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Monday's Energy Stocks: Wall Street snaps losing streak, energy sector rises

After an entire week's worth of losses last week, Wall Street capped the Monday, March 11, trading day with gains, and the energy sector followed along. President Donald Trump announced a $4.746 trillion federal budget proposal for fiscal year 2020 that projects annual U.S. deficits exceeding $1 trillion at least through fiscal year 2022.

The Dow Jones Industrial Average advanced 0.79% to 25,650.88, and the S&P 500 climbed up 1.47% to end the day at 2,783.30.

Antero Midstream Partners LP's common unit holders and Antero Midstream GP LP's shareholders approved a simplification deal between the partnerships. Antero Midstream Partners declined 0.68% on heavy volume to close at $23.46, while Antero Midstream GP climbed 1.98% on more than 5x average volume to settle at $12.35.

MPLX LP registered for sale up to $875.1 million of series A preferred units, as well as common units that can be issued upon conversion of the preferred units by selling unit holders. The partnership gained 1.65% in slightly above-average trading to finish at $33.82.

Energy Transfer LP subsidiary Sunoco LP plans to sell $500 million of senior notes due 2027 in a private offering. Energy Transfer LP jumped up 2.36% on above-average volume to end at $15.17, and Sunoco LP added 1.18% in weak trading to close at $30.00.

Noble Energy Inc. subsidiary Noble Midstream Partners LP closed its option to snap up a 30% stake in Epic Midstream Holdings LP's crude pipeline project. Noble Energy rose 2.89% on light volume to finish at $22.04, and Noble Midstream Partners advanced 3.42% in active trading to settle at $36.92.

The S&P 500 Energy Sector moved up 1.54% to 476.99, and the Alerian MLP Index climbed 1.61% to 252.19.

Edison International saw a 1.74% increase on about average volume to finish at $63.13. Fitch Ratings downgraded the long-term issuer default ratings of Edison and its Southern California Edison Co. subsidiary by two notches, to BBB- from BBB+, and placed them on Rating Watch Negative.

Among other electric and diversified utilities, PNM Resources Inc. shares gained 2.73% to $47.11 in more than double average trading; Pattern Energy Group Inc. shares added 2.42% to $21.19 on below-average volume; Otter Tail Corp. shares earned 2.20% to $51.54 in average trading; and Clearway Energy Inc. shares were up 2.15% to $14.72 in light trading.

Middlesex Water Co. was up 3.77% in above-average trading to settle at $59.72 after it reported fourth-quarter 2018 earnings applicable to common stock of $7.0 million, or 43 cents per share, up from $5.3 million, or 32 cents per share, in the same quarter of 2017.

Hydro One Ltd. and Hydro One Inc. expect a one-time decrease in net income of up to approximately C$885 million from the impact of regulatory decisions on deferred tax assets. The parent company's shares increased 0.83% in active trading on the Toronto Stock Exchange to close at C$20.55.

The S&P 500 Utilities Sector rose 0.73% to 292.20.

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