Cone Midstream Partners (CNNX) was the top gainer among midstream MLPs at the end of trading on Tuesday, November 3. Cone Midstream Partners rose 26.9% after its earnings announcement. However, it’s still way below its price levels at the beginning of the year. It has returned -46.9% YTD (year-to-date).
Cone Midstream Partners
Cone Midstream Partners owns and operates natural gas gathering and other midstream assets in the Marcellus Shale region. Its revenue and throughput volumes both rose by 13% compared to 2Q15. It was driven by “new well connections and the impact of debottlenecking projects coming on line.”
The partnership also raised is EBITDA (earnings before interest, tax, depreciation, and amortization) and DCF (distributable cash flow) guidance for 2015. According to the press release, “Full year 2015 EBITDA attributable to the Partnership, previously projected to be in the range of $66 – $72 million, is now expected to be in the range of $76 – $80 million. Full year Distributable Cash Flow attributable to the Partnership, previously projected to be in the range of $55 – $62 million, is now expected to be in the range of $66 – $70 million. Capital expenditures attributable to the Partnership, previously projected to be in the range of $95 – $115 million, are now expected to be in the range of $120 – $130 million.”
Summit Midstream Partners
Summit Midstream Partners (SMLP) is next on our list of the top midstream MLP gainers. It rose 7.5% yesterday. It has returned -45.2% YTD. Summit Midstream Partners provides natural gas, crude oil, and produced water gathering and processing services.
The next three MLPs on the list of the top five midstream MLP gainers on November 3 are Dominion Midstream Partners (DM), Magellan Midstream Partners (MMP), and EnLink Midstream Partners (ENLK). They rose 7.5%, 6.9%, and 6.6%, respectively. They have returned -11.6%, -16.4%, and -36.1% YTD.
The Alerian MLP ETF (AMLP) is comprised of 23 midstream MLPs. It rose 2.4% yesterday. For context, the upstream energy company heavy SPDR S&P Oil & Gas Exploration & Production ETF (XOP) rose 3.4% on the same day.