Cone Midstream Partners (CNNX) was the top gainer among midstream MLPs at the end of trading on Friday, October 30. It rose 11.3% on Friday.
Cone Midstream Partners
Cone Midstream Partners’ shares rallied on Friday after analysts at Robert W. Baird upgraded it from “neutral” to “outperform.” It has returned -58.8% YTD (year-to-date). Cone Midstream owns and operates natural gas gathering and other midstream assets in the Marcellus Shale region.
Midcoast Energy Partners
Midcoast Energy Partners (MEP) is next on our list of the top midstream MLP gainers. It rose 8.8% on Friday. With Friday’s gain, Midcoast Energy Partners’ YTD returns improved to -7.9%. It was formed by Enbridge Energy Partners (EEP) to own and grow its natural gas and NGL (natural gas liquid) midstream business in the US. Both of the partnerships are part of Enbridge (ENB). Currently, Midcoast Energy Partners operates the following two businesses:
- natural gas gathering, processing, and transportation
- logistics and marketing
For an in-depth analysis of Midcoast Energy Partners’ recent operating and market performance, read Midcoast Energy Partners’ YTD Returns Exceed Industry Average.
The next three MLPs on the list of the top five midstream MLP gainers on October 30 are Valero Energy Partners (VLP), Phillips 66 Partners (PSXP), and American Midstream Partners (AMID). They rose 7.4%, 6.7%, and 5.7%, respectively. They have returned 15.6%, -12.0%, and -42.4% YTD.
Valero Energy Partners and Phillips 66 Partners rose after their 3Q15 earnings announcement on October 30, 2015. Both of the partnerships posted strong earnings performances in 3Q15. Valero Energy Partners and Phillips 66 Partners’ 3Q15 distributable cash flows grew by 98.2% and 34.9% YoY (year-over-year), respectively. Their quarterly distribution coverage stood at 2.1x and 1.4x.
The Alerian MLP ETF (AMLP) and the UBS ETRACS Alerian MLP ETN (AMU) rose 1.04% and 1.06% on Friday, respectively. For context, the upstream energy company heavy SPDR S&P Oil & Gas Exploration & Production ETF (XOP) rose 1.3% on the same day.