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Monday's Energy Stocks: Tech stocks weigh on broader markets

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Monday's Energy Stocks: Tech stocks weigh on broader markets

Wall Street closed lower on Monday, May 20, after Alphabet Inc.'s Google LLC announced that it is cutting off Huawei Technologies Co. Ltd.'s access to some Android hardware, software and technical services. Share values of other tech companies declined as well as trade tensions between the U.S. and China continued to simmer.

The Dow Jones Industrial Average shed 0.33% to end at 25,679.90, and the S&P 500 declined 0.67% to finish at 2,840.23.

In the energy sector, electric and diversified utilities, as well as oil and gas companies, mostly settled with gains while master limited partnerships concluded with losses.

PDC Energy Inc. slid 2.67% on light volume to end at $35.69, following news that Kimmeridge Energy Management Co. LLC founder and managing partner Benjamin Dell is pushing PDC to engage in a potential merger.

Shares of Alta Mesa Resources Inc. an oil and gas exploration and production company active in Oklahoma, lost 25.14% in brisk trading to close at 13.19 cents. The company is currently under investigation by the U.S. Securities and Exchange Commission for possible fraud, is considering bankruptcy and is at risk of being de-listed from the Nasdaq exchange.

Roan Resources Inc. was down 2.33% on strong volume to conclude at $2.94, after hiring Citigroup Global Markets Inc. and Jefferies LLC to assist in evaluating merger and takeover offers.

Among other oil and gas companies, TechnipFMC PLC gained 2.87% on light volume to close at $22.97; Baker Hughes, a GE company added 2.46% in active trading to end at $23.29; and Occidental Petroleum Corp. picked up 1.33% on brisk volume to finish at $53.46.

The S&P 500 Energy Sector index saw a 0.07% increase to settle at 468.55, while the Alerian MLP Index rolled back 0.37% to close at 252.49.

NRG Energy Inc.'s stock price rose 0.93% in robust trading to close at $35.91, after the company declared that it will acquire Stream Energy's retail electricity and natural gas business for $300 million plus working capital in an all-cash transaction.

Covanta Holding Corp. ended 0.80% lower on light volume to $17.45. The company registered an approximately $106.0 million worth of common stock.

Among other electric and diversified utility companies, PG&E Corp. climbed 3.88% to $17.68; American Electric Power Co. Inc. moved up 0.87% to $86.60; and Dominion Energy Inc. saw a 0.60% increase to $76.05, all on below-average volume.

The S&P 500 Utilities Sector was up 0.17% to conclude at 297.46.

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