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Tuesday's Energy Stocks: Innergex down 5.26%, Street up as Turkey turmoil fades

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Tuesday's Energy Stocks: Innergex down 5.26%, Street up as Turkey turmoil fades

Broader benchmarks traded in positive territory on Tuesday, Aug. 14, as turmoil over Turkey's currency began tapering off. The energy sector also posted profits.

The Dow Jones Industrial Average finished up 0.45% at 25,299.92, and the S&P 500 gained 0.64% to close at 2,839.96.

In the midstream sector, Williams Cos. Inc. stock slipped 1.24% to $30.31 on active volume. Fitch Ratings raised the oil and gas transport giant's ratings to investment grade following the completion of Williams' simplification merger with its master limited partnership, Williams Partners LP.

Parkland Fuel Corp. shares spiked 1.56% to C$40.97 on high volume on the Toronto Stock Exchange after the company announced that, through its U.S.-based subsidiaries, it has agreed to acquire Rhinehart Oil Co. Inc. for an undisclosed amount.

NGL Energy Partners LP was among companies posting gains, advancing 1.16% to $13.05 on slightly below-average volume.

The S&P 500 Energy Index grew 0.26% to close at 548.87, and the Alerian MLP Index added 0.61% to finish at 286.09.

Tesla Inc. CEO Elon Musk took to Twitter again on Aug. 13, saying he is in talks with private equity firm Silver Lake Partners and investment bank Goldman Sachs Group Inc. on the proposed privatization of the electric carmaker. Concurrently, Tesla's board has formed a special committee to evaluate, negotiate and approve the going-private transaction proposed by Musk. Tesla shares were down 2.46% to finish a below-average session at $347.64.

Innergex Renewable Energy Inc. units declined 5.26% after a brisk session on the Toronto Stock Exchange to C$13.15 on reported adjusted EBITDA of C$99.1 million for the second quarter of 2018, an increase of 15% from adjusted EBITDA of C$85.9 million in the same period of 2017. Although the adjusted EBITDA increased year-over-year, the margin decreased compared to the prior year's margin.

Canadian Solar Inc. shares decreased 1.99% to $13.31 on above-average volume after the company announced net income attributable to the company of $15.6 million, or 26 cents per diluted share, in the second quarter of 2018, a drop from $38.2 million, or 63 cents per diluted share, a year ago.

TerraForm Power Inc. stock grew 1.04% to wrap up a slightly above-average session $10.65 after the company reported second-quarter adjusted EBITDA of $128 million, up from $117 million in the comparable period of 2017.

Hydro One Ltd. booked adjusted net income attributable to common shareholders of C$194 million, or 32 Canadian cents per diluted share, compared to C$117 million, or 20 Canadian cents per diluted share, in the same quarter in 2017. Hydro One units added 1.20% to finish a robust session at C$19.33. Company officials also said they are "fully committed" to completing their proposed acquisition of Avista Corp. despite an upheaval in Hydro One's senior management and board of directors. Avista shares gained 0.65% to $51.01 on heavy volume.

The S&P 500 Utilities Index hiked 0.17% to finish at 269.04.

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