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In This List

Wednesday's Energy Stocks: Markets slide after Fed cuts interest rates

Webinar Replay

Deep Dive on Oil & Gas for Financial Institutions

Essential Energy Insights - May 14, 2020

Credit Risk: Identifying Early Warning Signals In The Oil And Gas Industry

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Wednesday's Energy Stocks: Markets slide after Fed cuts interest rates

Stocks fell sharply on Wednesday, July 31, after the Federal Reserve announced an interest rate cut for the first time since the Great Recession in 2008.

The Fed lowered interest rates by 25 basis points, a move that Fed Chairman Jerome Powell described as a "mid-cycle adjustment" rather than the start to a lengthy easing cycle.

The Dow Jones Industrial Average slid 1.23% to close at 26,864.27, and the S&P 500 declined 1.09% to finish at 2,980.38.

In the energy sector, components closed mixed but indices tracked the broader market selloff.

Enphase Energy Inc. shares jumped 30.02% on more than 6x average trading volume to settle at $28.15, after the company booked second-quarter non-GAAP net income of $23.2 million, or 18 cents per diluted share, compared to $1.6 million, or 1 cent per diluted share, in the second quarter of 2018. The results beat the S&P Global Market Intelligence consensus normalized estimate of 13 cents per share.

Among other solar companies, SunPower Corp. advanced 8.24% in strong trading to close at $11.69 after reporting GAAP net income of $121.5 million, or 75 cents per share, in the second quarter. SolarEdge Technologies Inc. added 2.89% on heavy volume to end at $65.23, while First Solar Inc. shed 2.35% in below-average trading to finish at $64.49.

Edison International saw an increase of 6.08% on nearly 11x average trading volume to close at $74.54, after pricing an upsized public offering of 28 million common shares at $68.50 apiece. The company originally offered 25 million shares.

Shares of MDU Resources Group Inc. increased 2.18% in strong trading to end at $26.74. The company raised its 2019 EPS guidance after recording second-quarter net income of $61.8 million, up from $43.8 million in the comparable period in 2018.

Among other electric and diversified utilities that reported second-quarter earnings results in July 31, Entergy Corp. added 1.68% to close at $105.62; and Southern Co. gained 1.65% to end at $56.20; while Dominion Energy Inc. dropped 0.99% to finish at $74.29, all on strong volume.

The S&P 500 Utilities Sector settled 0.52% lower to 301.90.

Among master limited partnerships, Western Midstream Partners LP lost 11.48% on about 6x average volume to close at $27.00, after reporting second-quarter adjusted EBITDA of $432.9 million and missing the S&P Global Market Intelligence consensus estimate of $445.2 million.

The partnership lowered its estimated adjusted EBITDA for 2019 to between $1.68 billion and $1.73 billion, down from the previous estimate of between $1.8 billion and $1.9 billion.

Enterprise Products Partners LP rose 2.45% in heavy trading to settle at $30.11. The partnership recorded second-quarter adjusted EBITDA of $2.09 billion, up from $1.77 billion a year earlier.

Viper Energy Partners LP gained 6.64% on strong volume to finish at $32.26, after posting second-quarter net income attributable to the partnership of $2.3 million, down significantly from the $99.4 million posted a year ago.

Viper Energy's parent company, Diamondback Energy Inc., increased 0.58% on below-average volume to end at $103.43.

Shares of Hess Corp. were up 4.58% in brisk trading, closing at $64.84, after it booked an adjusted loss of $28.0 million for the second quarter, compared to a loss of $56.0 million a year ago.

Among other oil and gas companies that reported their earnings, ONEOK Inc. gained 4.27% to $70.08; Encana Corp. rose 4.10% to $4.57; and Baker Hughes a GE company added 3.59% to $25.39, all on heavy volume.

The S&P 500 Energy Sector shed 0.53% to close at 462.47, and the Alerian MLP Index retreated 0.40% to finish at 247.97.

In the coal sector, Peabody Energy Corp. was down 4.79% in brisk trading to end at $21.06, after it reported second-quarter adjusted EBITDA of $228.0 million, compared to $369.6 million in the prior year. The S&P Global Market Intelligence EBITDA estimate for the second quarter was $236.0 million.

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