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Friday's Energy Stocks: Wall Street declines as investors digest latest tariffs

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Friday's Energy Stocks: Wall Street declines as investors digest latest tariffs

Broader markets closed lower Friday, Aug. 2, as investors reflected on the latest and largest imposition of tariffs to date on imports from China.

As energy companies reported quarterly earnings, the oil and gas sector closed lower while electric and diversified utilities managed gains.

The Dow Jones Industrial Average closed 0.37% lower to 26,485.01, and the S&P 500 retreated 0.73% to 2,932.05.

PNM Resources Inc. slid 2.64% on strong volume to settle at $49.14. The company announced ongoing net earnings of $29.3 million, or 37 cents per share, in the second quarter of 2019, down from $42.3 million, or 53 cents per share, a year ago.

Vistra Energy Corp. advanced 2.27% on average volume to end at $22.04. It reported adjusted EBITDA from ongoing operations of $707 million in the second quarter of 2019, improving from $663 million in the same period of 2018.

Broadwind Energy Inc. declined 2.14% in brisk trading to close at $1.83, after it reported second-quarter adjusted EBITDA of $1.9 million, compared to $2.1 million in the same quarter of 2018.

Ameren Corp. shares shed 1.17% on heavy volume to finish at $75.74. The company posted net income attributable to common shareholders of $179 million, or 72 cents per share, down from $239 million, or 97 cents per share, in the prior-year period.

Portland General Electric Co. retreated 1.81% on brisk volume to close at $54.40, after announcing net income of $25.0 million, or 28 cents per share, in the 2019 second quarter, down from $46.0 million, or 51 cents per share, in the prior-year quarter.

Consolidated Edison Inc. was up 0.23% in strong trading to finish at $86.13, after recording adjusted earnings of $189 million, or 58 cents per share, compared to $189 million, 61 cents per share, in the same period in 2018.

Alliant Energy Corp. closed up 0.30% on below-average volume to $50.13, after it reported net income attributable to its shareholders of $94.6 million, or 40 cents per share, in the second quarter of 2019, compared to $100.4 million, or 43 cents per share, in the same quarter of 2018.

The S&P 500 Utilities Sector saw a 0.05% increase to 305.10.

In the oil and gas sector, Noble Energy Inc. shares shot 7.41% higher on heavy volume to reach $21.88, after it reported adjusted net loss attributable to the company of $49.0 million, or a loss of 10 cents per share, dropping from an income of $81.0 million, or 17 cents per share, in the year-ago quarter.

SM Energy Co.'s stock price jumped 10.38% on strong volume to close at $10.00, after reporting an adjusted net income of $1.3 million, or 1 cent per share, in the second quarter, down from the $16.8 million, or 15 cents per share, posted for the same period a year ago.

Shares of National Fuel Gas Co. closed up 4.25% in heavy trading to finish at $48.86. The company booked adjusted operating results of $61.8 million, or 71 cents per share, for the fiscal third quarter, down from $63.3 million, or 73 cents per share, in the prior-year quarter.

California Resources Corp. lost 9.31% on heavy volume to finish at $11.89, after reporting net income attributable to common stock of $12 million, or 24 cents per diluted share, for the second quarter of 2019. The company recorded an adjusted net loss of $14 million, or 29 cents per diluted share.

Gulfport Energy Corp. shed 1.43% in brisk trading to finish at $3.44. The company reported $33.3 million, or 21 cents per share, in adjusted net income for the second quarter, compared to $57.0 million, or 33 cents per share, in the year-ago quarter.

Exxon Mobil Corp.'s stock price slid 0.98% in active trading to end at $71.75. The company recorded GAAP net income of $3.13 billion, or 73 cents per share, for the second quarter, down from $3.95 billion, or 92 cents per share, in the same quarter a year ago.

EOG Resources Inc. added 1.71% on brisk volume to $82.46, after reporting a second-quarter adjusted net income of $762.3 million, or $1.31 per share, down from $794.9 million, or $1.37 per share, in the year-ago quarter.

TechnipFMC PLC saw a 3.97% decrease in above-average trading to close at $25.66. The company's subsidiary Technip France SA is partnering with Saipem SpA for the development of the Arctic LNG 2 project.

Chevron Corp. lost 0.01% on strong volume to finish at $120.73, after posting GAAP net income of $4.31 billion, or $2.27 per share, for the second quarter, up from $3.41 billion, or $1.78 per share, a year ago.

Canada's Imperial Oil Ltd. declined 3.80% in brisk trading on the Toronto Stock Exchange to close at C$34.14. The company booked GAAP net income of C$1.21 billion, or C$1.57 per share, for the second quarter, topping C$196.0 million, or 24 Canadian cents per share, a year ago.

Pembina Pipeline Corp. was up 1.34% in active trading on the Toronto Stock Exchange to end at C$49.10, after posting second-quarter adjusted EBITDA of C$765 million, an increase from the C$700 million reported in the prior-year quarter.

The S&P 500 Energy Sector declined 1.35% to 445.85, and the Alerian MLP Index retreated 0.85% to 242.26.

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