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Tuesday's Energy Stocks: Energy equities head into holiday on high note


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Tuesday's Energy Stocks: Energy equities head into holiday on high note

Selloffs in the technology and financial sectors caused broader indexes to end the shortened holiday session in the red Tuesday, July 3. The energy sector, on the other hand, mostly enjoyed gains.

The Dow Jones Industrial Average was down 0.54% to close at 24,174.82, and the S&P 500 retreated 0.49% to close the session at 2,713.22.

In the midstream sector, Noble Energy Inc.'s shares rose 2.03% on above-average volume to wrap the session at $34.68, after announcing a new firm sales agreement with an undisclosed buyer that would move the company's crude oil to the Gulf Coast.

Cheniere Energy Inc.'s stock added 1.14% to close a slow session at $65.00. Cheniere subsidiary Cheniere Corpus Christi Holdings LLC reached an agreement with lenders to amend its working capital facility to raise the total committed amount from $850 million to $1.2 billion.

Concho Resources Inc. closed its public offering of senior notes totaling $1.6 billion, the proceeds of which will be used to fund its pending $9.5 billion acquisition of RSP Permian. Concho shares inched up 0.68% to $136.31, and RSP Permian stock ticked up 0.67% to close at $43.47, both on light volume.

The waiting period under the Hart-Scott-Rodino Act for the Marathon Petroleum Corp. and Andeavor merger has expired, bringing the $23.3 billion deal between the two companies one step closer to completion. Marathon's shares gained 0.78% to end an active session at $70.82, and Andeavor's shares grew 1.21% on brisk volume to finish at $133.40.

Top performers in the sector included Marathon Oil Corp. and Apache Corp. Marathon Oil's shares advanced 2.95% to finish the day at $21.27, and Apache shares climbed 2.46% to $45.78, both on light volume.

The S&P 500 Energy Index added 0.72%, finishing at 556.84, and the Alerian MLP Index gained 0.54% to 261.82.

In power, Innergex Renewable Energy Inc.'s shares added 0.87% on light volume to close at C$13.93. The company completed a joint venture partnership with Energia Llaima by acquiring a 50% ownership in the Santiago, Chile-based renewable company.

SCANA Corp. shares bounced 4.05% on below-average volume to close at $40.36. Dominion Energy Inc.'s shares climbed 1.26% to wrap the day at $69.31 on low volume. CreditSights on July 3 upgraded SCANA subsidiary South Carolina Electric & Gas Co. bonds to "conviction buy" following the enactment of a new South Carolina law that orders a nearly 15% rate reduction for the utility.

The S&P 500 Utilities Index gained 0.25% to close at 266.06.

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