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Cone Midstream: Worst Midstream MLP Performer on October 22

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Worst performers

Cone Midstream Partners (CNNX) was the worst performer among midstream MLPs at the end of trading on Thursday, October 22, 2015, falling 4.8%.

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Cone Midstream Partners

With yesterday’s loss, Cone Midstream’s YTD (year-to-date) returns moved down to -60.3%. Cone Midstream owns and operates natural gas gathering and other midstream assets in the Marcellus Shale region.

Rice Midstream Partners

Next in our list of top five worst performers on October 22 is Rice Midstream Partners (RMP). Rice Midstream fell 4.5% yesterday. It has returned -19.4% YTD. Rice Midstream was formed by Rice Energy (RICE) to own, operate, acquire, and develop midstream assets in the Appalachian Basin.

Rice Midstream mainly provides natural gas gathering and compression services. It operates as a toll-road business with very limited commodity price exposure. However, it is heavily dependent upon its sponsor for throughput volumes. For an in-depth overview of Rice Midstream Partners’s performance drivers, read Comparing 4 Midstream MLP Subsidiaries of Upstream C-Corps.

Other worst performers

The next three stocks in the list of top five worst midstream MLP performers on October 22 are Shell Midstream Partners (SHLX), Crestwood Equity Partners (CEQP), and MarkWest Energy Partners (MWE). These MLPs fell 4.4%, 4.3%, and 4.2%, respectively. They’ve returned -18.6%, -67.2%, and -37.5%, respectively, YTD.

The Alerian MLP ETF (AMLP) and the UBS ETRACS Alerian MLP ETN (AMU) fell 2.4% and 2.3% yesterday, respectively. Together, MarkWest Energy Partners and Shell Midstream Partners account for 8.0% of the Alerian MLP ETF.

For context, the upstream energy company heavy SPDR S&P Oil & Gas Exploration & Production ETF (XOP) gained 0.57% on the same day.

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