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JP Energy Partners: Best Midstream MLP Performer on September 11

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Nov. 20 2020, Updated 5:24 p.m. ET

Best performers

In the last part in this series, we saw the top five worst midstream MLP performers on Friday, September 11. In this part, we’ll discuss the top five midstream MLP performers on the same day.

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JP Energy Partners

JP Energy Partners (JPEP) was the best performer among midstream MLPs at the end of trading on Friday, September 11. It rose 3.31% in a single trading session on Friday. However, it has lost 38.76% of its equity value since the beginning of this year. The partnership mainly provides crude oil, refined products, and NGL (natural gas liquid) gathering, transportation, and storage services.

American Midstream Partners

American Midstream Partners (AMID) is next on our list of top midstream MLP performers. AMID fell 16.09% last Thursday following an announcement on the pricing of the common unit offering. It rose 2.40% on Friday. The proceeds from the offering will be used to fund the “Delta House Acquisition” announced earlier. American Midstream Partners’ sell-off on Thursday can be attributed to investors’ concerns regarding:

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  • This offering could have a dilutive effect.
  • There’s uncertainty surrounding the Delta House Acquisition deal announced during August 2015. According to the company’s press release, “In the event the Partnership does not consummate the Delta House Acquisition, the partnership will use the net proceeds of this offering to repay a portion of the outstanding borrowings under its credit facility and for general partnership purposes.” The deal is expected to boost American Midstream Partners’ distributions by 5%.

Other best performers

The next three stocks on the list of top five midstream MLP performers on September 11 are Western Refining Logistics (WNRL), Niska Gas Storage Partners (NKA), and Enable Midstream Partners (ENBL). Western Refining Logistics rose 0.13% while Niska Gas Storage Partners didn’t changed. In contrast, Enable Midstream Partners fell 0.35%. This shows how badly the entire midstream sector did on Friday. They have returned -21.34%, 12.50%, and -25.63% YTD (year-to-date).

The Alerian MLP ETF (AMLP) and the UBS ETRACS Alerian MLP Infrastructure ETN (MLPI) have returned -20.83% and -26.11% YTD. For context, the upstream energy company heavy SPDR S&P Oil & Gas Exploration & Production ETF (XOP) has returned -25.83% YTD.

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

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