Broader markets closed the Monday, Sept. 23, trading day flat while energy indices were mixed as the overall health of the global economy raised worries. The Dow Jones Industrial Average finished 0.06% higher to 26,949.99, while the S&P 500 was down 0.01% to 2,991.78.
Tallgrass Energy LP shareholder Tortoise Capital Advisors LLC advised the partnership's independent board members to seek a higher buyout offer from Blackstone Group Inc.'s infrastructure arm, Bloomberg News reported Sept. 21, citing a person familiar with the matter. Tallgrass closed the day 0.30% lower on brisk volume to $20.01.
Among other master limited partnership companies, Genesis Energy LP lost 2.29% to $21.78, and EQM Midstream Partners LP dropped 1.85% to $31.90, while Plains All American Pipeline LP gained 1.30% to $21.78, all in below-average trading.
Among other oil and gas companies, Valero Energy Corp. added 1.56% to $84.14, and Apache Corp. climbed 1.47% to $26.18, both in below-average trading, while ONEOK Inc. shed 1.27% on average volume to $74.81.
The S&P 500 Energy Sector was up 0.11% to 452.76, while the Alerian MLP Index finished 0.31% lower to 239.71.
PG&E Corp. and its Pacific Gas and Electric Co. subsidiary reached a settlement resolving all insurance subrogation claims relating to the 2017 Northern California wildfires and 2018 Camp Fire.
Separately, the companies blasted an alternative Chapter 11 proposal submitted by Elliott Management Corp. and the Official Committee of Tort Claimants-led ad hoc committee of senior unsecured noteholders, saying it is "a blatant attempt to unjustly enrich the noteholders who proposed it."
PG&E saw a 0.60% decrease on heavy volume to $11.54.
Notable among other electric and diversified utilities was Edison International, up 1.95% to $74.16 in light trading.
Solar Alliance Energy Inc. gained 12.50% on light volume in the TSX Venture Exchange to close at 4.50 Canadian cents. The company reported that its total sales growth has exceeded 150% year to date, with the total of sold and contracted projects for 2019 at C$3.0 million, compared to 2018 total revenue of C$2.0 million. The company said the growth in sales is mainly due to its corporate plan, which focuses on SunBox residential solar systems, midsized commercial projects and large-scale commercial projects.
In other solar shares, JinkoSolar Holding Co. Ltd. advanced 2.70% to $20.92; Vivint Solar Inc. added 2.44% to $7.97; and Canadian Solar Inc. gained 2.30% to $22.67, all on below-average volume.
The S&P 500 Utilities Sector rose 0.13% to 324.50.
In the coal sector, Cloud Peak Energy Inc. was up 6.67% in over-the-counter trading to close at 2.88 cents. The company posted a net loss of $609.7 million in its second quarter of 2019 after taking a $620.9 million impairment charge related to its bankruptcy. It posted a loss of $29.9 million in the year-ago quarter.
Decliners in the sector include Hallador Energy Co., which retreated 6.35% on light volume to $3.54; Natural Resource Partners LP which shed 3.64% in active trading to $26.48; and Peabody Energy Corp. which lost 3.03% on strong volume to $15.03.
Market prices and index values are current as of the time of publication and are subject to change.
