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Friday's Energy Stocks: Energy sector, broad markets edge higher on strong jobs report

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Essential Energy Insights - November 2021


Friday's Energy Stocks: Energy sector, broad markets edge higher on strong jobs report

Followingthe release of a better-than-expected jobs report, the SNL Energy Index gained 1.08% to287.67, the Dow Jones Industrial Average climbed 1.40% to 18,146.74 and theS&P 500 rose 1.53% to 2,129.90 on Friday, July 8.

U.S.employment shot up in June, beating expectations and standing in stark contrastto the disappointing jobs report for May. Total nonfarm employment rose by287,000 in June, according to the latest Employment Situation report from theU.S. Labor Department.

Accordingto Econoday data made available by Bloomberg, the consensus estimate called forthe creation of 180,000 jobs in the month. Over the past three months, theeconomy has added an average of 147,000 jobs per month.

gained 3.14%in weak volume to end at $20.99. Analysts said the company can go back to tending its big pile ofknitting as long as somebody else does not target it for M&A again.

"Williamscan breathe a sigh of relief that it's over, and they can go back to businessas usual," Jake Dollarhide of Longbow Asset Management — based inWilliams' Tulsa, Okla., home — said in an interview. "[] is still pumping gas into New York City, and Williams has achance to continue."

Amongother midstream stocks, Enterprise Products Partners LP closed up 0.45% to$29.05 and Kinder MorganInc. gained 0.76% to $18.54, both in thin trading. The SNLMidstream Energy Index climbed 1.27% to 114.82.

Inutility stocks, Duke EnergyCorp. rose 0.84% in below-average volume to finish at $86.01,Dominion ResourcesInc. advanced 0.93% in weak trading to close at $78.19, andEdison Internationalclimbed 1.47% in above-average trading to end at $78.17. The PhiladelphiaUtility Index settled 0.96% higher to 665.81.

gained4.97% in about average trading to close at $12.05 after Thomas Studebaker as COO andDavid Rawden as interim chief accounting officer. The appointments by theSunEdison Inc.yieldco vehicle come in the wake of a major management shakeup in late 2015.

Meanwhile,the odds are long that VivintSolar Inc. will be allowed to pursue a lawsuit against SunEdisonwhile the bankrupt renewable energy developer is reorganizing in federal court,according to Bruce Markell, a professor at Northwestern University's PritzkerSchool of Law and a former judge for the U.S. Bankruptcy Court for the Districtof Nevada.

Vivintshares dipped 0.70% in below-average trading to finish at $2.82.

gained 2.84% inheavy volume to end at $45.60. According to Robert W. Baird & Co. analysts,a recent dip in the company's share price may present a for long-terminvestors who believe in the company's fundamentals.

"Given[First Solar's] strong balance sheet, international pipeline, and continuedtechnology advancements, we believe the company is positioned for long-termgrowth and would be aggressive buyers of shares at current levels," Bairdanalyst Ben Kallo said in a July 8 note.

Amongcoal stocks, Alliance ResourcePartners LP lifted 4.42% to $17.47, advanced 0.42%to $9.57 and Foresight EnergyLP dipped 0.58% to $1.70, all in weak trading. The SNL Coal Index3.30% to $57.16.

Augustnatural gas futures were higher in the week's closing session Friday, July 8.The contract hit an intraday high at $2.825/MMBtu, but drifted back toclose the day with a2.4-cent gain at $2.801/MMBtu.

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