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Tuesday's Energy Stocks: Wall Street retreats; utilities notch gains

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Tuesday's Energy Stocks: Wall Street retreats; utilities notch gains

U.S. stocks reversed early gains Tuesday, Sept. 24, after President Donald Trump sharply criticized China's trade policies in an address to the United Nations General Assembly, undermining investor sentiment hoping for an improvement in trade talks between the two countries.

The Dow Jones Industrial Average closed the session down 0.53% to 26,807.77, and the S&P 500 slid 0.84% to 2,966.60.

Energy markets, with the exception of diversified and electric utilities, moved lower as well. The S&P 500 Energy Sector fell 1.63% to 445.38, and the Alerian MLP Index retreated by 1.42% to 236.31.

Lower oil prices also pressured oil and gas companies, with Brent Crude falling by 3.58% to $62.45 per barrel and West Texas Intermediate down 3.14% to $56.80/bbl.

Noting the biggest loss for the session was McDermott International Inc., which posted an 8.51% decrease on more than triple the average volume to settle at $2.15. The company was granted a contract for work in the Shwe gas field offshore Myanmar.

Transocean Ltd. shares were down 7.20% on below-average volume to $5.41 following an announcement that two of its unnamed subsidiaries relinquished their respective stakes in two under-construction drillships to Samsung Heavy Industries Co. Ltd.

Cimarex Energy Co. posted a 5.14% decline in slightly below-average trading to close at $48.18. The company announced changes to its board of directors which included the retirement of former Wyoming Gov. Michael Sullivan.

WPX Energy Inc. shares settled at $10.53, down 3.92% in below-average trade. The company upsized its cash tender offers for senior notes from $450 million to $550 million.

Noble Energy Inc. saw a 3.28% decline on below-average volume to exit the session at $22.67 after starting a cash tender for $1 billion of 4.15% senior notes due 2021.

TOTAL SA fell by 3.22% in above-average trade on the New York Stock Exchange to close at $51.94. Company executives said that the French oil major will concentrate on capital discipline and announced plans to accelerate its dividend growth outlook through 2025 to 5% to 6% per year.

Other oil and gas companies slipped. Marathon Oil Corp. shed 6.72% in above-average trading to $12.22. Helmerich & Payne Inc. shares declined by 5.93% in light trading to close at $40.76. Halliburton Co. posted a 5.43% loss in heavy trading to exit the day at $19.49.

Midstream and pipeline companies retreated as well. Antero Midstream Corp. posted a 3.56% loss in brisk trading to close at $7.04. NuStar Energy LP units declined by 2.73% on average volume to settle at $27.79. EQM Midstream Partners LP shed 2.54% on above-average volume to $31.09.

Solar firms also nudged lower overall. SunPower Corp. tumbled by 7.99% on slightly above-average volume to $13.81. Tesla Inc. saw a 7.47% decrease in heavy trading to exit the session at $223.21.

First Solar Inc. shares fell by 2.72% in above-average volume to $65.48. The company signed a multiyear agreement to supply more than 1.7 GW of its series 6 photovoltaic modules to Intersect Power Inc.

On the other hand, electric and diversified utilities traded mixed to mostly higher. The S&P 500 Utilities Sector added 1.06% to close at 327.93.

A few companies, however, stumbled. PG&E Corp. dropped 5.29% on more than triple average volume to $10.93. Bondholders and wildfire victims are challenging the company's proposed reorganization plan.

Gainers for the session included American Water Works Co. Inc., which posted a 1.87% increase in brisk trade to settle at $124.87. Alliant Energy Corp. added 1.67% to $54.16, and Sempra Energy shares were higher by 1.67% to $144.24, both on below-average volume. MGE Energy Inc. picked up 3.67% to $78.62 in active trading.

NiSource Inc. advanced 1.15% to $29.96 in below-average trading. The National Transportation Safety Board determined the failure of NiSource subsidiary Columbia Gas of Massachusetts to properly plan, review and oversee a natural gas pipeline project was the probable cause of a catastrophic series of fires and explosions in northeastern Massachusetts one year ago

Duke Energy Corp. added 0.92% on roughly average volume to close at $96.28. The company and its subsidiaries filed a shelf registration statement on Sept. 23 for the potential issuance of an unspecified amount of securities.

NRG Energy Inc. gained 0.13% in slightly below-average trading to $39.33 after announcing plans that it will advance its greenhouse gas emissions reduction goals to achieve net-zero emissions by 2050.

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