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Thursday's Energy Stocks: SCANA continues slide on Dominion merger setbacks

Broader U.S. benchmarks posted mixed results on Thursday, Feb. 1, with energy stocks following the same trend.

The Dow Jones Industrial Average advanced 0.14% to finish the day at 26,186.71, while the S&P 500 lost 0.06% to close at 2,821.98. The SNL Energy Index kicked off the month shedding 0.63% to wrap the session at 283.49.

In the midstream sector, MPLX LP saw units rise 2.02% on brisk trading to close at $37.95 after releasing fourth-quarter financial results. The master limited partnership posted adjusted EBITDA of $569.0 million in fourth-quarter 2017, up from $391.0 million during the same period of the prior year. MPLX is also looking to grow its presence in the southwestern U.S. and seek opportunities in the long-haul transportation business.

MPLX general partner Marathon Petroleum Corp. shares retreated 0.84% to finish at $68.69 on high volume after the company reported $2.02 billion in fourth-quarter earnings on strong performance from its refining and marketing segment.

On its earnings call, Marathon management outlined increased capital expenditure plans of $3.97 billion during 2018. The company also closed its $8.1 billion drop-down of refining logistics assets and fuels distribution services to MPLX.

The SNL Midstream Energy Index gained 0.53% to close at 114.31.

Among gas utilities, Spire Inc. stock declined 4.96% in heavy trading to finish at $63.20 after the release of quarterly results. The company posted adjusted net income of $57.9 million, or $1.19 per share, in the fiscal first quarter, up from $47.5 million, or $1.04 per share, a year ago.

The SNL Gas Utility Index declined 1.26% to finish at 552.24.

In power, NRG Energy Inc. spiked 1.61% to close at $26.43 on below-average volume, while Ormat Technologies Inc. lost 1.00% to close a light session at $69.38.

In renewables, Advanced Energy Industries, Inc. completed the acquisition of privately held Trek Holding Co. Ltd. in an all-cash transaction valued at about $12 million. Advanced Energy stock grew 2.38% in light trading to end the session at $72.82.

The SNL Merchant Generator Index decreased 0.01% to end the day at 106.50.

In electric utilities, SCANA Corp. stock took a hit when the Public Service Commission of South Carolina issued a directive denying an expedited hearing in Dominion Energy Inc.'s plans to acquire the company. SCANA shares slid 3.86% to close heavy trading at $39.07, and Dominion's shares lost 0.71% on above-average volume to finish at $75.90. SCANA shares opened the week Jan. 29 at $43.30.

WEC Energy Group Inc. stock gave up 2.64% in brisk trading to finish at $62.60 after releasing financial results. The company reported adjusted net income for full-year 2017 of $997 million, or $3.14 per share, up from $941.1 million, or $2.97 per share in 2016.

The SNL Electric Company Index lost 1.45% to close at 472.07.

March natural gas futures were sharply lower as natural gas inventories fell by less than both expectations and the five-year average. The contract traded to a $2.837/MMBtu better-than-three week low following the midmorning release of the latest storage data and closed the session 13.9 cents lower at $2.856/MMBtu.

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