Broader markets were up on Thursday, Dec. 7, with the energy sector performing positively as well.
The Dow Jones Industrial Average gained 0.29% to close at 24,211.48, and the S&P 500 added 0.29% to finish the day at 2,636.98. The SNL Energy Index edged up 0.59% to 288.78 at market close.
Shares of General Electric Co. edged up 0.28% on below-average trading volume to end the day at $17.71. The company announced plans to cut 12,000 jobs worldwide in its power division. The move has Wall Street analysts concerned about the impact of restructuring on GE's bottom line. "We are not certain these efforts will be enough to turn around Power, which has struggled with poor execution and demand shifts," Jim Corridore, the director of industrials equity research at CFRA Equity Research, said.
In the renewable sector, First Solar Inc. stock rallied behind the announcement of a strong guidance report. The company's shares added 8.21% to close at $68.43 on heavy volume. SunPower Corp. shares increased 6.16% to $8.10 at market close on roughly average volume; TerraForm Power Inc. shares grew 1.45% to close at $11.19 on thin volume.
Sunrun Inc. saw its share price increase 1.98% to $5.67 on a slow day. The company is expanding its BrightBox battery storage solution to Long Island, N.Y.
Among independent power producers, Dynegy Inc. stock added 1.71% to close at $11.33 and NRG Energy Inc. shares spiked 1.61% to $27.73, both on light volume. The SNL Merchant Generator Index was up 2.50% to close at 103.23.
In the midstream sector, NGL Energy Partners LP gained 6.00% to close at $13.25 on light volume, EnLink Midstream Partners LP added 3.41% to close at $15.46 on about average volume, Tallgrass Energy GP LP shares added 3.30% to close at $23.82 on light volume and Crestwood Equity Partners LP units were 1.23% higher at $24.60 on active volume.
Southwestern Energy Co. shares declined 5.15% in heavy volume to close at $5.53 and EQT Corp. fell 2.41% to $55.80 on light volume.
Enbridge Income Fund Holdings Inc. closed its public offering of common shares launched as part of Enbridge Inc.'s corporatewide strategic plan, yielding gross proceeds of C$575.0 million. Enbridge Income Fund Holdings stock grew 1.93% to close at C$29.56 on high volume. Enbridge's share price at market close was 0.81% higher at $38.45 on slow volume.
Energy Transfer Partners LP entered into a $4 billion five-year revolving credit agreement as well as a $1 billion 364-day revolving credit agreement. ETP's shares finished 1.71% higher at $16.62 on below-average volume.
Logos Resources ll LLC, backed by the private equity firm ArcLight Capital Partners LLC, agreed to acquire WPX Energy Inc.'s legacy gas properties and undeveloped Mancos Shale acreage in the San Juan Basin. WPX shares increased 2.02% to close at $12.64 on light volume.
The SNL Midstream Energy Index climbed 1.17% to close at 104.22.
In electric utilities, Edison International reversed some of its losses this week, adding 4.44% to close at $71.77 in heavy volume. AES Corp. shares lost 1.20% to close at $10.70 on above-average volume.
The SNL Electric Company Index grew 0.78% to 501.95 at market close.
In the coal sector, Warrior Met Coal Inc. saw a 2.72% increase to end the day at $23.82 on active volume, Arch Coal Inc. grew 2.32% to close at $85.13 on about average volume and Peabody Energy Corp.'s share price increased 1.34% to $33.99 on light volume.
The SNL Coal Index increased 1.07% to close at 64.88.
NYMEX January 2018 natural gas traded sharply lower as the natural gas inventory improved slightly week on week and with cold weather in the short-term expected to transition to milder weather later in December. The contract tumbled into the settle, finding a $2.759/MMBtu intraday low, and closed 15.9 cents lower on the session at $2.763/MMBtu.
Market prices and index values are current as of the time of publication and are subject to change.
