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Tuesday's Energy Stocks: Tallgrass Partners jumps 6.82% on merger agreement

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Tuesday's Energy Stocks: Tallgrass Partners jumps 6.82% on merger agreement

Wall Street posted losses on Tuesday, March 27, largely driven by a selloff in the technology sector, while energy equities posted mixed results.

The Dow Jones Industrial Average declined 1.43% to finish the session at 23,857.71, while the S&P 500 retreated 1.73% to end the day at 2,612.62.

In midstream, Tallgrass Energy Partners LP units jumped 6.82% to close the day's trading at $37.60 on more than three times average volume. The partnership entered a stock-for-unit merger agreement with Tallgrass Energy GP LP that will result in the cancellation of Tallgrass Energy Partners' incentive distribution rights and the removal of its common units from public trading. Tallgrass Energy GP's shares spiked 3.44% to end at $18.32 on more than four times the average volume.

Eclipse Resources Corp. launched a review process of possible strategic, operational and financial alternatives aimed at boosting the company's shareholder value. Eclipse Resources shares added 2.31% in robust trading volume to finish at $1.33.

Dominion Energy Midstream Partners LP stock was down 2.76% to end an active day at $15.85. The partnership entered into a $500 million revolving credit agreement with a syndicate of banks.

The Michigan Department of Environmental Quality granted a permit to Enbridge Energy Partners LP for the installation of anchor support on the underwater twin segments of the Line 5 oil pipeline running under the Straits of Mackinac. Enbridge Energy Partners shares lost 1.79% in heavy trading to wrap the session at $9.35.

Valero Energy Partners LP declined 0.95% to end an active day at $34.49. The company priced a $500 million public offering of 4.5% senior notes due 2028, with proceeds to be used for general partnership purposes such as debt repayment and funding working capital.

In power, FirstEnergy Corp. shares climbed 1.59% in thin trading to close at $34.53, 8point3 Energy Partners LP stock advanced 1.45% on slim volume to finish at $11.93 and Ormat Technologies Inc. ticked up 1.15% to wrap an average session at $57.15. Ormat Technologies closed a $100 million debt financing with affiliates of Migdal Insurance Co. Ltd. to help fund its growth plans.

First Solar Inc. did not fare well, with its stock losing 3.39% in light trading to end at $71.51, and Pattern Energy Group Inc.'s shares sliding 1.42% in above-average trading to finish at $18.01.

Dominion Energy Inc. shares rose 1.64% to close at $69.22 on below-average volume. The company, along with three of its utilities, amended a revolving credit facility to increase the loan amount to $6 billion from $5 billion and extend the facility's maturity date to March 2023 from April 2020.

Sempra Energy's stock added 1.09% to finish a light session at $111.18. Its newly acquired subsidiary Oncor Electric Delivery Co. LLC established a commercial paper program of up to $2 billion for short-term financing of its business operations.

CenterPoint Energy Inc. subsidiary CenterPoint Energy Resources Corp. completed the sale of $600 million of its senior notes to repay a portion of borrowings under the CenterPoint money pool and commercial paper, according to a March 26 free writing prospectus. CenterPoint Energy's shares added 0.93% on high volume to close at $27.09.

April natural gas futures expired at the close of business, adding 7.3 cents at $2.691/MMBtu as lingering weather-related demand support and a depleted natural gas inventory stoked gains. May futures will take the lead position on the offensive, adding 5.7 cents to settle Tuesday at $2.714/MMBtu.

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