JP Energy Partners (JPEP) was the best performer among midstream MLPs at the end of trading on Thursday, August 27. In fact, the entire midstream sector performed well yesterday due to the sharp rise in crude oil prices. WTI (West Intermediate Texas) crude rallied 10.30% yesterday—its biggest single-day gain since March 2019. We’ve discussed this in the last part of this series.
JP Energy Partners
JP Energy Partners rose 13% in a single trading session yesterday. However, the company is still way below its price levels from the beginning of the year. It has returned -35.32% YTD (year-to-date). The partnership mainly provides crude oil, refined products, and NGL (natural gas liquid) gathering, transportation, and storage services.
Midcoast Energy Partners
Midcoast Energy Partners (MEP) is next on our list of the top midstream MLP performers. It rose 10.12% yesterday. With yesterday’s gain, the company’s YTD return improved to -14.11%. Midcoast Energy Partners was formed by Enbridge Energy Partners (EEP) to own and grow its natural gas and NGL midstream business in the US. Both of the partnerships are part of Enbridge (ENB). Currently, Midcoast Energy Partners operates the following two businesses:
- natural gas gathering, processing, and transportation
- logistics and marketing
According to Midcoast Energy, its “Logistics and Marketing business markets natural gas, NGLs and condensate received from the gathering, processing and transportation business to wholesale customers.”
Other best performers
American Midstream Partners (AMID), Dominion Midstream Partners (DM), and Phillips 66 Partners (PSXP) were among the top five best midstream MLP performers on Thursday, August 27. They rose 7.62%, 7.20%, and 6.83% in the last trading session, respectively. These three stocks have returned -29.78%, -8.06%, and -10.59% YTD.
The Alerian MLP ETF (AMLP) and the JPMorgan Alerian MLP ETN (AMJ) rose 2.92% and 4.35% yesterday, respectively. For context, the upstream energy company heavy SPDR S&P Oil & Gas Exploration & Production ETF (XOP) rose 6.45% on the same day.