JP Energy Partners (JPEP) was the top gainer among midstream MLPs at the end of trading on Tuesday, October 20. It rose 3.5% yesterday.
JP Energy Partners
JP Energy Partners has returned -37.2% YTD (year-to-date). It trades at a distribution yield of 16.9%. JP Energy Partners’ poor YTD market performance is due to stagnant distribution growth, its volatile cash flows, and low coverage ratio. The partnership is mainly involved in natural gas and NGL (natural gas liquid) transportation and storage.
Transmontaigne Partners (TLP) is next on our list of the top midstream MLP gainers. It rose 3.3% yesterday. With yesterday’s gain, its YTD returns improved to 2.7%. The partnership mainly provides crude oil and refined products terminaling services.
The next three MLPs on the list of the top five midstream MLP gainers on October 20 are Spectra Energy Partners (SEP), Targa Resources Partners (NGLS), and Holly Energy Partners (HEP). They rose 3.2%, 3%, and 2%, respectively. They have returned -21.1%, -32.1%, and 15.1% YTD.
Spectra Energy Partners rallied ~4% in the last two trading sessions following an announcement of the 32nd consecutive rise in the quarterly cash distribution. It declared a distribution per unit of $0.62 in a press release published on October 19, 2015. This represents a 1.3% rise compared to the 2Q15 distribution per unit of $0.61.
The Alerian MLP ETF (AMLP) and the JPMorgan Alerian MLP ETN (AMJ) fell 0.29% and 0.09% yesterday, respectively. Together, Spectra Energy Partners and Targa Resources Partners account for 7.3% of AMLP. For context, the upstream energy company heavy SPDR S&P Oil & Gas Exploration & Production ETF (XOP) rose 0.82% on the same day.