offer to buy out the debt-ridden energy infrastructure partnership.

Craig Thomas, who owns 130,000, or 0.24%, of American Midstream's common units, said in a statement that ArcLight and its affiliates "have engaged in a campaign of self-interested tactics and timing designed to take AMID [American Midstream] private at an extremely low price per unit while AMID's profitability and distribution are at temporary and short-lived lows."

SemGroup Corp. added 1.13% in robust trading to end at $16.99, while KKR & Co. shed 1.68% on weak volume to settle at $21.12. The companies established a Canadian midstream joint venture, SemCAMS Midstream ULC, which would acquire the Riverstone Holdings LLC-backed midstream company and all its assets for C$600 million.

Trinidad Drilling Ltd. could merge with Ensign Holdings Inc., a wholly owned subsidiary of fellow Calgary-based Ensign Energy Services Inc., which took a majority stake in Trinidad in November 2018. Ensign Energy Services closed up 1.91% in light trading on the Toronto Stock Exchange to finish at C$5.34.

Among other oil and gas majors, Hess Corp. rose 3.57% on strong volume to close at $51.95, Halliburton Co. climbed 2.90% on light volume to finish at $30.87, and ConocoPhillips advanced 2.24% in active trading, closing at $67.94.

The S&P 500 Energy Sector picked up 0.33% to 461.17, while the Alerian MLP Index lost 1.31% to 248.49.

Among electric and diversified utilities, PG&E Corp. dropped 0.39% on heavy volume to conclude at $17.76. A U.S. district judge in California proposed to require Pacific Gas and Electric Co. to inspect its entire electric transmission network and cut off power in areas deemed to be unsafe under certain wind conditions, the San Francisco Chronicle reported.

SCANA Corp. also closed in the red, losing 2.27% in about 8x average trading volume to finish at $47.78, while Ameren Corp. saw a 2.22% increase on thin volume to settle at $65.81, and NRG Energy Inc. added 2.17% in weak trading to close at $40.41.

FuelCell Energy Inc. declined 2.36% in brisk trading to close at 54.65 cents, after reporting a fiscal fourth-quarter 2018 adjusted EBITDA loss of $8.8 million, compared to a loss of $5.0 million in the fourth quarter of fiscal 2017.

The S&P 500 Utilities Sector increased 1.41% to 271.44.

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