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Monday's Energy Stocks: Western Refining up 3.37% on Andeavor Logistics merger

The stock market enjoyed gains during the first trading day of the week as investors saw less geopolitical tension between the United States and North Korea. On Monday, Aug. 14, the Dow Jones Industrial Average closed up 0.62% at 21,993.71, while the S&P 500 inched up 1.00% to 2,465.84.

Andeavor Logistics LP slid 1.41% on strong volume to end at $47.63, while Western Refining Logistics LP rose 3.37% in heavy trading to finish at $24.55, after striking a unit-for-unit merger agreement worth about $1.8 billion. Their parent company, Andeavor Corp., also initiated a financial repositioning of Andeavor Logistics through a $3.8 billion buy-in of the partnership's incentive distribution rights. Andeavor shares added 0.83% in light trading to finish at $95.20.

EQT Corp. retreated 1.76% in light trading to finish at $61.82, and Rice Energy Inc. declined 1.66% on below-average volume to settle at $27.17. In a letter to the board of directors, activist hedge fund JANA Partners LLC said that EQT's management is being propelled to complete a "value-destroying" $6.7 billion merger with neighbor Rice Energy because a "perverse" compensation scheme at the Appalachian shale gas driller would put millions in the pockets of its CEO and former CEO. Analysts disagreed with JANA's assessment of the deal.

On the power side, Canadian Solar Inc. shed 3.26% in robust trading to close at $16.64, after reporting a non-GAAP net loss attributable to the company of $9.1 million, or a loss of 15 cents per share, for the second quarter of 2017. The S&P Capital IQ consensus normalized estimate was a loss of 25 cents per share for the most recent quarter.

Among other solar stocks, First Solar Inc. added 2.80% in light trading to end the day at $48.87, TerraForm Power Inc rose 2.38% on slim volume to finish at $12.91 and Sunrun Inc. finished 2.05% higher in weak trading to close at $6.96.

First Solar won a 241-MW module supply contract from RCR Tomlinson Ltd. for Edify Energy's 180.7-MW Daydream and 60.2-MW Hayman solar facilities in Queensland, Australia.

In coal territory, Ramaco Resources Inc. tumbled 5.56% in strong trading to settle at $6.80, after it booked a net loss of $3.5 million in the second quarter. The company's net loss per share was 9 cents during the quarter, missing the S&P Capital IQ consensus normalized EPS estimate of 3 cents.

NYMEX September natural gas futures breached $3/MMBtu resistance, reaching $3.018/MMBtu on Monday, Aug. 14, but turned lower into the settle as the market considered the gains overdone. Ticking to a $2.925/MMBtu low, the contract settled 2.4 cents lower on the session at $2.959/MMBtu.

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