Broader markets were back in positive territory on Friday, Oct. 12, spurred by a rally among technology companies after two days of steep losses. The Dow Jones Industrial Average closed 1.15% higher to 25,339.99, and the S&P 500 added 1.42% to end the day at 2,767.13.
The energy sector ran behind the broader markets. Oil and gas companies recovered slightly as the S&P 500 Energy Sector gained 0.30% to conclude the day at 540.51.
BP PLC climbed 0.95% on strong volume to close at $44.55. The oil and gas producer agreed to supply larger volumes of renewable natural gas to Clean Energy Fuels Corp. to help meet demand growth from natural gas vehicle fleets. As part of the agreement, Clean Energy would share in the environmental credit revenues from the additional RNG volume.
Among other oil and gas stocks, Marathon Oil Corp. advanced 2.81% to end at $20.52; Anadarko Petroleum Corp. climbed 2.04% to finish at $67.63; and Noble Energy Inc. rose 2.03% to settle at $31.61, all in brisk trading.
Shares of Enbridge Inc. were up 0.44% in active trading to close at $31.98. Natural gas utilities in the U.S. Northwest are returning to normal operations after Enbridge restarted one of two natural gas transmission pipelines impacted by a rupture in British Columbia.
Cheniere Energy Inc. edged 1.41% higher to close at $64.80, after receiving approval from the Federal Energy Regulatory Commission to introduce refrigerants into the fifth natural gas liquefaction train at the Sabine Pass export terminal. President, CEO and Director Jack Fusco compared a fifth train at the Sabine Pass LNG export terminal in Louisiana to the first train at the Corpus Christi plant in Texas. Cheniere has said it expects both of the trains to begin producing LNG by the end of the year before starting commercial service in 2019.
Several master limited partnerships saw declines, with Shell Midstream Partners LP retreating 2.26% to close at $20.78; Western Gas Partners LP declining 1.82% to end at $45.95; and EnLink Midstream Partners LP shedding 1.67% to $18.24, all on strong volume. The Alerian MLP Index saw a 0.30% decrease to end at 270.95.
SolarEdge Technologies Inc. spiked 6.37% in robust trading to conclude at $39.39, after agreeing to purchase approximately 75% of South Korean lithium-ion battery maker and energy storage project developer Kokam Co. Ltd. for $88 million. The announcement comes as SolarEdge expands its diversified portfolio of smart grid technologies, including power electronics for solar electric systems, battery storage and electric-vehicle charging stations.
Among other solar shares, Sunrun Inc. rose 7.38% to $12.22; Canadian Solar Inc. added 3.18% to $14.27; and Tesla Inc. earned 2.60% to $258.78, all on light volume.
Electric and diversified utilities settled mixed as PG&E Corp. advanced 1.39% in light trading to $47.27, and NRG Energy Inc. climbed 1.08% in active trading to $36.37, while NiSource Inc. slid 1.38% on thin volume to $24.31. Black Hills Corp. fell 2.31% to $59.57 The S&P 500 Utilities Sector picked up 0.06% to close at 268.80.
In the coal sector, Peabody Energy Corp. decreased 0.20% on light volume to end at $35.04. The company expects future financial impacts in connection with elevated gas levels and a fire at its North Goonyella Mine in Queensland, Australia.
Market prices and index values are current as of the time of publication and are subject to change.