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Friday's Energy Stocks: Enbridge and its MLPs down, sector drags as well

Broader benchmarks failed to get traction Friday, May 18, and energy indexes ended mostly in losses.

The Dow Jones Industrial Average finished virtually unchanged for the day at 24,715.09, while the S&P 500 retreated 0.26% to close at 2,712.97.

In the midstream sector, Enbridge Inc. shares trading on the NYSE declined 2.55% to end a robust session at $32.16. Four Enbridge affiliates have created independent conflicts committees to weigh a buyout offer from the sponsor company that is seeking to roll up its U.S. energy pipeline partnerships amid prolonged valuation declines.

Enbridge Income Fund Holdings Inc. was down 1.76%, closing an active day on the Toronto Stock Exchange at C$28.95. Enbridge Energy Partners LP units slid 2.72% to finish a heavy session in New York at $10.01, and Spectra Energy Partners LP stock dropped 3.26% to wrap the session at $31.67 on three times the average trading volume.

Among oil and gas majors, BP PLC is in talks with U.S. oil explorer ConocoPhillips over an asset swap. Under the deal, BP will take ConocoPhillips' Clair Ridge project in the U.K. in exchange for some of its Alaskan assets. BP shares traded up 0.40% at the end of a below-average session at $47.38, and ConocoPhillips stock lost 1.57% to close at $69.55, also in below-average trading.

The S&P 500 Energy Index gave away 0.81% to end at 573.85, and the Alerian MLP Index shrank 0.33% to close the day at 267.61.

Among major renewable power developers, Ormat Technologies Inc. saw its shares slide 0.98% after a slow session at $52.70. The company received a notice from the NYSE that it is not in compliance with continued listing requirements for failing to file its Form 10-Q for the first quarter in a timely manner.

First Solar Inc. shares decreased 1.95% to wrap a below-average session at $70.00, and Canadian Solar Inc. stock shed 1.20%, finishing at $17.24 on light volume. Sunrun Inc. stock outperformed broader markets, spiking up 1.10% to close at $10.98 on below-average volume.

In the electric and diversified utilities business, Otter Tail Corp. stock rose 1.49% to finish an above-average session at $44.25, and PG&E Corp. shares gained 1.33%, finishing at $42.78 on roughly average volume. AES Corp. units trimmed 1.00% to close at $11.93 after a slightly below-average trading day.

The S&P 500 Utilities Index shed 0.13% to finish the week at 247.02.

In the coal business, Warrior Met Coal Inc. shares lost 2.19% at the end of a light session, closing at $27.24, and Arch Coal Inc. stock inched down 1.41% to complete a slow session at $79.15.

June natural gas futures traded near unchanged in shallow negative territory for the majority of the session and settled 1.2 cents lower at $2.847/MMBtu in profit-taking ahead of the weekend break.

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