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Wednesday's Energy Stocks: Wall Street notches a win, IPP sector drags

Broader indexes posted profits on Wednesday, Oct. 11, with the energy sector mostly reflecting the same sentiment.

The Dow Jones Industrial Average finished the midweek session 0.18% up at 22,872.89, and the S&P 500 edged 0.18% up to close at 2,555.24. The SNL Energy Index gained 0.50% to end the session at 293.41.

Large midstream entities like NGL Energy Partners LP and EnLink Midstream LLC made gains, helping usher the SNL Midstream Energy Index into positive territory. The benchmark grew 0.61% at closing bell to 113.10.

NGL Energy stock spiked 2.59% to finish at $11.90 in light trading, and EnLink Midstream finished its active session 2.33% higher at $17.60.

Comstock Resources, Inc. shares declined 3.02% to close at $4.50 in brisk trading after the company expanded its joint development venture with USG Properties Haynesville, LLC. USG has acquired 6,821 net acres targeting the Haynesville shale, allowing the companies to drill 34 extended lateral wells.

Energy Transfer Partners LP saw a 1.52% hike in the share price to reach $18.75 on roughly average volume. The Federal Energy Regulatory Commission granted Rover Pipeline LLC's request to resume horizontal drilling at four locations, after the developer submitted a new plan to eliminate spills of drilling fluid in the construction of its up-to-3.25-Bcf/d natural gas pipeline project.

Sunoco LP and Sunoco Finance Corp. launched consent solicitations for changes to be made to the indentures governing some of their senior notes worth $1.6 billion. Sunoco gained 0.35% to finish a slow session at $31.79.

On the power side, the SNL Merchant Generator Index lost 0.30% to close at 100.88. NRG Yield Inc. closed 1.84% down at $18.65, and TerraForm Power Inc lost 1.30%, settling at $12.88 on thin volume. Pattern Energy Group Inc. finished the session 1.58% lower at $24.23 per share on above-average volume and NextEra Energy Partners shed 1.64% to close at $41.51 on active volume.

The electric utility business had a winning session. The SNL Electric Company closed 0.49% up at 488.95. Westar Energy Inc. notched a 1.58% increase to end the session at $52.09 on high volume and PNM Resources Inc. shares climbed 1.23% to finish at $41.30 on below-average volume.

Sempra Energy added 0.99% to end the midweek session at $114.94 on high volume after selling $850 million of its floating rate notes due March 15, 2021, to repay outstanding commercial paper. FirstEnergy Corp. shares added 0.76% to end the session at $31.83 on slightly above-average volume, after the Public Utilities Commission of Ohio accepted the company's results of wholesale auction.

The SNL Coal Index also finished positively, growing 0.92% to close at 65.41. Alliance Resource Partners LP gained 4.63% to close at $20.35 and Alliance Holdings GP LP added 2.02% to finish at $27.81, both on high volumes. Peabody Energy Corp. finished its light session down 0.99% at 29.11.

NYMEX November natural gas futures settled lower on Wednesday, reversing early gains to a $2.962/MMBtu high in short covering amid oversold conditions. The contract settled the session 0.2 cent lower at $2.889/MMBtu.

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