The Dow Jones Industrial Average recovered from a significant midday drop of more than 2% on Wednesday, Aug. 7, still shedding 0.09% to close at 26,007.07. The S&P 500 increased 0.08% to wrap the day at 2,883.98.
The S&P 500 Energy Index decreased 0.76% to 429.08, and the Alerian MLP index declined 1.91% to 229.11.
EnLink Midstream LLC saw shares drop 11.89% in heavy trading to $7.41. The oil and gas pipeline operator struck a 20-year, fixed-fee agreement for natural gas transportation services with Venture Global LNG to supply its planned Calcasieu Pass LNG export facility in Louisiana.
S&P Global Ratings downgraded McDermott International Inc.'s issuer credit rating to B- from B, with a negative outlook because it now expects McDermott's cash outflows in 2019 to be higher than previous assumptions. McDermott International stock slipped 3.60% after a robust session to $4.55.
Continental Resources Inc. stock settled 2.42% lower to close an active session at $30.70. The company is redeeming $500 million of its 5% senior notes due 2022, or about 31% of the senior notes' outstanding amount of $1.6 billion.
Among major movers, DCP Midstream LP stock slumped 6.84% to $24.66, Andeavor Logistics LP shares declined 6.24% to $32.17 and Apache Corp. stock dropped 4.06% to $21.99, all on above-average trading volume.
Colorado-focused oil and gas producers PDC Energy Inc. and SRC Energy Inc. are reportedly discussing a potential merger. PDC Energy's stock climbed 4.01% on the news to $27.21 in heavy trading and SRC Energy's stock jumped 7.30% to wrap at $4.26 on above-average volume.
Range Resources Corp. stock spiked 2.55% to $4.42, and Concho Resources Inc. shares grew 2.04% to $68.00, both on high volumes.
Keyera Corp. shares listed on the Toronto Stock Exchange grew 2.06% on high volume to C$33.72 after announcing second-quarter adjusted EBITDA of C$249.4 million, an increase from C$209.9 million in the year-ago quarter. The company also declared a monthly cash dividend of 16 Canadian cents per share, up 7% from the previous dividend.
Pioneer Natural Resources Co. shares added 1.58% on high volume to close at $122.13. The company on Aug. 6 reported $340.0 million, or $2.01 per share, in adjusted net income for the second quarter, compared to $243.0 million, or $1.41 per share, in the prior-year period.
In power and utilities, NRG Energy Inc.'s stock fell 1.86% in brisk trading to $33.30 after releasing second-quarter 2019 adjusted EBITDA of $469 million, down from $517 million in the same quarter of 2018.
Avista Corp. shares inched up 1.29% to finish a slow session at $45.68 after posting second-quarter net income attributable to shareholders of $25.3 million, or 38 cents per share, compared to $25.6 million, or 39 cents per share, in the corresponding quarter of 2018.
CenterPoint Energy Inc. shares retreated 2.77% on active volume to $28.06 after reporting second-quarter net income, on a guidance basis and excluding pretax costs associated with its merger deal with Vectren Corp., of $177 million, or 35 cents per share, an increase from $127 million, or 30 cents per share, in the year-ago period.
In the renewable power sector, Sunrun Inc. stock jumped 6.73% in above-average trading to close at $19.98. After market hours, the company reported a second-quarter 2019 net loss attributable to common shareholders of $1.3 million, or negative 1 cent per diluted share, compared to net income attributable to common shareholders of $7.4 million, or 6 cents per diluted share, a year ago.
Pacific Gas and Electric Co. and First Solar Inc. have agreed to allow the cancellation of a 15-year power purchase agreement underpinning the 75-MW Willow Springs Solar 3 project in Kern County, Calif. First Solar stock gained 1.70% to close at $63.87 on average volume, and PG&E Corp. slipped 0.38% on light volume to $18.16.
In coal, Peabody Energy Corp. shares lost 1.29% in above-average trading to close at $17.66. Miners at the company's Kayenta coal mine in Arizona are preparing for staff reductions as the operation's sole customer winds down its units.
The S&P 500 Utilities Index increased 0.22% to 305.06.
Market prices and index values are current as of the time of publication and are subject to change.