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Friday's Energy Stocks: Energy indexes dip ahead of long weekend


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Friday's Energy Stocks: Energy indexes dip ahead of long weekend

Broader markets flip-flopped throughout Friday, May 26, ending largely unchanged from the previous day's close, while energy indexes all ended the day down the Memorial Day weekend.

The Dow Jones Industrial Average ended the day down 0.01% to 21,080.28, but the S&P 500 managed to gain 0.03% to 2,415.82 on a slow day. The SNL Energy Index closed at 291.46, down 0.25%.

Targa Resources Corp. priced its public offering of 17 million common shares at $46.10 per share. Proceeds expected between $777.3 million and $893.9 million will be used to fund the CapEx for the recently announced NGL pipeline project. Targa posted a share price decrease of 2.33% to $47.34 on more than five times average trading.

Kinder Morgan Inc. stock slid 0.88% to $19.25 on below-average volume after deciding to move forward with its Trans Mountain Expansion project and wrapping up indirect subsidiary Kinder Morgan Canada Ltd.'s IPO of 102.9 million shares at a price of C$17 per unit.

The SNL Midstream Energy Index shed 0.53% to close at 116.16.

SunPower Corp. units dipped 3.40% to $7.95 on slow trading. CMS Energy Corp. subsidiary Consumers Energy Co. is partnering with SunPower for a new solar energy pilot program in Michigan, through which customers may subscribe to install solar energy systems on their rooftops. CMS shares closed the trading day unchanged at $47.41 on below-average volume.

Alliant Energy Corp. shares lost 0.48% to $41.36 on low volume after Jefferies LLC initiated its coverage with a rating of "hold" and a 12-month price target of $42 per share.

El Paso Electric Co. stock retreated 0.47% to $53.40 on below-average volume after increasing its quarterly dividend to 33.5 cents per share from 31 cents per share.

The SNL Electric Company Index decreased 0.04% to 472.49.

Brookfield Asset Management Inc., through its Orion US Holdings 1 LP subsidiary, is seeking approval from the Federal Energy Regulatory Commission to acquire 51% of the class A common stock of TerraForm Power Inc., whose shares closed up 0.33% to reach $12.34 after a slow trading day.

The SNL Merchant Generator Index closed 0.25% down to 88.86.

June natural gas futures ticked higher, as traders squared books ahead of the contract's expiration at the close of business Friday, May 26. The contract rolled off the board 5.2 cents higher at $3.236/MMBtu, while a gain of 3.5 cents brought the now-lead July contract to a settle at $3.310/MMBtu.

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