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Monday's Energy Stocks: US markets close higher on trade optimism

After nudging higher in early trade, U.S. stocks ended the first session of the new workweek Monday, Oct. 21, with gains amid optimism over tariff talks between the U.S. and China.

The Dow Jones Industrial Average added 0.21% to close at 26,827.64, and the S&P 500 settled at 3,006.72, up 0.69%.

Oil and gas companies posted mixed to ultimately higher moves, with the S&P 500 Energy Sector rising 1.86% to 428.49 and the Alerian MLP Index closing the Monday session up 0.07% to 222.13.

Halliburton Co. notched the largest gains of the day. It advanced 6.40% in double average volume to $19.61 after CEO Jeffery Miller said the oilfield service company was planning $300 million in cost cuts despite meeting third-quarter earnings expectations.

Other gainers included Helmerich & Payne Inc., which rose 5.11% in light trading to $38.43. EOG Resources Inc. gained 5.00% in brisk trade to close at $67.66. Schlumberger Ltd. shares settled at $33.59, up 3.96% in above-average trading.

Range Resources Corp. noted a 3.53% increase in below-average trading to $3.81 after announcing a number of financial moves to boost liquidity and reduce debt, which includes a $100 million share repurchase program.

Crescent Point Energy Corp. added 2.91% in light trading on the New York Stock Exchange to $3.89 after announcing Oct. 18 that it closed the sale of its Uinta Basin assets and some of its conventional assets in southeastern Saskatchewan to undisclosed buyers for about C$912 million in cash.

Chevron Corp. shares were up 1.63% on below-average volume to close at $116.61. The U.S. Treasury Department on Oct. 21 issued a 90-day waiver extension allowing the oil major to operate in Venezuela.

TOTAL SA said Oct. 21 that it teamed up with Zhejiang Provincial Energy Group Company Ltd. to establish a marine fuels company in Zhoushan, China. The French oil major's shares were up 1.05% in light trading in the New York Stock Exchange to settle at $52.01.

Conversely, EQT Corp. shares were down 1.65% on below-average volume to $9.55.

McDermott International Inc. fell 13.19% on more than triple average volume to $2.04 after signing a financing agreement of up to $1.7 billion with secured lenders. The company also plans to go through with selling the remaining part of its U.S. pipe fabrication business while also terminating the sale of its industrial storage tank business.

Callon Petroleum Co. shed 2.88% in below-average trading to $3.71 despite expecting an 8% year-on-year increase in third-quarter production.

Among midstream and pipeline partnerships, gainers included Genesis Energy LP, which added 1.47% to $21.45. DCP Midstream LP's units were up 1.00% to $23.29 and Energy Transfer LP saw an increase of 0.94% to $12.86, all in below-average trading. NGL Energy Partners LP shed 1.40% in below-average volume to exit the Monday session at $11.29.

Hess Midstream Partners LP units were down 2.03% in light trading to $20.71 after the company announced Oct. 21 that it garnered about $794.6 million in valid tenders to exchange senior notes issued by Hess Infrastructure Partners LP and its subsidiary for new Hess Midstream notes.

Electric and diversified utilities also leaned higher, with the S&P 500 Utilities Sector closing the session up 0.37% to 325.13.

Notable movers included PG&E Corp., adding 3.61% to $8.04, and PPL Corp., with a 1.94% increase to $32.65, both in below-average trading. Entergy Corp. shares closed at $119.02, up 0.74% in average trading.

DTE Energy Co. shares were up 1.46% on near-average volume to $129.20. Fitch Ratings on Oct. 18 put the company on rating watch negative after DTE announced a $2.25 billion deal to acquire a gathering system and gathering pipeline in the Haynesville Shale of Louisiana.

Consolidated Edison Inc.Inc. saw a 1.30% increase in above-average trading to $92.68. In an Oct. 18 filing, the company said its subsidiary Consolidated Edison Co. of New York Inc. and the staff of the New York State Public Service Commission reached a proposed settlement of the utility's three-year electric and gas rate plans.

Solar companies leaned mixed to ultimately higher for the day. SunPower Corp. climbed 6.26% in active trading to $10.18. Canadian Solar Inc. gained 2.32% to $18.53 and First Solar Inc. rose by 2.03% to $56.34, both in below-average trading.

The coal sector saw losses, with CNX Resources Corp. falling 2.69% to $7.23 and Peabody Energy Corp. shares down 0.78% to $15.28, both in light trading.

On the other hand, Contura Energy Inc. closed at $23.03, up 3.46%, on below-average volume after announcing that it completed a bonding deal for the Eagle Butte and Belle Ayr thermal coal mines in the Powder River Basin, which would allow their transfer to FM Coal LLC affiliate Eagle Specialty Materials LLC.

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