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Wednesday's Energy Stocks: Broader markets rebound despite Fed rate decision

Wall Street stocks finished the Wednesday, Sept. 18, trading day slightly higher, recovering from a downturn following an announcement by Federal Reserve Chair Jerome Powell that the central bank lowered its benchmark interest rate by 25 basis points.

Powell said the Fed is closely monitoring economic data, trade, and global growth risks but did not see an imminent recession.

The Dow Jones Industrial Average closed 0.13% higher at 27,147.08, and the S&P 500 settled at 3,006.73, adding a scant 0.03%.

Moving alongside gains in equities markets, the S&P 500 Utilities Sector index added 0.47% to 321.72.

Among notable gainers, PG&E Corp. shares rose by 5.29% in above-average trade to close at $11.75. Pinnacle West Capital Corp. was 1.61% higher to settle at $95.88, and Exelon Corp. shares increased by 1.37% to close at $47.94, both in below-average trade. Conversely, Sempra Energy shed 1.99% in more than double average volume to wrap up the session at $140.20.

Oil and gas stocks were pressured by lower oil prices, with Brent crude down 1.33% to $63.69 per barrel and West Texas Intermediate falling by 1.84% to $58.25/bbl. The decline came after a tweet from President Donald Trump asking the U.S. Treasury Department to "substantially increase sanctions" on Iran. The S&P 500 Energy index was down 0.42% to 453.64.

Range Resources Corp. shares tumbled 3.47% in above-average volume to close at $5.00. Noble Energy Inc. saw a 3.39% decrease in below-average trade to settle at $24.24. Apache Corp. stock declined by 2.27% on more than double average volume to exit the day at $25.43.

Oceaneering International Inc. shed 2.36% in brisk trade to close at $14.46. The company was tapped to supply subsea umbilicals for the KG‑DWN 98/2 deepwater field development offshore India.

Exxon Mobil Corp.'s shares nudged lower by 0.48% in below-average trade to settle at $72.82. A Wood Mackenzie research director noted that the oil major's possible sale of its 50% stake in the Gippsland Basin oil and gas development in Australia's Bass Strait is expected to attract few buyers.

Schlumberger Ltd. decreased by 0.37% in below-average trade to $38.03. The oilfield service provider's subsidiary Schlumberger Holdings Corp. began a cash tender for its remaining 3.0% senior notes due 2020 and 3.625% senior notes due 2022.

Conversely, National Oilwell Varco Inc. added 1.28% in light trade to settle at $22.94.

Midstream and pipeline companies moved mixed to ultimately higher, with the Alerian MLP Index closing the day up 0.21% to 240.98.

Gainers included Genesis Energy LP, which was up 2.12% in above-average trade to $23.14. Antero Midstream Corp. added 1.85% in slightly below-average trade to close at $7.70. Energy Transfer LP's units increased by 1.50% on above-average volume to settle at $13.50.

NextDecade Corp. posted a 3.69% increase on above-average volume to settle at $6.46 after signing a nonbinding agreement with Enbridge Inc. to develop the Rio Bravo natural gas pipeline and other associated lines in South Texas.

Cheniere Energy Inc. added 0.65% in brisk trade to close at $66.31. CEO Jack Fusco said Sept. 17 that the firm wants as much of its capacity sold as possible before it goes ahead with a proposed midscale liquefaction expansion at its Texas export terminal.

On the flip side, Holly Energy Partners LP tumbled by 2.18% on more than 4x average volume to exit the Wednesday session at $25.54.

Peabody Energy Corp. shares decreased by 5.94% in below-average trade to $17.42. The firm announced that it secured an additional $215 million commitment for its revolver credit, which increased its size to $565 million.

Other coal companies leaned lower as well, Arch Coal Inc. declined by 3.77% in above-average trade to settle at $77.54, and CNX Resources Corp. noted a 2.68% loss on below-average volume to close at $8.36.

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