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Tuesday's Energy Stocks: MLPs lead sector, broader market gains


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Tuesday's Energy Stocks: MLPs lead sector, broader market gains

Stocks were up across the board on Tuesday, Jan. 8, with most energy equities performing better than broader markets. The Dow Jones Industrial Average saw a 1.09% increase to finish at 23,787.45, and the S&P 500 added 0.97% to end at 2,574.41.

Master limited partnerships posted the biggest gains for the day as the Alerian MLP Index advanced 2.42% to close at 249.01. The S&P 500 Utilities Sector picked up 1.26% to 269.43, and the S&P 500 Energy Sector added 0.83% to end the day at 452.87.

EQT Corp. advanced 3.09% in below-average trading to settle at $20.35, after it laid off managers and workers in a bid to streamline its operations and deliver free cash flow with modest growth. EQT's new CEO, Robert McNally, said in a letter that the company expects to save $50 million per year after the restructuring, which he said involved stripping out "layers" of management and a reduction in the workforce.

Enbridge Inc. subsidiaries Enbridge Energy Partners LP and Spectra Energy Partners LP are seeking consents from holders of certain series of notes to amend the indentures governing the notes. The parent company closed up 2.06% in average trading to $34.20.

Following reviews conducted by participating creditors, Sanchez Midstream Partners LP's total borrowing base under its credit facility was set at $303.1 million. The partnership advanced 3.43% on light volume to $2.41.

Chesapeake Energy Corp. shares climbed 3.38% on strong volume to settle at $2.45, after an Emerge Energy Services subsidiary agreed to provide sand used in hydraulic fracturing to Chesapeake. Emerge Energy Services rose 11.56% on light volume to finish at $2.22.

In the electric and diversified utility sector, PG&E Corp. extended its losing streak as its stock price declined 7.34% on nearly 3x average volume to settle at $17.56.

S&P Global Ratings downgraded PG&E and its utility subsidiary Pacific Gas and Electric Co. from an investment grade credit rating of BBB- to a speculative rating of B, citing an eroding political and regulatory environment. The rating agency said it will continue to keep PG&E's ratings on creditwatch negative, and further downgrades are possible.

IDACORP Inc. stock picked up 3.24% to $92.85 on roughly average volume. Southern Co. climbed 2.85% in brisk trading to close at $45.88, and Sempra Energy added 2.80% on light volume to end at $113.53. Meanwhile, Clearway Energy Inc. gave up 5.20% to $15.67 in above-average trading.

Hydro One Ltd. increased 1.78% in active trading on the Toronto Stock Exchange to finish at C$20.54, while Avista Corp. dropped 0.05% on below-average volume to $41.72, after Washington state utility regulators declined to reconsider their earlier rejection of the companies' merger plan.

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