The Health Care Select Sector SPDR ETF (XLV) rose by 2.68% between August 25 and August 31, as 49 of its 55 stocks had positive returns.
At 7.9%, PBF Logistics’ (PBFX) forward distribution yield is 290 basis points higher than the average forward yields of its peers.
Among the six logistics MLPs, PBF Logistics (PBFX) trades at the highest distribution yield of 6.5%. This might be due to its short history, dependence on PBF Energy, small size, and high leverage levels.
Tesoro Logistics’ (TLLP) 2Q15 EBITDA more than doubled to $153 million compared to 2Q14. TLLP has generated 197% total returns since the second quarter of 2011 to September 1, 2015.
Phillips 66 Partners’ (PSXP) 2Q15 EBITDA remained almost flat year-over-year. The company’s EBITDA increased from $27 million in 2Q13 to $36 million in 2Q15.
PBF Logistics’ (PBFX) 2Q15 EBITDA increased more than six times its 2Q14 level of $4 million. PBF Logistics’ high EBITDA growth is due to regular asset acquisitions from PBF.
Delek Logistics’ (DKL) 2Q15 EBITDA fell 2% year-over-year to $26 million. But EBITDA has almost quadrupled from $7 million in the first quarter of 2012 when the MLP was formed.
Holly Energy Partners’ (HEP) year-to-date total returns are 21%. It’s EBITDA in 2Q15 grew 16% year-over-year and at a CAGR of 14.2% from 2011 to 2014.
Valero Energy Partners’ (VLP) YTD total returns are 22%. It’s 2Q15 EBITDA grew 183% year-over-year, increasing from $21 million in 4Q13 to $42.7 million in 2Q15.
Antero Midstream has made three distributions since its IPO in November 2014. It declared a quarterly distribution of $0.19 per unit for 2Q15. This is a 6% rise.
Among our select peer group, 92.86% of the analysts surveyed rate Western Gas Partners (WES) a “buy.” The remaining ~7.14% rate it a “hold.”
Rice Midstream Partners closed its IPO in December 2014. It has made three distributions to date. It declared a quarterly distribution of $0.1905 per unit for 2Q15.
EQT Midstream Partners (EQM) has a strong distribution growth profile. It declared a quarterly distribution of $0.64 per unit for 2Q15.
Western Gas Partners has the highest current distribution yield of 5.22% among the four midstream MLPs that we’re comparing in this series.
Antero Midstream Partners (AM) provides natural gas gathering and compression services to Antero Resources (AR) under long-term, fixed-fee contracts.
Rice Midstream is a midstream MLP that provides natural gas gathering and compression services to natural gas producers in the Marcellus Shale.
EQT Midstream Partners (EQM) is a midstream MLP involved in natural gas gathering, transmission, and storage services. EQT Midstream was formed by EQT.
Western Gas Partners (WES) was formed by Anadarko Petroleum (APC) to own, operate, acquire, and develop midstream energy assets.
Western Gas Partners and Antero Midstream Partners underperformed AMLP by 4.14 percentage points and 2.24 percentage points in term of the YTD returns.
Leveraged loans funds saw outflows for the week ended September 2, making it the sixth such week in succession. The quantum of outflows was $573 million compared to net outflows of $796 million the week before.