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What Drove MLPs’ Performance in the Week Ended September 29?

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Part 3
What Drove MLPs’ Performance in the Week Ended September 29? PART 3 OF 5

Top MLP Losers during the Week Ended September 29

CONE Midstream Partners

CONE Midstream Partners (CNNX), which is jointly owned by CONSOL Energy (CNX) and Noble Energy (NBL), was the top MLP loser during the week ended September 29. CNNX fell 8.7% during the week and has fallen 32.7% since the beginning of 2017.

The partnership’s weak YTD (year-to-date) performance could be attributed to its weak earnings and low expansion opportunities.

Top MLP Losers during the Week Ended September 29

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Teekay Offshore Partners

Teekay Offshore Partners (TOO) is an MLP that engages in the marine transportation of crude oil, refined products, and NGLs. TOO was the second-highest MLP loser during the week, falling 7.0% during the week. TOO has lost 53.0% year-to-date.

The partnership’s weak YTD performance could be attributed to its weak earnings resulting from contract restructurings and the expiration of several long-term contracts.

Martin Midstream Partners

Martin Midstream Partners (MMLP), an MLP involved in crude oil and NGLs logistics and marketing, was the third-highest MLP loser during the week ended September 29. MMLP fell 6.3% during the week, and it has lost 15.3% YTD.

Hi-Crush Partners

Hi-Crush Partners (HCLP), a frac-sand producer, corrected during the week ended September 29 after a three-week rally. HCLP fell 5.9% during the week and was the fourth-highest MLP loser. HCLP has lost 49% YTD.

HCLP could bounce back this week as Credit Suisse raised the partnership’s target price and robust drilling activity despite crude oil volatility. For details on how drilling activity impacts frac sand producers, please read HCLP, EMES: Are Frac Sand MLPs Currently Attractive?

Other top MLP losers

Westlake Chemical Partners (WLKP), Dominion Energy Midstream Partners (DM), CVR Partners (UAN), Summit Midstream Partners (SMLP), Ferrellgas Partners (FGP), and Blueknight Energy Partners (BKEP) rounded out the top ten MLPs losers during the week.

In the next article, we’ll look into the week’s rating updates.

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