Broader markets capped the Monday, June 4, trading session with gains while utilities and oil and gas companies settled into negative territory. The Dow Jones Industrial Average lifted 0.72% to close at 24,813.69, while the S&P 500 rose 0.45% to finish the trading session at 2,746.87.
Among utilities, NiSource Inc. shed 1.01% on about average volume to end at $24.49, after launching a cash tender offer for up to $760.2 million of three series of its outstanding debt securities.
WEC Energy Group Inc. shares declined 1.24% in slightly below-average trading to settle at $61.55. The company has filed an automatic shelf registration for the potential sale of an unspecified amount of debt securities from time to time. Also, Moody's Investors Service on June 1 put the company's long-term ratings on review for downgrade, expressing concern about elevated levels of holding company debt.
MDU Resources Group Inc. climbed 1.27% on brisk volume to conclude the day at $27.92. The company has acquired Little Falls, Minn.-headquartered Tri-City Paving Inc., a general contractor and aggregate, asphalt and ready-mix concrete supplier.
TransAlta Corp. shares ticked up 0.98% on light volume to close at $5.15. Moody's changed its outlook on the company to positive from stable, citing TransAlta's transition away from coal-fired generation in Alberta and its debt reduction program. The positive outlook reflects Moody's view that TransAlta will continue with its plan to achieve its stated goal of a funds from operations to debt ratio of 25% to 30% by the end of 2020.
The S&P 500 Utilities Sector receded 0.85% to settle at 250.88.
Most oil and gas companies settled on the negative side of the ledger, as the S&P 500 Energy Sector retreated 0.92% to close at 556.21. Among major components, Exxon Mobil Corp. dropped 1.05% to close at $80.97; Chevron Corp. settled 1.28% lower to $122.26; and Anadarko Petroleum Corp. lost 2.41% to finish at $69.34, all in below-average trading.
Transocean Ltd. was down 2.72% in light trading to settle at $12.51. The company appointed Senior Vice President of Operations Keelan Adamson to assume the responsibilities of retiring Executive Vice President, COO and Chief Performance Officer John Stobart.
In the midstream sector, Magellan Midstream Partners LP finished 0.51% higher in average trading to close at $70.47, after launching a supplemental open season to seek shipper contracts for another possible expansion of the western leg of its refined petroleum products pipeline system in Texas. Depending on the results of the supplemental open season, Magellan would expand the system by adding another 35,000 barrels per day of capacity, raising its total capacity to 185,000 bbl/d.
EQT Corp. lost 2.66% to $50.53, though EQT Midstream Partners LP gained 2.03% to $57.87. MPLX LP rose 1.36% to $36.58, and Energy Transfer Partners LP climbed 1.15% to $19.42. The Alerian MLP Index lifted 0.65% to 270.85.
Market prices and index values are current as of the time of publication and are subject to change.
