Investorswelcomed a rise in oil prices, sending the broader markets and most of theenergy sector into positive territory on Wednesday, Sept. 28. Oil prices jumpedon news that OPEC reached a deal to cut production, the Wall Street Journal reported.
TheSNL Energy Index climbed 0.82% to $286.29, the Dow Jones Industrial Averagerose 0.61% to 18,339.24 and the S&P 500 increased 0.53% to 2,171.37.
Utilities,however, bucked the upward trend. The Philadelphia Utility Index dropped 0.31%to 635.95 and the SNL Gas Utility Index fell 0.34% to 509.95. Amongheavyweights, Atmos Energy Corp.dipped 0.09% to $75.84 and DukeEnergy Corp. lost 0.41% to $81.10.
gained2.50% in active trading to close at $27.84 after $2.14 billion worth ofsecurities to fund its proposed acquisition of The company sold52.6 million common shares at $26.45 apiece and 15 million depositary shares at$50 apiece, generating approximately $2.08 billion in net proceeds from theofferings.
Westarshares climbed 0.46% in strong volume to finish at $56.67.
fell 0.20% inabove-average trading to end at $94.88 after Fitch Ratings its rating outlook on thecompany to negative from stable. Fitch cited higher leverage and business riskassociated with DTE's proposed $1.3 billion purchase of Appalachian gas assetsin lowering the outlook.
advanced 0.43% onthin volume to end at $108.65 after its Infraestructura Energética Nova SAB deCV unit completed a$1.14 billion acquisition of Mexican pipeline and storage assets.
dipped0.14% on weak volume after consenting to the sale of SunEdison's Indian assetsto an unnamed third-party buyer.
lifted 0.74% inbelow-average trading to close at $32.72 after raising the quarterly dividendby 10%.
Inthe midstream space, FerrellgasPartners LP shares sank to a 52-week low of $12.45 after animpairment charge of$628.8 million ballooned its net loss for the fiscal fourth quarter. The partnership's overall netloss was $661.4 million for the quarter, compared with a net loss of $58.8million in the year-ago period.
"[R]ecordtemperatures across the nation continue to have an adverse impact on thepropane sector of our company and low oil prices have seriously damaged ourmidstream sector," said newlyappointed Ferrellgas Interim President and CEO James Ferrell. "[W]eare taking prudent action at this time to preserve capital and improve the company'sfinancial position."
FerrellgasPartners shares settled 21.21% lower at $13.
shed0.06% in light trading to close at $31.74 after announcing that will acquireadditional equity interests in Mars Oil Pipeline Co. and from for $350million.
TheSNL Midstream Energy Index gained 2.48% to 121.58.
Sharesof Powder River Basin coal producer CloudPeak Energy Inc. climbed 15.12% in heavy trading to close at $4.95after extending theearly tender date of its exchange offers to Oct. 4.
Market prices and indexvalues are current as of the time of publication and are subject to change.