After a volatile day that had the Dow Jones Industrial Average off as much as 2.7% markets surged in the final hour of trading on Thursday, Dec. 27. Most energy equities enjoyed profits, although oil prices decreased.
The Dow Jones Industrial Average finished the day gaining 1.14% to close at 23,138.82, and the S&P 500 grew 0.86% to 2,488.83.
In the oil and gas sector, Enbridge Inc. stock listed on Toronto Stock Exchange advanced 3.97% on average volume to C$41.37. The Federal Energy Regulatory Commission staff will allow Enbridge's Algonquin Gas Transmission LLC natural gas pipeline an additional two years to complete the 132,705-Dth/d Atlantic Bridge expansion.
Texas-based oil and gas producer Ring Energy Inc. closed its acquisition of drilling assets in Andrews County, Texas, from The Carlyle Group LLC subsidiary Tessara Petroleum Resources LLC. Ring Energy shares climbed 2.30% to $4.89 on average trading.
Kinder Morgan Inc. was down 0.83% to finish an active session at $15.51. Its subsidiary El Paso Natural Gas Co. LLC has asked permission from the Federal Energy Regulatory Commission to expand its natural gas pipeline facilities in the northern Delaware Basin, adding up to 320,000 Dth/d of firm gas transportation capacity.
Among top performers, Buckeye Partners LP added 3.37% to close at $27.93; TC PipeLines LP rose 2.85% to $29.20; and Hess Corp. units closed up 2.69% to $41.54, all on strong trading.
The S&P 500 Energy Index increased 0.64% to 425.97, while the Alerian MLP Index declined 1.55% to 220.25.
Gas utility holding company South Jersey Industries Inc. saw its stock go up 2.37% to close a strong session at $27.60. Its subsidiary utility Elizabethtown Gas Co. issued first mortgage bonds worth $530 million under an agreement with a number of purchasers.
Among electric and diversified utilities, Dominion Energy Inc. stock inched up 1.31% to $73.25 and fellow merger party SCANA Corp. saw its shares tick up 1.82% to $48.78, both on brisk volumes after S&P Global Ratings revised their outlooks to stable.
Capital Power Corp. shares jumped up 3.54% on robust volume to close at C$26.61. The Supreme Court of Ohio reversed and sent back the Ohio Power Siting Board's decision to grant a two-year extension of the construction certificate for the company's 200-MW Black Fork Wind project.
ALLETE Inc.'s shares gained 1.49% to close an above-average session at $75.39. The company signed an equity partnership agreement with Tenaska Inc. on Dec. 27 to acquire a 49% stake in the 250-MW Nobles 2 wind farm in Minnesota.
The S&P 500 Utilities index picked up 0.87% to 268.11. Among movers were CenterPoint Energy Inc., up 1.59% to $28.09, and Ameren Corp., up 1.48% to $65.30, both on slightly below-average volume. MGE Energy Inc., however, dropped 3.91% to $57.74 on 10x average volume.
Market prices and index values are current as of the time of publication and are subject to change.