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Wednesday's Energy Stocks: Canadian Solar jumps 4.59% on Q1 profits


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Wednesday's Energy Stocks: Canadian Solar jumps 4.59% on Q1 profits

Wall Street closed Wednesday, May 16, on the rise, with most energy sector indexes also completing the session with profits.

The Dow Jones Industrial Average finished the day growing 0.25% at 24,768.93, and the S&P 500 rose 0.41% to end the session at 2,722.46.

In the renewable power production business, Canadian Solar Inc. shares jumped 4.59% after a robust session closing at $17.56. The solar developer announced its first-quarter financial results, coming back into the black with net income attributable to the company of $43.4 million, or 72 cents per share, from a net loss of $13.3 million, or a loss of 23 cents per share, in the comparable quarter of 2017.

Sunrun Inc. stock slipped 1.94% to close at $10.64 on average volume.

Ormat Technologies Inc. saw its shares slide 1.26% on brisk volume to $52.35. The company announced that it will restate certain financial statements from 2017 following its identification of "material weakness" over financial reporting related to accounting for income taxes.

Additionally, the company said its Hawaii-based Puna Geothermal Venture I facility still remains physically unaffected from a nearby volcano that has been erupting but has been shut down as a safety measure.

Among other power producers, Atlantic Power Corp. stock climbed 2.22% to wrap a light trading day at $2.30, and Maxim Power Corp. hiked 2.04% to close at C$2.50 on thin volume.

In the diversified electric utilities business, Duke Energy Corp. stock declined 1.17% to close at $76.03 on above-average volume. Utility subsidiary Duke Energy Carolinas LLC plans to sell five hydroelectric power plants to Northbrook Energy LLC through a competitive bidding process. Northbrook will still sell the output from plants back to Duke Energy Carolinas.

Among other major players, Sempra Energy saw its shares go 1.81% down to complete a strong session at $103.34.

The S&P 500 Utilities Index lost 0.86%, closing at 249.59.

In the midstream sector, Range Resources Corp. shares spiked 4.53% to close the session at $15.46 on slightly below-average volume; TechnipFMC PLC stock grew 3.78% to end the day at $33.18 on above-average volume; and EQT Corp. units added 2.49%, finishing at $53.55 also in an above-average session.

Enbridge Inc. shares trading on Toronto Stock Exchange were down 1.69%, closing an average session at C$41.80. The company is mulling over the idea to pull out of limited partnerships in the gas and oil pipeline business after a federal tax ruling. Its partnership Enbridge Energy Partners LP's stock was up 1.41%, ending an active session at $10.08.

NGL Energy Partners LP stock closed a heavy trading session down 4.42% at $10.80.

The S&P 500 Energy Index advanced 0.37% to end the day at 571.02, and Alerian MLP Index gained 0.64% to close at 265.20.

June natural gas futures were lower at midweek, as participants look to the May 17 release of storage data for the week to May 11 with the expectation of a triple-digit injection. The contract settled 2.1 cents lower at $2.815/MMBtu.

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