Cone Midstream Partners: Top Midstream MLP Loser on October 14

Top losers

In the last part, we saw the top five midstream MLP gainers on Wednesday, October 14. In this part, we’ll discuss the top five midstream MLP losers on the same day.

Cone Midstream Partners: Top Midstream MLP Loser on October 14

Cone Midstream Partners

Cone Midstream Partners (CNNX) was the top loser among midstream MLPs at the end of trading on Wednesday, October 14. It fell 3.8% yesterday. With this loss, its YTD (year-to-date) returns fell to -58.4%. Cone Midstream owns and operates natural gas gathering and other midstream assets in the Marcellus Shale region.

Targa Resources Partners

Targa Resources Partners (NGLS) is next on our list of the top five midstream MLP losers on October 14. It fell 3.2% yesterday. It has returned -36.5% YTD. The rout in Targa Resources Partners’ market performance can be attributed to its natural gas and NGL (natural gas liquid) exposure. For a detailed overview of Targa Resources Partners’ commodity price exposure, read An Investor’s Guide to Targa Resources.

Other losers

Enable Midstream Partners (ENBL), MarkWest Energy Partners (MWE), and MPLX LP (MPLX) were among the top five midstream MLP losers on Wednesday, October 14. They fell 2.3%, 2.1%, and 2.1% in the last trading session, respectively. These three stocks have returned -34.3%, -31.1%, and -45.2% YTD, respectively.

MPLX has moved in tandem with MarkWest Energy since their merger announcement. Traders take advantage of any discrepancy in the swap ratio dictated prices. For an in-depth analysis of the MarkWest Energy-MPLX merger, read Key for Investors: Analyzing the MarkWest-MPLX Merger.

The Alerian MLP ETF (AMLP) and the UBS ETRACS Alerian MLP ETN (AMU) have returned -21.5% and -27.2% YTD. Together, Targa Resources Partners and MarkWest Energy account for 11.4% of AMLP. For context, the upstream energy company heavy SPDR S&P Oil & Gas Exploration & Production ETF (XOP) has returned -20.3% YTD.