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Thursday's Energy Stocks: Markets snap out of losses, energy sectors tag along

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Thursday's Energy Stocks: Markets snap out of losses, energy sectors tag along

Broader market broke a losing streak with modest gains on Thursday, Oct. 3, after a rise in the financial services and consumer sectors. Investors were optimistic the Federal Reserve will cut interest rates for a third consecutive quarter, prompted by slow economic indicators.

Most energy-specific stocks also ended the day with gains.

The Dow Jones Industrial Average added 0.47% to wrap the day at 26,201.04, and the S&P 500 grew 0.80% to 2,910.63.

Among notable performers in the oil and gas sector, Range Resources Corp. shares advanced 5.85% to $3.62 on average trading; Hess Corp. stock closed 4.16% higher at $61.79 in below-average trading; and Cabot Oil & Gas Corp. shares finished a below-average session up 3.15% at $17.67.

Murphy Oil Corp. shares picked up 2.38% to close a somewhat above-average day at $21.90. The independent oil and natural gas company has elected Robert Ryan Jr. to its board of directors, effective Oct. 1.

Diamondback Energy Inc. subsidiary Rattler Midstream LP and private equity-backed Oryx Midstream Services LLC established a 60/40 joint venture to acquire Permian Basin-focused Reliance Gathering LLC for $355 million. Diamondback shares were up 3.33% at the close of an average session at $85.89, and Rattler stock was up 2.14% to $17.62 on active volume.

Marathon Petroleum Corp. stock grew 1.35% to $60.00 on low volume. Executive Vice Chairman Greg Goff has backed current Chairman and CEO Gary Heminger, mooting attempts to remove Heminger from leadership. Goff is seen as the potential replacement to Heminger.

Additionally, agricultural company Andersons Inc. and Marathon Petroleum merged four ethanol facilities into a new holding company called Andersons Marathon Holdings LLC.

Led by Texas-based Noble Energy Inc. and Israel's Delek Drilling LP, developers of the Leviathan and Tamar projects agreed to increase the supply of natural gas to an Egyptian customer under amended agreements. Noble Energy shares rose 1.45% to $20.92 on near-average volume.

PrairieSky Royalty Ltd. stock shed 1.78% to C$17.15 on average volume. The Canadian oil and gas producer appointed Robert Robotti as an independent director to its board effective Oct. 3.

Among top decliners, EQT Corp. stock slid 3.87% to $9.68 in heavy trading, and Antero Midstream Corp. shares retreated 1.68% to $7.04 on low volume.

The S&P 500 Energy Index increased 1.26% to 421.16, and the Alerian MLP Index gained 0.46% to 229.81.

Among large electric and diversified utilities, PG&E Corp. stock climbed 6.58% to $9.55, recovering a chunk of the previous day's losses, and Sempra Energy saw shares pick up 1.34% to close at $145.66, both in active trading; and NRG Energy Inc. shares added 1.18% to $38.66, on light volume. Also, Clearway Energy Inc. shares were up 2.51% to $17.55 on light volume.

In the renewables sector, Canadian Solar Inc. stock popped up 4.77% to $18.56; First Solar Inc. shares moved up 2.26% to $57.17; and SunPower Corp. shares gained 1.92% to $10.35, all on above-average volumes. TerraForm Power Inc. stock, meanwhile, dropped 5.23% to $17.20 in heavy trading. Late in the day, the company said it planned to offer shares of Class A common stock in an underwritten public offering.

The S&P 500 Utilities Index increased 0.27% to 324.12.

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