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Tuesday's Energy Stocks: Merchant equities climb higher as SunEdison weighs on sector

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Tuesday's Energy Stocks: Merchant equities climb higher as SunEdison weighs on sector

Shares of SunEdisonInc. tumbled 54.76% on brisk volume to finish at 57 cents on Tuesday,March 29, after it was reportedthat the SEC is investigating the company's cash disclosures and an affiliate warnedthat the project developer could be headed for bankruptcy. Due to "liquiditydifficulties, there is a substantial risk that SunEdison will soon seek bankruptcyprotection," TerraForm GlobalInc., one of SunEdison's yieldco affiliates, said.

The company's shares sank to a 52-week low to 50 cents per shareat 11:30 a.m. ET. TerraForm Global sharesfell 18.80% to $2.03, after hitting a 52-week low of $1.92 during the session.

Maxim Power Corp.shares tumbled 3.68% in strong trading to close the day at C$2.88, after it improved financial resultsfor the fourth quarter of 2015, thanks to the sale of emissions credits. The company'sadjusted EBITDA for the most recent quarter totaled C$8.2 million, versus an adjustedEBITDA loss of C$1.4 million in the fourth quarter of 2014.

Although SunEdison and Maxim Power were hammered, most of themerchant generator stocks ended the Tuesday session in the green zone.

Dynegy Inc.shares rose 5.16% to settle at $13.86, TalenEnergy Corp. saw a 5.04% increase to $8.54, while NRG Yield Inc. shares lifted 4.74% to $13.70. shares finished4.42% higher at C$3.31.

The SNL Merchant Generator Index closed up 1.09% to 96.33.

April natural gas moved higherin its final day as the lead contract, taking signals from weather forecasts thatsuggest lingering heating demand in the Northeast and rising cooling load acrossthe western half of the U.S. Rising to a $1.914/MMBtu high in short covering aheadof expiration at the close, the contract rolled off the board at $1.903/MMBtu, higherby 5.5 cents.

In the utility sector, shares of Hawaiian Electric Industries Inc. climbed 1.81% to $32.64,after NextEra Energy Inc.'sproposed $4.3 billion purchase of the company garnered support of five Native Hawaiian organizations.

The organizations are the Native Hawaiian Chamber of Commerce,Native Hawaiian Hospitality Association, Imua Hawaii, Sovereign Councils of theHawaiian Homelands Assembly and King Kamehameha Hawaiian Civic Club.

NextEra Energy shares gained 1.22% to $119.01.

ALLETE Inc.rose 0.12% to $57.29 after financial problems at a planned iron ore pellet facilityin northern Minnesota prompted an analyst to downgrade the rating of the company to "hold" from"buy," with a $60.00 target price.

The SNL Electric Company Index went up 1.60% to 420.69.

Increases in gas utility stocks were led by , shares of which advanced3.60% to $73.33 in above-average trading. NorthwestNatural Gas Co. shares closed 2.90% higher to settle at $54.22, whereasshares of ONE Gas Inc.earned 2.79% to $61.52. SouthwestGas Corp. shares saw a 2.76% rise to $66.68.

The SNL Gas Utility Index rose 1.67% to 509.41.

In the midstream energy space, shares of Breitburn Energy Partners LP dived 9.50% to 62 cents on lightvolume after Moody's downgradedthe partnership's and Memorial ProductionPartners' corporate family ratings by three notches, to Caa2 from B2.Both partnerships' outlooks remain negative, according to the rating agency.

Memorial Production's shares climbed 3.47% to $2.09.

Shares of PembinaPipeline Corp. closed 0.47% lower to C$33.73 after the company its bought-deal offering of10,148,750 common shares at C$34 per share, which yielded aggregate gross proceedsof about C$345 million.

Among coal stocks, ArchCoal Inc. shares saw a 3.87% hike to end at 32 cents on the over-the-countermarket, after it disclosedin a securities filing that it has amended its restructuring support agreement towaive a termination event that would have occurred April 10 due to not obtainingcourt approval of assuming the agreement.

Top performer from the coal stocks was Alliance Holdings GP LP and its shares lifted 5.86% to $14.82on weak volume. Shares of AllianceResource Partners LP advanced 3.40% in light trading to $11.85.

The SNL Coal Index ended 2.04% higher at 39.06.

The Dow Jones Industrial Average climbed 0.56% to 17,633.11 andthe S&P 500 jumped 0.88% to 2,055.01.

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