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Friday's Energy Stocks: Tesla dives 7.05% after Musk mocks SEC

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Essential Energy Insights - November 2021


Friday's Energy Stocks: Tesla dives 7.05% after Musk mocks SEC

Electric utilities remained a bright spot in the sector while other energy indices closed mixed. Broader markets saw a decline, after data from the Labor Department showed that U.S. unemployment rate fell to 3.7% last month from 3.9% in August, marking its lowest level since December 1969.

The Dow Jones Industrial Average was down 0.68% at 26,447.05 to finish the week, while the S&P 500 settled 0.55% lower at 2,885.57.

Another Elon Musk tweet sent Tesla Inc. shares tumbling 7.05% on heavy volume to finish at $261.95. Co-founder and CEO Elon Musk mocked the SEC in an Oct. 4 tweet, hours after a federal court judge ordered him and the securities regulator to justify their securities fraud settlement. "Just want to [sic] that the Shortseller Enrichment Commission is doing incredible work," Musk wrote on Twitter.

Among other renewable companies, Vivint Solar Inc. dropped 11.23% in active trading to close at $4.90, SunPower Corp. shed 2.84% in brisk trading to end at $6.83, and Canadian Solar Inc. retreated 2.13% on light volume to settle at $14.21.

Dominion Energy Inc. gained 1.64% on strong volume to end the day at $71.85, while SCANA Corp. dipped 0.03% in below-average trading to $38.75, after reaching a settlement with the North Carolina Utilities Commission staff and an intervenor in the companies' pending merger. Among the provisions in the agreement, SCANA subsidiary Public Service Co. of North Carolina Inc. will implement a rate moratorium, prohibiting it from filing a general rate case before April 1, 2021.

CreditSights said it is upgrading the holding company bonds of Dominion Energy Inc. and Sempra Energy in the U.S., and Fortis Inc. in Canada, to "outperform" from "market perform."

"We are highly cognizant ... [of] the pressure facing utilities but are comfortable reaching for yield among utility bonds," CreditSights analysts wrote.

Sempra Energy added 1.14% on slim volume to close at $116.20, while Fortis picked up 0.95% in light trading to finish at C$41.57.

Shares of FirstEnergy Corp. spiked 2.26% in brisk trading to close at $37.98. A bankruptcy court rejected FirstEnergy Solutions Corp.'s attempt to cancel a "burdensome" 6.5 million-ton annual coal supply contract with Murray Energy Corp.

The S&P 500 Electric Utilities Sector moved up 1.67% to finish at 301.06.

Cenovus Energy Inc. declined 1.46% in below-average trading to finish at $10.09, after Moody's raised its ratings on the Canadian oil sands producer, citing "substantial" free cash flow and better cost structuring for its operations.

Among other oil and gas companies, Exxon Mobil Corp. shed 0.28% to close at $85.34, while Chevron Corp. rose 0.30% to end at $125.33, and ConocoPhillips climbed 0.14% to settle at $78.39.

DCP Midstream LP edged up 2.47% on light volume to $42.69, after completing an underwritten public offering of 4,000,000 of its 7.95% series C fixed-to-floating rate cumulative redeemable preferred units at $25.00 apiece, which yielded net proceeds of about $96.1 million.

The S&P 500 Energy Sector closed down 0.04% to 571.36, while the Alerian MLP Index picked up 0.20% to finish the week at 279.83.

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