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Tuesday's Energy Stocks: Hubbell rises on Aclara buy, broader markets decline


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Tuesday's Energy Stocks: Hubbell rises on Aclara buy, broader markets decline

Wall Street extended losses from the previous week and closed the Tuesday, Dec. 26, trading slightly lower. The Dow Jones Industrial Average dipped 0.03% to 24,746.21, and the S&P 500 closed down 0.11% to 2,680.50.

Hubbell Inc. climbed 1.68% in active trading to close at $137.50, following an announcement it plans to acquire Aclara Technologies LLC for roughly $1.1 billion in cash. The planned transaction follows several other deals involving smart grid technology suppliers in 2017.

Chesapeake Energy Corp. added 3.90% on below-average volume to finish at $4.00, after agreeing to settle federal class-action lawsuits in Pennsylvania over gas royalty payments, for a total of $30 million, on the condition that the state attorney general resolve another lawsuit alleging that the company inflated post-production costs, The Philadelphia Inquirer reported Dec. 25.

Shares of Dominion Energy Inc. retreated 0.14% in weak trading to settle at $80.33. Its subsidiary Questar Southern Trails Pipeline Co. filed for federal authorization to abandon its entire 488-mile natural gas transportation system and sell a big part of it to its remaining customer.

Among other large electric utilities, Edison International dropped 1.82% to $64.04 on about average volume.

NGL Energy Partners LP closed down 0.35% to $14.30 on about average volume while SemGroup Corp. advanced 2.40% to $29.90 on weak volume following the completion of the sale of their joint venture Glass Mountain Pipeline LLC, which owns a 215-mile crude oil pipeline system delivering supplies to Cushing, Okla.

Westmoreland Coal Co. rose 10.26% in brisk trading to conclude the session at $1.29. Data from S&P Global Market Intelligence shows Mangrove Partners scooped up low-cost shares of Westmoreland in the recent quarter, bringing its position to a 5.3% stake in the company's outstanding shares.

Meanwhile, Westmoreland has also received federal approval for the expansion of its Rosebud mine in the Powder River Basin by 60 million tons, a move that will add 19 years of life and 10.5 square miles to the existing mine.

CNX Resources Corp. plans to change the name of CONE Gathering LLC and its subsidiaries, including CONE Midstream Partners LP, following the closing of its acquisition of a 50% interest in the company from Noble Energy Inc. Shares of CNX Resources climbed 1.44% in light trading to $14.82, CONE Midstream Partners ticked up 0.42% in active trading to $16.80, and Noble Energy ended 2.61% higher on slim volume to $29.54.

Among other coal shares, Ramaco Resources Inc. spiked 14.89% on brisk volume to $7.02 and Arch Coal Inc. increased 1.35% in light trading to $92.36, while Cloud Peak Energy Inc. slumped 1.09% in above-average trading to $4.53.

January 2018 natural gas whipsawed in the post-Christmas holiday session Tuesday, Dec. 26. Early gains on the back of cold weather were reversed amid skepticism surrounding the strength of weather-related demand as options on the contract expired at the close of business, and the contract is set to roll off the board at the Dec. 27 settle. While rising to a $2.780/MMBtu intraday high, the contract ended 2.4 cents lower at $2.643/MMBtu.

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