Energy Transfer Equity, Sunoco Logistics: June 24’s MLP Gainers

Kurt Gallon - Author

Nov. 20 2020, Updated 4:06 p.m. ET

Major gainers

In the last article, we looked at the top five midstream MLP losers for Wednesday, June 24. In this article, we’ll take a look at the top five midstream gainers that same day.

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Energy Transfer Equity

After losing for two straight days following the rejection of its $53.1 billion merger proposal with Williams Companies (WMB), Energy Transfer Equity (ETE) turned around. It became the biggest gainer among midstream MLPs by the end of trading on Wednesday, June 24. ETE units rose 1.0%, while the stock price for its limited partner, Energy Transfer Partners (ETP), remained unchanged. ETE has returned 12.8% year-to-date.

Sunoco Logistics Partners

Next in the list of midstream gainers is Sunoco Logistics Partners (SXL). SXL stock rose 1.0% yesterday, but it’s still close to its 52-week low of $35.60. SXL has fallen 7.5% year-to-date. SXL is also part of the Energy Transfer group and a subsidiary of Energy Transfer Partners (ETP).

Other midstream gainers

Other midstream gainers on Wednesday were Plains All American Pipeline (PAA), NGL Energy Partners (NGL), and Genesis Energy (GEL). PAA, NGL, and GEL rose 1.0%, 0.7%, and 0.6%, respectively.

NGL has been rallying since its positive 2015 fiscal results. NGL shares rose ~6.4% since its earnings announcement on June 1, 2015, and 16.5% year-to-date. NGL’s adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) grew to $443 million for the year ended March 31, 2015. This compares to $270.5 million the previous year, a year-over-year gain of 64%.

NGL’s distributions continue to increase despite the general weakness in the energy market. NGL’s distribution per unit increased to $0.6250 in 4Q14 compared to $0.55125 in 4Q13, a year-over-year increase of 13%.

The Alerian MLP ETF (AMLP) fell 0.1% yesterday. SXL, GEL, PAA, ETP, and NGL together make up ~24.8% of AMLP.

For more company and industry analyses on MLPs, you can visit our Master Limited Partnerships page.


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