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Midstream giant holds on to top spot by market cap in Q3 despite losses

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Midstream giant holds on to top spot by market cap in Q3 despite losses

Midstream giant Enterprise Products Partners LP held the top spot on thelist of top 20 SNL-covered energy companies by market capitalization at the endof third quarter 2016. Among power companies, and maintainedtheir second and third spots, respectively, during the period ended Sept. 30despite recording market cap declines.

At approximately $57.87 billion as of Sept. 30, EnterpriseProducts Partners took the first spot in spite of a market cap decrease of 5.5%between June 30 and Sept. 30. During the third quarter, Wall Street analystsheld a bullishoutlook on Enterprise after dropping its bid to acquire Williams Cos. Inc.

Power companies reflected a negative trend in their marketcap during the third quarter of 2016 with Public Service Enterprise Group Inc. showing a declineof 10%. PSEG's rank slipped to No. 18 spot with a market cap of $21.18 billionas of Sept. 30. Shares of PSEG closed at $46.50 on July 1 and retreated to$41.87 at the close of trading Sept. 30.

NextEra Energy recorded a market cap of about $57.14 billionas of Sept. 30, down 5.2% from the second quarter. In the third quarter,NextEra Energy reached an $18.7billion deal to acquire Oncor Electric Delivery Co. LLC, as part of thebankruptcy reorganization of its majority owner,

With a market cap of $55.14 billion as of Sept. 30, DukeEnergy recorded a 6.7% drop in its market cap from the second quarter. DukeEnergy received finalblessing for its deal to acquire Piedmont Natural Gas Co. Inc. during the third quarter.

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Kinder MorganInc. recorded a market cap of $51.63 billion and held the fourthspot as of Sept. 30, a 23.7% increase from the second quarter. Highlightsfrom the quarter include Kinder Morgan's agreement to a 50% stake in its 7,600-mileSouthern Natural Gas Co. LLCpipeline system to SouthernCo. for $1.47 billion.

Improving its ranking, Williams Cos. Inc. held the No. 14spot with a market cap of approximately $23.07 billion as of Sept. 30. Thecompany recorded a significant 42.1% increase in its market cap between June 30and Sept. 30. Williams' shares closed at $20.56 on July 1 and increased to$30.73 at the close of trading Sept. 30. The company was an acquisition targetof Energy Transfer Equity LPbut the deal fellapart in June.

Despite a 7% decline, Edison International improved its ranking to 12th with amarket cap of $23.54 billion as of Sept. 30. During the quarter, EdisonInternational subsidiary SouthernCalifornia Edison Co. asked for an increase of $2.3 billion in total revenuesover a three-year rate period starting in 2018. Also during the quarter, anaffiliate of Edison International made a stalking horse bid for a portfolio of solar projects inMinnesota which was approved by a federal judge.

AmericanElectric Power Co. Inc., Exelon Corp. and PPL Corp. recorded an 8.4% decline in market cap as ofSept. 30. AEP maintained its seventh spot with a market cap of $31.57 billion,Exelon slipped to ninth among the top 20 energy companies with $30.72 billionmarket cap and PPL recorded a market cap of $23.44 billion as of Sept. 30.  

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