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Monday's Energy Stocks: Investors move into utilities with new 52-week highs touched

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Monday's Energy Stocks: Investors move into utilities with new 52-week highs touched

TheSNL Energy Index moved 0.03% lower to 267.86 on Monday, May 2, amid severalcomponents touching 52-week highs.

hit a high of$66.10 and closed up 0.29% to $66.05, CenterPointEnergy Inc. reached a high of $21.75 and closed up 1.17% to $21.70and PPL Corp. hit ahigh of $38.58 and settled up 1.89% to $38.35. ITC Holdings Corp. registered a new high of $44.68 andsettled up 0.91% to $44.47 and PortlandGeneral Electric Co. touched a high of $40.69 and closed up 1.96%to $40.50.

rose 0.20% inweak trading to finish at $78.94 after its subsidiary an agreement to acquire a 30-MWsolar portfolio. The company is also set to report its first-quarter earningstomorrow, May 3, before market hours.

Amongmerchant generators, CalpineCorp. fell 2.85% in light trading to close at $15.33, shed 2.95% in thinvolume to finish at $17.11 and NRGEnergy Inc. slid 1.32% in brisk trading to end at $14.90. The SNLMerchant Generator Index lost 0.84% to 97.87.

Analystsfrom Morgan Stanley are projectinglower prices across all zones in the upcoming PJM Interconnection LLC 2019/2020Base Residual Auction, or BRA.

Ledby Stephen Byrd, analysts with Morgan Stanley said in a May 2 note that theyare calling for a lower RTO/MAAC clearing price of about $120/MW-day to$140/MW-day in this year's auction. This would compare to the RTO clearingprice of $164.77/MW-day in last year's BRA for delivery year 2018/2019.

Junenatural gas futures tumbled in the week's opening session, lacking the fundamentalsupport to hold pre-weekend gains driven by reports of an explosion on SpectraEnergy Corp's 36-inch Texas Eastern pipeline in western Pennsylvania. Thecontract fell to a $2.033/MMBtu low and settled at $2.042/MMBtu, down 13.6 cents on the session.

Inthe midstream space, MidcoastEnergy Partners LP sank 13.02% to $6.95 and dipped0.09 to $21.62 after releasing their first-quarterresults. The two companies also announced that they are strategic alternativesfor Midcoast Operating LP,a gas business they jointly own.

mayhave spent more than two years trying to buy Williams Cos. Inc., but the Dallas-based Energy Transferfamily will be more stable if its bid for the natural gas midstream giant doesnot come to fruition, analysts said.ETE shares dropped 2.49% to $12.12 and Williams shares declined 2.99% to$18.81, both in thin volume.

fell 2% in weak trading to close at $14.24 after its quarterly distribution by4.2%. The partnership will report its first-quarter results before market hourson May 3.

TheSNL Midstream Energy Index fell 1.31% to 106.87.

Amongcoal stocks, Alliance ResourcePartners LP rose 0.13% in active trading to end at $15.67,CNX Coal Resources LPgained 2.43% in heavy trading to close at $9.68 and dropped 8.21% inbelow-average volume to finish at $1.79. The SNL Coal Index advanced 1.29% to51.47.

TheDow Jones Industrial Average rose 0.66% to 17,891.16 and the S&P 500climbed 0.78% to 2,081.43.

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