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Tuesday's Energy Stocks: Trade worries still dragging markets, PG&E slips 5.84%

Markets finished Tuesday, May 28, with losses, after starting the day with gains, as President Donald Trump hinted there was uncertainty in resolving trade tensions between the U.S. and China.

The Dow Jones Industrial Average closed 0.93% lower at 25,347.77, and the S&P 500 lost 0.84% to 2,802.39.

PG&E Corp. saw its share price drop 5.84% to $17.73 in below-average trading, leading the day's general trend in the utilities sector. The S&P 500 Utilities Index gave away 1.61% to 297.03.

Other notable declines in the sector were Edison International, with its share value decreasing 4.29% to $58.28, and FirstEnergy Corp., whose stock lost 2.85% to $41.64, both on above-average volume.

NextEra Energy Inc. shares ticked off 1.08% to $201.17 in near-average trading. The company is retiring a 20-year-old wind farm in Upton County, Texas, according to a notice of suspension of operations issued by the Electric Reliability Council of Texas.

NRG Energy Inc. shares lost 1.44% to $35.02 in brisk trading. The merchant generator is seeking approval from the Federal Energy Regulatory Commission to acquire Stream Energy's retail electricity and natural gas business.

Exelon Corp. stock shaved off 1.57% to $48.78. Its subsidiary Baltimore Gas and Electric Co. is asking Maryland regulators to approve a combined natural gas and electric delivery rate increase of nearly $133 million.

Xcel Energy Inc. stock slid 1.63% to $58.03 on light volume. Atlantic Power Corp. has agreed to sell its 320-MW gas-fired Manchief generating station to Xcel Energy utility Public Service Co. of Colorado for $45.2 million. Atlantic Power shares dipped 0.38% to $2.61 in above-average trading.

In the renewables sector, First Solar Inc. stock picked up 1.81% to $58.35, while Vivint Solar Inc. shed 1.92% to $6.65, both on low volume.

Oil and gas major Royal Dutch Shell PLC saw it class A share price slip 1.17% to $62.56 and class B stock shrink 1.00% to $63.57, both in below-average trading. The company said its Alberta government-backed carbon capture and sequestration system has trapped 4 million tonnes of carbon dioxide, the most of any onshore facility in the world with dedicated geological storage.

S&P Global Ratings lowered its outlook for oilfield services majors Schlumberger Ltd. and Halliburton Co. to negative amid challenging industry conditions that drove weaker-than-expected financial performances in the first quarter. Schlumberger shares slid 1.35% to $36.50 in active trading, while Halliburton stock was practically unchanged at $22.99 on average volume.

Plains All American Pipeline LP formed a joint venture with Delek Logistics Partners LP to expand its Red River oil pipeline system, which would boost its capacity to 235,000 barrels per day from 150,000 bbl/d. Plains All American stock was down 0.97% to $23.43 in heavy trading and Delek Logistics shares were up 0.51% to $31.58 in light trading.

TC Energy Corp., formerly known as TransCanada Corp., agreed to offload an 85% stake in the Northern Courier pipeline to Alberta Investment Management Corp. for estimated gross proceeds of about C$1.15 billion. TC Energy's shares listed on Toronto Stock Exchange gained 1.49% to C$66.66 in average trading.

AltaGas Ltd. began commercial operations at its marine export facility for propane in Prince Rupert, British Columbia, a project that the company said would help grow its midstream business. The company's shares were up 0.97% to C$19.72 on robust volume.

Big movers in the industry were EQT Corp., shedding 2.83% to $18.88; Marathon Petroleum Corp., trimming away 2.57% to $49.00; and Helmerich & Payne Inc. giving up 2.44% to $49.24.

The S&P 500 Energy Index decreased 1.10% to 447.24, and the Alerian MLP Index declined 1.03% to 247.99.

This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global Ratings. Descriptions in this news article were not prepared by S&P Global Ratings.

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