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Tuesday's Energy Stocks: Investor worries drag markets; PG&E regains footing

Broader indexes broke a three-day winning streak on Tuesday, Aug. 20, as investors took into account both U.S. economic signals and developments in Europe.

Italian Prime Minister Giuseppe Conte's resignation raised some worries in Europe's political scene that triggered bond prices go higher and yields lower.

Meanwhile, former Minneapolis Fed President Narayana Kocherlakota said, according to CNBC, that several elements including debt in Germany and concerns about central banks' abilities to respond effectively to faltering conditions are creating a "fear factor" in markets.

The Dow Jones Industrial Average shed 0.66% to close at 25,962.44, and the S&P 500 retreated 0.79% to 2,900.51.

Electric and diversified utility company PG&E Corp. stock managed to regain some of the ground it lost on Aug. 19 after a federal bankruptcy judge said he would lift a stay on a California Superior Court case brought by victims of the 2017 Tubbs Fire in Napa and Sonoma counties. The company's shares advanced 9.28% to wrap a heavy session at $11.66.

CenterPoint Energy Inc. shares shrank 1.00% to $27.83 on low volume. The company has registered $82.7 million of its common stock that it may offer through its investor's choice plan.

Dominion Energy Inc. stock lost 1.13% at the close of a light session to settle at $76.91. Align Renewable Natural Gas, the joint venture of Dominion and Smithfield Foods Inc., broke ground on its renewable natural gas project in Duplin and Sampson counties, N.C.

Among other companies, Pattern Energy Group Inc. shares were down 3.25% to $25.59 in active trading; AES Corp. stock lost 1.11% to close at $15.19 on average volume; and NiSource Inc. shares settled 1.05% lower at $29.32 in below-average trading.

The S&P 500 Utilities Index declined 0.18% to 311.51.

In the oil and gas sector, Sunnova Energy International Inc. stock dropped 7.58% finishing a light session at $10.36 after the company reported second quarter 2019 adjusted EBITDA of $13.6 million, an increase from $13.2 million in the prior-year period.

Canadian oil sands producer MEG Energy Corp. saw shares inch up 0.64% to C$4.74 on low volume. The company has joined a chorus of smaller companies asking Canada's energy regulator to slow down the process to convert Enbridge Inc.'s mainline system to long-term contracting from common carrier status. Enbridge shares shaved off 1.13% to close a slow session at $33.33.

Among big movers in the sector, Range Resources Corp. stock slid 5.52% to $4.28; Cimarex Energy Co. shares were down 3.34% to $40.50; and EQT Corp. shares trimmed 2.46% to $12.29, all on below-average volume.

Recording gains, Phillips 66 Partners LP shares picked up 1.11% to close an active session at $53.76, and Genesis Energy LP stock grew 1.04% to wrap a slow day at $21.32.

The S&P 500 Energy Index decreased 0.96% to 423.89, while the Alerian MLP Index added 0.31% to close at 232.56.

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