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.