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Friday's Energy Stocks: US markets retreat as Turkish lira tumbles

U.S. equity markets tumbled Friday, Aug. 10, following the Turkish lira's sharp decline against the U.S. dollar after the Trump administration increased tariffs on some Turkish products. The Dow Jones Industrial Average lost 0.77% to end at 25,313.14, and the S&P 500 declined 0.71% to close at 2,833.28.

The energy sector overall, meanwhile, gained, with the S&P 500 Energy index up 0.27% to 554.18. The Alerian MLP Index dropped 0.22% to 290.44, and the S&P 500 Utilities Sector index dipped 0.40% to 268.35.

Shares of solar company Sunrun Inc. fell roughly 17% in early trading, and closed the day 7.32% lower in brisk trading to $13.29. The company recorded net income available to common shareholders of $7.4 million, or 6 cents per diluted share, in the second quarter of 2018, down from $18.3 million, or 17 cents per diluted share, a year ago, and far below analysts' expectations.

Among Canadian power companies that reported their second-quarter earnings, Emera Inc. shed 4.76% on strong volume to finish at C$39.64, Algonquin Power & Utilities Corp. dropped 2.02% in about average trading to conclude at C$13.07, and Boralex Inc. retreated 3.11% in active trading to C$19.32. All traded on the Toronto Stock Exchange.

Emera booked adjusted net income attributable to shareholders of C$111 million, 48 cents per basic share, a drop from C$117 million, or 55 cents per basic share, a year ago. Algonquin, reporting in U.S. currency, posted adjusted EBITDA of $160.3 million, a 9% increase from $147.1 million a year ago. Boralex announced EBITDA of C$68.0 million, compared with C$67.0 million in the prior-year period.

Among other electric and diversified utilities, PG&E Corp. finished 2.80% lower on strong volume to $42.67, Southern Co. was down in strong trading by 1.45% to $46.13, and Sempra Energy dipped 0.25% on light volume to $114.44.

Analysts are wary of the growing price tag of the Alvin W. Vogtle Nuclear Plant expansion and the subsequent financial hit on Southern Co.'s balance sheet. Meanwhile, Sempra Energy investors are urged to exercise patience as they wait for clarity on the California energy company's strategic plan.

Inter Pipeline Ltd. lost 3.57% in robust trading to close at C$24.31, after reporting second-quarter net income of C$136.1 million, or 35 Canadian cents per share, up from C$102.3 million, or 27 Canadian cents per share, in the year-ago period. The company plans to enter the growing east Duvernay Shale transportation market by expanding a terminal in central Alberta.

Jagged Peak Energy Inc. reported $43.3 million, or 20 cents per share, in adjusted net income for the second quarter, beating the S&P Global Market Intelligence consensus normalized earnings estimate of 14 cents per share. The company closed the day up 4.52% on heavy volume to $14.35.

American Midstream Partners LP shed 3.31% on brisk volume to $5.85. During the company's earnings call, CEO Lynn Bourdon said that while the partnership was disappointed by Southcross Energy Partners LP's recent decision to terminate a planned merger, American Midstream had known from the start that credit issues would present tough challenges.

Southcross Energy Partners declined 2.89% on strong volume to 59.54 cents.

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