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Thursday's Energy Stocks: Oil and gas majors lead sector, broader selloff

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Thursday's Energy Stocks: Oil and gas majors lead sector, broader selloff

Thursday, Oct. 11, trading was marked with another across-the-board selloff, extending heavy losses from the previous day. The Dow Jones Industrial Average closed down 2.13% to 25,052.83, and the S&P 500 fell 2.06% to end at 2,728.37.

In the energy sector, oil and gas majors suffered the most as oil prices also declined for a second straight day.

Brent crude slid 3.41% to $80.26 per barrel, and Light Sweet crude retreated 3.01% to $70.97 per barrel. The S&P 500 Energy Sector declined 3.09% to close the day at 538.87.

Exxon Mobil Corp. shed 3.45% to close at $81.60; Chevron Corp. lost 3.40% to end at $118.43; and ConocoPhillips receded 3.06% to settle at $72.79, all in robust trading.

In the midstream sector, Enbridge Inc. fell 2.54% in brisk trading to finish at $31.84, after registering 192.4 million shares of its common stock worth $6.46 billion as the planned roll-up of its sponsored vehicles nears completion. Among the master limited partnerships in the proposed transactions, Spectra Energy Partners LP declined 2.33% to close at $35.28; Enbridge Energy Partners LP was down 2.26% to settle at $10.80; and Enbridge Energy Management LLC retreated 2.54% to conclude at $10.76.

Enterprise Products Partners LP dipped 0.35% on strong volume to close at $28.48. Its subsidiary Enterprise Products Operating LLC completed its public offerings of $3 billion of senior notes, with proceeds to be used for debt repayment.

Genesis Energy LP dropped 1.86% on light volume to settle at $24.32, after closing the sale of its midstream business in the Powder River Basin in Wyoming. The partnership plans to use the roughly $300 million of net proceeds for debt repayment.

The Alerian MLP Index saw a decrease of 1.55% to close at 271.78.

Utilities also closed in the red as the S&P 500 Utilities gave up 1.97% to cap the day at 268.63.

NextEra Energy Inc. slumped 2.12% on strong volume to close at $169.09. Wells Fargo Securities LLC and Guggenheim Securities LLC released reports stating their belief that NextEra's current valuation does not reflect its strong fundamental outlook. Wells Fargo raised its price target on NextEra Energy to $200 from $191. Guggenheim also revised its price target, to $197 from $181.

Among other electric and diversified utilities, Xcel Energy Inc. slipped 2.50% in active trading to finish at $47.62; Duke Energy Corp. was down 2.32% on heavy volume to end at $79.98; and PG&E Corp. edged 2.16% lower in light trading to settle at $46.62.

Some power companies saw gains, including Pattern Energy Group Inc., which added 1.02% in slightly below-average volume to finish at $17.78; Sunrun Inc., which gained 1.70% in active trading to close at $11.38; and Vivint Solar Inc., which earned 2.63% on below-average volume to settle at $4.68.

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