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Monday's Energy Stocks: Ormat slides 6.09%, utilities sector posts losses


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Monday's Energy Stocks: Ormat slides 6.09%, utilities sector posts losses

Broader U.S. benchmarks closed Monday, May 14, with profits, while energy indexes finished with mixed results.

The Dow Jones Industrial Average gained 0.27% to finish the day at 24,899.41, and the S&P 500 closed 0.09% up at 2,730.13.

In the power production business, geothermal energy developer Ormat Technologies Inc. shares dropped 6.09% finishing a robust session at $52.77 after the company notified the SEC that it had to file a Form 10-Q for the quarter ended March 31 late because of an error in its financial statement presentation of deferred income tax assets and deferred income tax liabilities that affect balance sheets from previous reporting periods. The 10-Q is to be filed on or before May 15, Ormat said.

NextEra Energy Partners units retreated 2.55% on below-average volume to close at $43.14.

FirstEnergy Corp. stock was down 0.91% at the close of a slow trading session, settling at $33.75. The company has completed a internal reorganization as utility subsidiary Monongahela Power Co. becomes the sole owner of Allegheny Generating Co., which had owned a portion of a power plant.

Among renewables, First Solar Inc. shares hiked 1.04% to finish at $73.54 on average volume, and SunPower Corp. stock climbed 1.72% on thin volume to reach $8.86.

In the electric and diversified utilities sector, ALLETE Inc. stock shed 1.58% closing at $76.00 on below-average volume, and Otter Tail Corp. units gave away 1.06% to end at $43.45 on light volume.

The S&P 500 Utilities Index decreased 0.44% to close at 254.00.

The midstream sector showed profitability with the majority of companies seeing gains in their share prices. The S&P 500 Energy Index rose 0.63% to close the day at 568.85, and the Alerian MLP Index advanced 1.78%, finishing at 264.27.

Among large oil and gas enterprises, Shell Midstream Partners LP stock added 3.69% to close the day at $23.61 on about average volume; Antero Midstream Partners LP wrapped a light trading session by growing 3.36% to $27.72 per share; Range Resources Corp. stock gained 3.29%, reaching $14.76 on light volume; and Rice Midstream Partners LP units edged up 3.19% on below-average volume to close at $17.77.

In the coal sector, CNX Resources Corp. shares spiked 3.79%, closing at $16.15 on below-average volume, and Peabody Energy Corp. shares gained 3.02% to finish an average trading session at $39.92.

June natural gas traded higher, amid the anticipation of rising cooling demand as temperatures across the country heat up. The contract took a brief turn to the downside, slipping to a $2.798/MMBtu intraday low, but reversed to a $2.847/MMBtu high and settled 3.6 cents higher on the day at $2.842/MMBtu.

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