In the second part of our look at top gainers and losers in the energy sector last week, we’ll move on now to the midstream sector. For our analysis, we’ve selected only midstream companies with market capitalizations of over $1 billion and 30-day average daily volumes of over 500,000 shares.
BreitBurn Energy Partners (BBEP) was the top midstream gainer in the week ending April 17, with a return of ~12%. But it has lost a massive ~60% of its value in the last six months. Year-to-date, BBEP stock is down ~7% and currently trades near its 52-week low.
The other big gainer was Canadian midstream giant Enbridge (ENB). It rose ~5% last week. Shares of ENB have done quite well, with a ~16.5% gain over the last six months and a ~3% gain year-to-date.
The midstream sector is dominated by MLPs (master limited partnerships). But it also features several c-corporations, such as Enbridge, which are frequently general partners of MLPs. General partners can also sometimes act as MLPs.
Gas distributor AGL Resources (GAS) was the top midstream loser last week, recording a ~2% drop. Shares of the c-corporation currently trade in the middle of a relatively narrow 52-week high-low range.
The other major midstream loser last week was Energy Transfer Equity (ETE), taking a ~1.5% loss in the week ending April 17. The MLP has otherwise performed quite well, with a six-month gain of ~11% and a year-to-date gain of ~13%.
For context, the Alerian MLP ETF (AMLP)—an ETF of the top 25 midstream MLPs in the country—gained ~0.7% last week. It has lost ~8.8% in the last six months and ~3.5% year-to-date.