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March 2015 Midstream Movers: ONEOK and Enbridge Energy Partners

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March Midstream Movers

Moving on in our analysis of the top gainers and losers in the energy sector for March, let’s now consider the midstream sector. The midstream sector is dominated by master limited partnerships (or MLPs). But it also includes several C-corporations, which are frequently general partners (or GPs) for MLPs. GPs themselves are sometimes MLPs.

For our analysis here, we’ve selected only midstream companies with market capitalizations of over $2 billion and 30-day average daily volumes over a million shares.

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Top gainers

Both midstream gainers in March were non-MLPs. But both are general partners in MLPs. ONEOK (OKE) was the top midstream gainer in March, with a return of ~9%. But it’s lost ~23% in the last six months.

The other top gainer in March was Canadian midstream giant Enbridge Inc. (ENB). This company rose ~4.5% in March and ~7% over the last six months. But it’s lost ~3.6% year-to-date.

The broad market SPDR S&P 500 ETF Trust (SPY) has gained ~5.5% in the last six months and ~1% year-to-date.

Top losers

The top midstream losers—Enbridge Energy Partners LP (EEP) and EnLink Midstream Partners LP (ENLK)—both lost about 8% in March. It’s interesting to note that one of the top losers here—Enbridge Energy Partners—is an MLP, whose GP, Enbridge Inc., is a top gainer in the same list.

For context, consider that the Alerian MLP ETF (AMLP)—an ETF of the top 25 midstream MLPs in the country—was down ~3% in March. It lost ~11% in the last six months and ~4.7% year-to-date.

EnLink Midstream Partners and Enbridge Energy Partners account for ~6.35% of the Alerian MLP ETF.

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