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Tuesday's Energy Stocks: Westmoreland Coal slumps 13%


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Tuesday's Energy Stocks: Westmoreland Coal slumps 13%

Wall Street emerged from the previous day's losses on Tuesday, March 20, while most energy components ended on negative side of the ledger. The Dow Jones Industrial Average climbed 0.47% to close at 24,727.27, and the S&P 500 rose 0.15% to finish at 2,716.94.

Westmoreland Coal Co. slumped 13.17% on heavy volume to end at 44.95 cents a trading day after disclosing that its 2017 financial statements will likely contain a warning about the ability of the company to continue as a going concern, due to uncertainty whether the company will meet debt obligations.

Among other coal companies, Westmoreland Resource Partners LP shed 11.02% in active trading to finish at $2.10, while Rhino Resource Partners LP advanced 10.34% on below-average volume to finish at $2.40, and Peabody Energy Corp. rose 3.13% in above-average trading to finish at $39.83.

TransCanada Corp. shares retreated 3.31% in robust trading to conclude at $40.55. The company added another 280 MMcf/d of firm shipping commitments during a recent open season for export services on its NOVA Gas Transmission Ltd. natural gas pipeline system.

Exxon Mobil Corp. declined 0.22% on light volume to settle at $73.99. The company has started looking into a potential U.S. Gulf Coast project to expand polypropylene manufacturing capacity by up to 450,000 tons a year to meet Asian demand for lightweight durable plastics.

In the renewables sector, Vivint Solar Inc. saw an increase of 10.45% to $3.70, SunPower Corp. closed up 7.63% at $8.04, and Sunrun Inc. finished 5.50% higher at $8.05, all in strong trading.

April natural gas futures on the New York Mercantile Exchange moved higher Tuesday, as recent and lingering cold should keep natural gas inventories receding despite the start of spring. The contract ended a seesaw session that saw a $2.650/MMBtu low and $2.695/MMBtu high, up 2.4 cents at $2.675/MMBtu.

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