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Monday's Energy Stocks: Dominion Midstream drops 14.81% on rough day for MLPs

Broader markets tumbled on Monday, March 19, driven largely by a selloff in technology shares, with the declines extending to the energy sector.

The Dow Jones Industrial Average lost 1.35% to close the day at 24,610.91, and the S&P 500 slipped 1.42% to finish the day at 2,712.92.

Although many oil and gas pipeline master limited partnerships have sought to reassure investors about the impact of a tax accounting change by the Federal Energy Regulatory Commission that will reduce some pipeline rates, midstream stocks had another rough session.

Dominion Energy Midstream Partners LP shares fell 14.81% to close the day at $18.40 on more than seven times the average volume and Shell Midstream Partners LP units dropped 6.60% to end a robust session at $22.78.

TC PipeLines LP gained 4.00% in heavy volume to finish at $37.18.

In renewables, Canadian Solar Inc stock jumped 7.17% on brisk volume to close the day at $16.60. The company reported net income attributable to the company for fourth quarter 2017 of $61.4 million, or $1.01 per diluted share, up from a net loss of $13.3 million, or 23 cents per diluted share, in the fourth quarter of 2016. Canadian Solar management said March 19 the company will continue to focus on asset sales in 2018, with approximately 47% of 2018 revenues expected to come from the sale of power plants in the U.S., Japan, China and the U.K.

Ormat Technologies Inc. shares grew 1.95% to finish a brisk session at $55.28 after releasing an income statement calculating the tax impact on its fourth-quarter 2017 financial results. Ormat's quarterly net income attributable to company shareholders was $66.0 million, or $1.29 per diluted share, compared to net income of $28.2 million, or 56 cents per share, in the same period of 2016.

Avista Corp. and Hydro One Ltd. announced March 16 a settlement, including the Washington Utilities and Transportation Commission staff, over the companies' proposed merger. Avista shares added 0.63% on below-average volume to close at $51.49, and Hydro One climbed 0.63% to finish at $20.66 on low volume.

AES Corp. shares declined 0.65% to finish the day at $10.77 on thin volume. S&P Global Ratings raised its corporate credit rating on the company to one notch below investment grade on expectations of the company accelerating debt reduction with proceeds from asset sales.

TerraForm Power Inc shares slid 2.84% to finish at $10.93 on high volume. The company issued a registration statement for $400 million in class A common shares. Dynegy Inc. shares slipped 2.34% to close a slow day at $12.94.

In coal, CNX Resources Corporation stock declined 0.65% to finish an active day at $15.40, after terminating its tender offer for $500 million of 8% senior notes due 2023 in connection with the company's decision to cancel a concurrent private offering of senior notes due 2026.

April natural gas futures on the New York Mercantile Exchange turned lower after posting early gains. The contract settled 3.7 cents lower at $2.651/MMBtu while trading from $2.640/MMBtu to $2.710/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 and here.