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Monday's Energy Stocks: El Paso surges 13.5% on takeover deal

El Paso Electric Co.'s stock price jumped 13.54% on more than 11x average trading volume on Monday, June 3, to close at $66.08, leading gains among electric and diversified utilities and the energy sector.

Meanwhile, broader markets closed flat, with the Dow Jones Industrial Average closing up 0.02% at 24,819.78, and the S&P 500 dropping 0.28% to settle at 2,744.45.

El Paso Electric shares surged following the announcement that it will be purchased by Infrastructure Investments Fund, an investment vehicle advised by J.P. Morgan Investment Management Inc., for $68.25 per share in cash.

The purchase price represents a 17% premium to El Paso Electric's closing price May 31 of $58.20. The deal represents an enterprise value of about $4.3 billion, including El Paso Electric's net debt.

Algonquin Power & Utilities Corp. shares were up 0.86% on light volume to close at $11.75. The company agreed to acquire Ascendant Group Ltd., including subsidiary Bermuda Electric Light Co. Ltd., for $365 million in cash.

Sunrun Inc. climbed 1.47% in light trading to end at $15.89. It has priced the securitization of leases and power purchase agreements with a principal amount of $204 million at a 4.00% yield, maturing on June 30, 2054.

Entergy Corp. permanently shut down its 683-MW Pilgrim nuclear facility in Plymouth, Mass., at 5:28 p.m. ET on May 31, after 47 years of operations. The company closed 0.98% up in active trading to $98.02.

Among other electric and diversified utilities, PG&E Corp. gained 4.62% to finish at $17.89; MGE Energy Inc. increased 3.68% to $68.68; Clearway Energy Inc. advanced 2.51% to $14.69; and Edison International added 2.04% to close at $60.58. One losing stock on the day was TransAlta Corp., down 2.57% to C$8.71 on the Toronto Stock Exchange.

The S&P 500 Utilities Sector rose 1.03% to conclude at 296.99.

Among oil and gas companies, Range Resources Corp. saw a 3.71% increase to finish at $8.11; Apache Corp. rose 3.15% to settle at $26.89; and Marathon Petroleum Corp. picked up 2.48% to end at $47.13, all in active trading.

Sunoco LP completed the sale of a corn ethanol facility and grain malting operations in New York to Attis Industries Inc. for $20 million in cash. The partnership closed up 1.17% in light trading to $30.31.

The S&P 500 Energy Sector added 1.37% to close at 438.01, and the Alerian MLP Index picked up 0.71% to settle at 245.56.

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