Broader markets posted mixed results on Thursday, June 7. The Dow Jones Industrial Average grew 0.38% to close at 25,241.41 while the S&P 500 lost 0.07% to finish the day at 2,770.37 following a selloff in the technology sector. The energy sector sided with the broader positive trend.
In the midstream sector, oil and gas driller Anadarko Petroleum Corp. and its midstream master limited partnership Western Gas Partners LP announced the settlement of 9,200,000 outstanding tangible equity units issued in 2015 in exchange for 8,207,320 Western Gas common units plus cash for fractional units. Anadarko shares advanced 3.17% to close an average session at $71.65, and Western Gas units gained 0.62% to finish at $52.35 on thin volume.
Independent proxy advisory firm Institutional Shareholder Services Inc. took SandRidge Energy Inc.'s side in its battle with activist investor Carl Icahn, recommending that SandRidge's shareholders vote for the company's nominees instead of Icahn's full slate of director candidates. SandRidge shares spiked 3.00% at the close of a robust session at $15.44.
Among oil and gas majors, Chevron Corp. shares were up 2.90% to $126.96 at the close of an active session. Two Chevron executives, Carlos Algarra and Rene Vasque, arrested on April 16 in Venezuela, were released on June 6.
BP PLC units rose 1.99% to close at $47.20 on high volume. The London-based oil major could emerge as the winning buyer for BHP Billiton Group's 800,000 net acres in the Permian Basin, Eagle Ford, Haynesville and Fayetteville shales.
Exxon Mobil Corp.'s stock gained 1.00% to end a somewhat below-average session at $82.88. Exxon and Equinor ASA, formerly known as Statoil ASA, increased their holdings in Brazil's pre-salt basins after winning more offshore blocks during the country's fourth pre-salt bid round June 7.
The S&P 500 Energy Index added 1.58% to 566.26, and the Alerian MLP Index climbed 0.81% to close at 272.05.
In the power production sector, NRG Energy Inc. subsidiary NRG Retail LLC has closed its acquisition of energy marketer Xoom Energy Global Holdings LLC from BlueGreen Holding LLC. NRG's shares slid 1.30% to wrap a light session at $33.50.
FuelCell Energy Inc. stock fell 9.37% to close at $1.74 on more than three times the average volume after reporting a fiscal second-quarter 2018 adjusted EBITDA loss of $9.8 million, compared with a loss of $8.0 million in the same quarter of fiscal 2017.
In the electric and diversified utilities business, AES Corp. shares gained 1.68%, reaching $12.72 on below-average volume; Edison International stock inched up 1.39% to finish a light session at $59.72; and PPL Corp. stock also added 1.39% to finish a brisk session at $25.61.
Entergy Corp. shares were up 0.30% on more than four times average volume after the company announced a forward common stock offering of $1.0 billion to raise equity to offset the negative impacts of federal tax reform and finance capital expenditures. Wells Fargo Securities analysts reiterated their "outperform" rating of Entergy.
The S&P 500 Utilities Index increased 0.43% to close at 245.01.
Market prices and index values are current as of the time of publication and are subject to change.
