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Tuesday's Energy Stocks: Wall Street gains on upbeat earnings; utilities sag


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Tuesday's Energy Stocks: Wall Street gains on upbeat earnings; utilities sag

Wall Street stocks closed higher Tuesday, Oct. 15, backed by largely upbeat corporate earnings reports and the possibility of a breakthrough in Brexit negotiations. The Dow Jones Industrial Average closed the session up 0.89% to 27,024.80, and the S&P 500 settled 1.00% higher at 2,995.68.

With the exception of electric and diversified utilities, benchmark energy indices closed the Tuesday session on mostly higher ground. The S&P 500 Energy Sector added 0.39% to 429.22, and the Alerian MLP Index exited with a 0.47% increase to 222.69.

After notching losses the day prior, Parsley Energy Inc. closed the day up 2.96% on more than 4x average volume to $15.63 following mixed reactions from analysts on its recently announced acquisition of Jagged Peak Energy Inc. for $2.27 billion. Jagged Peak shares added 2.83% on about 10x average trading to close the session at $6.91.

Other oil and gas company gainers included Noble Energy Inc., which rose 2.35% in brisk trading to $20.92. Cabot Oil & Gas Corp. added 2.27% in below-average trading to $17.99, and EQT Corp. shares were up 1.58% in active trading to close the Tuesday session at $9.64.

Shares of Occidental Petroleum Corp. nudged higher by 0.72% in light trading to $40.80 following an announcement that the company increased its production guidance for the third quarter.

On the other hand, shares of Cimarex Energy Co. closed the Tuesday session with a 2.62% loss in light trading to $43.49.

ProPetro Holding Corp. tumbled by 1.07% in average trading to $9.22 following a report that the company laid off 150 employees this month.

ConocoPhillips shed 0.32% on below-average volume to $55.95. Analysts said that the company's recently announced agreement to sell its oil and gas assets in northern Australia to Santos Ltd. for $1.39 billion could start a wave of upstream M&A across Australia.

Midstream and pipeline partnerships leaned mixed to mostly higher for the session. Western Midstream Partners LP added 1.76% to $23.76; Phillips 66 Partners LP noted a 1.10% gain to $56.24; and TC PipeLines LP units increased by 1.08% to $39.28, all in below-average trading. Conversely, Shell Midstream Partners LP dipped by 1.05% in light trading to $20.75.

Coal companies exited the Oct. 15 session predominantly higher. CNX Resources Corp. shares were up 2.79% in light trading to $7.37. Alliance Resource Partners LP added 1.33% in active trading to $13.69.

Peabody Energy Corp. shares rose by 2.53% in below-average trading to $15.82. The company announced that it will shut down its Arclar coal complex in Illinois on Dec. 14 due to "uneconomic mining conditions."

Electric and diversified utilities saw mixed to mostly lower moves, with the S&P 500 Utilities Sector down 0.30% to 321.27.

Losses were noted at NiSource Inc., which fell 1.40% in brisk trading to $28.14. Pinnacle West Capital Corp. shed 0.92% on below-average volume to settle at $93.66. Entergy Corp. exited the session at $115.55, down 0.91% in light trading. On the flip side, CenterPoint Energy Inc. added 1.04% in active trading to close at $28.18.

Also of note, National Grid PLC shares trading on the New York Stock Exchange gained 2.60% in double average trading to $56.78, and Pattern Energy Group Inc. was up 2.11% to $26.39 in light trading.

PG&E Corp. shares gained 0.52% in below-average trading to settle at $7.71 after the company and its utility unit Pacific Gas and Electric Co. secured $34.35 billion in a bridge financing commitment from a group of lenders. In addition, PG&E and its utility unit appointed two new directors, effective immediately.

Solar companies also closed the Tuesday session with losses. SunPower Corp. shares tumbled by 2.07% in below-average trading to $9.45. First Solar Inc. was down 1.08% in active trading to end at $55.88.

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