Mainstream benchmarks posted profits on Wednesday, Jan. 16, as financial institutions released mostly positive fourth-quarter and full-year 2018 earnings. Most energy indexes also wrapped up the day with gains.
The Dow Jones Industrial Average grew 0.59% to 24,207.16, and the S&P 500 increased 0.22% to finish the midweek session at 2,616.10.
After two harsh days, shares of PG&E Corp. were up 1.74% to $7.03 on more than 4x average volume. The company's share price dropped as low as $5.07 after it announced a pending Chapter 11 bankruptcy filing. S&P Dow Jones Indices has announced it will remove PG&E Corp. from the S&P 500 index and Dow Jones Utility Average following the Chapter 11 filing.
Since the PG&E Corp. bankruptcy announcement, the stock of fellow California utility Edison International has not been faring well either. Edison International shares dropped 1.58% during a strong midweek session to $54.18. Meanwhile, the holding company of San Diego Gas & Electric Co., Sempra Energy, has remained inoculated from the whole situation. Sempra shares ticked up 0.10% to $112.66 on average volume.
The S&P 500 Utilities Index increased 0.27% to 268.30.
In the oil and gas sector, Calgary-headquartered Tourmaline Oil Corp.'s shares climbed 2.77% to C$18.55 on the TSX on brisk volume. The company has approved a capital expenditure budget of C$1.225 billion, down from the C$1.3 billion announced in November 2018.
Athabasca Oil Corp. shares added 1.96% to wrap a below-average session on the TSX at C$1.04. The company closed the sale of its Leismer oil sands infrastructure assets to an Enbridge Inc. subsidiary for C$265 million in cash.
Enterprise Products Partners LP stock ticked up 0.40% to $27.48 on slim volume after the partnership announced an increase in its distribution for the fourth quarter of 2018 to 43.5 cents per unit, up 0.2 cents, or 0.6%, from the third quarter of that year.
DCP Midstream LP stock inched up 0.74% to finish a light session at $32.89. Its subsidiary DCP Midstream Operating LP offered to sell an additional $150 million of its 5.375% senior notes due 2025, on top of an existing $500 million of the same series of notes issued July 17, 2018.
Among top performers, Shell Midstream Partners LP stock added 2.38% to $19.32, and NGL Energy Partners LP shares advanced 1.29% to $11.03, both in below-average trading.
McDermott International Inc. has been granted a sizable fixed lump-sum contract from Daelim Saudi Arabia Co. Ltd. to provide engineering, procurement and construction of proprietary storage tanks for the Ma'aden ammonia plant at Ras Al-Khair, Saudi Arabia. McDermott stock slipped 2.29% to $8.54 on light volume.
EQT Corp. lost 2.15% to $20.50 on below-average volume and Devon Energy Corp. stock gave up 1.93% to $25.89 on robust volume.
The S&P 500 Energy Index retreated 0.15% to 458.10, while the Alerian MLP Index increased 0.13% to 247.58.
Among gas utilities, Southwest Gas Holdings Inc. saw a bump up of 1.13% to $77.91 on light volume. The Public Utilities Commission of Nevada authorized utility subsidiary Southwest Gas Corp.'s request of a net $7.5 million rate increase after formally adopting compliance filings submitted by the utility.
Market prices and index values are current as of the time of publication and are subject to change.