Cone Midstream: Worst Midstream MLP Performer on August 28


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

Worst performers

In the last part in this series, we saw the top five best midstream MLP performers on Friday, August 28. In this part, we’ll discuss the top five worst midstream MLP performers on the same day.

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Cone Midstream Partners

Cone Midstream Partners (CNNX) was the worst performer among midstream MLPs at the end of trading on Friday, August 28. It fell 0.61%. Recently, the company breached its 52-week low. It has returned -53.03% YTD (year-to-date). However, Cone Midstream might recover considering its solid 2Q15 operating results. Its 2Q15 revenue and EBITDA (earnings before interest, tax, depreciation, and amortization) rose 71.50% and 94.50% YoY (year-over-year), respectively. Its 2Q15 distribution rose by 3% compared to the prior quarter.

American Midstream Partners

American Midstream Partners (AMID) is next on our list of the top five worst midstream MLP performers on August 28. It fell 0.51% on Friday. It has returned -30.14% YTD. The partnership is primarily involved in natural gas, oil, and condensate gathering, processing, treating, fractionating, and transporting services.

Other worst performers

The next three stocks on the list of the top five worst midstream MLP performers on August 28 are Antero Midstream Partners (AM), Spectra Energy Partners (SEP), and Niska Gas Storage Partners (NKA). Antero Midstream Partners and Spectra Energy Partners fell 0.30% and 0.02%, respectively. Niska Gas Storage Partners didn’t change. This shows how well the entire midstream sector did on Friday. The companies have returned -16.22%, -10.29%, and 12.84% YTD.

The Alerian MLP ETF (AMLP) and the JPMorgan Alerian MLP Index ETN (AMJ) have returned -17.01% and -21.68% YTD. Spectra Energy Partners accounts for 2.38% of AMLP. For context, the upstream energy company heavy SPDR S&P Oil & Gas Exploration & Production ETF (XOP) has returned -22.34% YTD.

For more company and industry analysis on MLPs, visit Market Realist’s Master Limited Partnerships page.


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