Wall Street surged to new records on Tuesday, Nov. 28, after the Senate Budget Committee voted to bring the Tax Cuts and Jobs Act to the Senate floor on a 12-11, party-line vote. Most energy equities also posted gains as the SNL Energy Index rose 0.37% to 288.67.
The Dow Jones Industrial Average climbed 1.09% to 23,836.71, and the S&P 500 rose 0.98% to end the session at 2,627.04.
Westmoreland Coal Co. retreated 3.25% in brisk trading to finish at $1.19 on the day Kevin Paprzycki stepped down as CEO. He will be temporarily replaced by board member Michael Hutchinson while a search is conducted for a permanent replacement.
The company has recently faced setbacks, including downgrades and falling share prices. "On our call this morning, the company was adamant they have no reason or need to file for bankruptcy any time soon," Seaport Global Securities LLC analysts Mark Levin and Nathan Martin wrote in a Nov. 28 note.
Among other coal shares, Westmoreland Resource Partners LP rose 2.86% in above-average trading to $2.88, Ramaco Resources Inc. closed up 1.90% on light volume to $4.83, while CNX Coal Resources LP declined 3.21% in brisk trading to $13.55.
Shares of Gulfport Energy Corp. settled 1.39% higher on thin volume at $12.39. The company reported that a set of eight Woodford Shale wet gas wells were outperforming initial estimates at 60 and 90 days, while one of its first stabs into the oil window of the Springer Shale produced 780 barrels of oil equivalent per day, 79% of which was oil.
Master limited partnerships resisted the general upward trend in the sector with Noble Midstream Partners LP declining 3.21% on brisk volume to $47.95, MPLX LP sliding 1.81% in weak trading to $34.65 and Sunoco LP losing 3.05% in robust trading to $29.23.
In the power sector, some notable players for the day include SCANA Corp., which climbed 2.11% on strong volume to $43.52; SunPower Corp., which gained 4.73% in robust trading to $8.63; Pattern Energy Group Inc., which advanced 2.23% in slightly above-average trading to $22.49; and Sunrun Inc., which shed 5.76% on brisk volume to $5.73.
After rising 11.5 cents in the Nov. 27 session, NYMEX December natural gas futures rallied Tuesday, Nov. 28, on short covering and fresh buying ahead of the contract's afternoon expiration.
Market prices and index values are current as of the time of publication and are subject to change.