Wall Street stocks closed the Tuesday, Dec. 17, session slightly higher as investors took into account reports of strong housing and manufacturing data. The Dow Jones Industrial Average added 0.11% to 28,267.16, and the S&P 500 nudged higher by 0.03% to 3,192.52.
Major energy indices, with the exception of oil and gas companies, closed the session with modest increases.
Posting the biggest gains of the session was Tallgrass Energy LP, which advanced 21.05% on 40x the average volume to $22.14. The partnership agreed to sell all of its shares to affiliates of The Blackstone Group Inc.'s infrastructure arm Blackstone Infrastructure Partners and other buyers for $22.45 per share.
Other notable movers among midstream and pipeline partnerships included Antero Midstream Corp., which added 5.69% in above-average trading to $6.32. Western Midstream Partners LP gained 3.83% to $20.08, and EQM Midstream Partners LP closed 3.47% higher to $26.27, both in active trading.
Hess Midstream Partners LP posted a 4.61% increase on more than twice the average volume to $21.78 following a Dec. 16 announcement that it completed the $6.2 billion acquisition of Hess Corp.'s and Global Infrastructure Partners' ownership interests in Hess Infrastructure Partners LP.
Conversely, Energy Transfer LP slipped by 1.41% on higher-than-average volume to close at $12.62.
The Alerian MLP Index exited the Dec. 17 session up 1.56% to 215.97.
Among oil and gas companies, Range Resources Corp. gained 4.64% to $4.74 and Cimarex Energy Co. added 2.91% to $50.26, both in below-average trading. Marathon Oil Corp. noted a 1.83% increase in average trading to $13.37. On the other hand, Cabot Oil & Gas Corp. fell 1.18% on below-average volume to $16.69.
Noble Energy Inc. shed 0.26% on nearly double average volume to $22.70. The company and its master limited partnership, Noble Midstream Partners LP, said that they will voluntarily transfer their listings from the NYSE to the Nasdaq Global Select Market, effective after markets close Dec. 27. Noble Midstream Partners closed 1.35% higher 4x the average volume to $25.56.
The S&P 500 Energy Sector closed the Tuesday session down 0.04% to 447.47.
Among electric and diversified utilities, PG&E Corp. saw its shares rise by 12.82% in heavy trading to $10.91 following a Dec. 16 announcement that the company and its utility subsidiary Pacific Gas and Electric Co. reaffirmed their support of a previously announced $13.5 billion settlement with wildfire victims.
Other gainers included Southern Co., which added 2.30% on more than twice the average volume to $63.70. Georgia regulators approved a three-year rate plan for utility subsidiary Georgia Power Co. DTE Energy Co. nudged higher by 0.93% in active trading to $128.67. Eversource Energy posted a 0.91% gain on lower-than-average volume to $82.80, while AES Corp. ran the other way and fell 2.32% on above-average volume to settle at $18.92.
Also declining was TransAlta Corp., down 2.84% to C$8.88 in near-average trading on the Toronto Stock Exchange.
AltaGas Ltd. noted a 3.61% gain in heavy trading on the Toronto Stock Exchange to C$19.78. The company plans to lower its 2020 capital spending and focus on projects in its low-risk utility business.
New Jersey Resources Corp. added 1.42% on above-average volume to $44.97 after securing a four-month $150 million revolving line of credit facility with PNC Bank NA.
The S&P 500 Utilities Sector closed the day with a 0.24% increase to 324.48.
Mixed to lower moves were seen across coal companies. Peabody Energy Corp. fell 7.17% on above-average volume to $9.58. Arch Coal Inc. shed 3.65% in near-average trading to $73.89 while CNX Resources Corp. added 5.39% on strong volume to $8.21.
In the solar sector, Canadian Solar Inc. noted a 3.04% gain in roughly average trading to $21.33 while First Solar Inc. slipped by 0.41% in light trading to settle at $56.30.
Market prices and index values are current as of the time of publication and are subject to change.