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Tuesday's Energy Stocks: Hallador down 5.66% on Q4 results; CNX drops 5.08%

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Tuesday's Energy Stocks: Hallador down 5.66% on Q4 results; CNX drops 5.08%

Broader markets slid into negative territory on Tuesday, March 13, following the exit of Secretary of State Rex Tillerson, while energy stocks had a mixed day led by utilities.

The Dow Jones Industrial Average declined 0.68% to end the day at 25,007.03, and the S&P 500 shed 0.64% to close at 2,765.31. The SNL Energy Index increased 0.02% to finish the session at 271.01.

Among coal producers, Hallador Energy Co. shares dropped 5.66% to end a robust session at $6.33, after reporting net income of $21.4 million in the last quarter of 2017, or 69 cents per basic and diluted share, up from a net loss of $3.8 million in the last quarter of 2016.

CNX Resources Corporation shares lost 5.08% to end a heavy trading session at $16.25, while Peabody Energy Corp. stock spiked 2.11% on normal volume to finish at $39.22.

Offshore driller W&T Offshore Inc.'s share price gained 3.44% to close the day at $3.91 on slightly above-average volume. W&T struck joint exploration and development agreements with a number of investors for up to 14 drilling projects in the Gulf of Mexico over the next three years.

Among top performers, Spectra Energy Partners LP shares grew 2.01% to finish the day at $40.65 on high volume, and Holly Energy Partners LP units gained 1.36% to end the session at $30.47 on slim volume.

On the other hand, CVR Refining LP shares slipped 2.96% to end the day at $13.10 on strong volume, and NGL Energy Partners LP stock retreated 3.29% on below-average volume to finish at $11.75.

TerraForm Power Inc, First Solar Inc. and SunPower Corp. posted losses on Tuesday. TerraForm Power's shares slid 1.74% to end a light session at $11.27, First Solar shares declined 1.28% to close at $69.15 on thin volume and SunPower stock shed 1.24% on light volume to wrap up the day at $7.19.

In the diversified utilities sector, Sempra Energy's shares grew 0.87% to wrap up a slow day at $110.70. Several rating agencies upgraded their ratings for Sempra after it closed its long-sought acquisition of a majority in Oncor Electric Delivery Co. LLC.

S&P upgraded Oncor's issuer credit rating to A from BBB+ and its first-mortgage bonds to A+ from A, and Fitch raised Oncor's senior secured debt to A from BBB+, along with upgrading the Texas transmission and distribution utility's long-term issuer default rating to BBB+ from BBB. Meanwhile, Moody's upgraded Oncor's senior secured rating to A2 from A3 and changed the ratings outlook to stable from positive.

Edison International stock outperformed, climbing 3.09% to close a brisk session at $62.06. The SNL Electric Company Index rose 0.52% to close at 465.70.

April natural gas backed off an early high of $2.811/MMBtu to settle only slightly stronger as support from the weather was exhausted. April natural gas futures on the New York Mercantile Exchange closed 0.8 cent higher at $2.786/MMBtu.

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

This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global Ratings, a separately managed division of S&P Global. Descriptions in this news article were not prepared by S&P Global Ratings. The original S&P Global Ratings documents referred to in this news brief can be found here.