Crestwood Equity’s market performance
Crestwood Equity Partners (CEQP), which mainly provides natural gas gathering, processing, transportation, and storage and crude oil gathering services, has fallen 1.4% YTD (year-to-date).
At the same time, the Alerian MLP ETF (AMLP), which comprises 26 midstream energy MLPs, has risen 4.6%. CEQP’s underperformance relative to AMLP could be attributed to its falling throughput volumes in some regions and its relatively high crude oil exposure.
CEQP’s stock has been one of the most badly affected since the rout in energy prices. The partnership is currently trading 80.0% lower than its level before the rout.
CEQP’s peers EnLink Midstream Partners (ENLK), DCP Midstream Partners (DPM), and Enable Midstream Partners (ENBL) have fallen 43.9%, 34.8%, and 35.3%, respectively. However, CEQP’s recent measures to improve its balance sheet and its slight recovery in drilling activity in some regions could help its stock price.
A look at CEQP’s moving averages
Currently, CEQP is trading just below its 50-day moving average and 20.2% above its 200-day moving average. Its 50-day moving average surpassed its 200-day moving average in June 2016, indicating a bullish trend in its stock.
Later in this series, we’ll analyze CEQP’s balance position and cash flow measures. Following an analysis of CEQP’s operating results, we’ll look into CEQP’s valuations, commodity price exposure, key performance indicators, and analyst projections.