Moving on with our analysis of top gainers and losers in the energy sector last week, let’s now look at the midstream sector. For this 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.
Targa Resources Partners (NGLS) was the top midstream gainer in the week ended April 10, with a return of ~7.4%. But, it’s lost more than a quarter of its value in the last six months.
The other top gainer last week was NGLS’s general partner—Targa Resources Corporation (TRGP). It rose ~6%, tracking the gains of its MLP (master limited partnership). The c-corporation has fared better than its MLP, with a smaller ~11% loss over the last six months and a ~6% year-to-date loss.
The midstream sector is dominated by MLPs. But, it also has several c-corporations, which are frequently the general partners of MLPs. General partners themselves are also sometimes MLPs.
MarkWest Energy Partners (MWE) was the top midstream loser last week, with a ~3% drop. The MLP is among the better longer-term performers of its peers here, with a relatively small ~1.6% drop over the last six months and a ~3.5% drop this year.
The other major midstream loser last week was Energy Transfer Partners (ETP), with a 2% decline in the week ended April 10. This MLP has seen one of the larger drops this year with a ~15.6% loss.
For context, the Alerian MLP ETF (AMLP)—an ETF that holds the top 25 midstream MLPs in the country—gained about 1% last week. It has lost ~3.5% in the last six months and ~4.5% year-to-date.
Targa Resources Partners, MarkWest Energy Partners, and Energy Transfer Partners together account for almost 20% of the Alerian MLP ETF.