EV Energy Partners
Upstream MLPs EV Energy Partners (EVEP), Mid-Con Energy Partners (MCEP), and Legacy Reserves (LGCY) were the top three gainers during the week ended September 29. During the week, EVEP, MCEP, and LGCY rose 17.6%, 13.7%, and 11.8%, respectively, driven by the rally in crude oil prices. Upstream companies, which have direct commodity price exposure, typically benefit from a rise in crude oil prices.
Respectively, EVEP, MCEP, and LGCY have fallen 69.6%, 55.8%, and 28.3% YTD (year-to-date), which could be attributed to their weak liquidity positions and high leverage. These MLPs need much higher crude oil prices to stay afloat in the long run.
CVR Refining (CVRR), an MLP engaged in crude oil refining and refined products marketing, was the fourth-highest MLP gainer during the week ended September 29. The partnership rallied 8.2% during the week and has lost 5.3% since the beginning of 2017.
CVRR’s rally could be attributed to the strong rally in gasoline prices during the start of the week. Calumet Specialty Products (CLMT), another downstream MLP, rose 7.1% during the week.
For a recent update on other downstream energy stocks, please read Which Refining and Marketing Energy Stocks Are Rising this Week?
Suburban Propane Partners
Suburban Propane Partners (SPH), the MLP involved in the distribution and marketing of propane and refined products, was the fifth-highest MLP gainer during the week ended September 29. SPH rose 7.2% during the week, although it has lost 13.2% in 2017 year-to-date.
SPH is currently among the MLPs with the highest distribution yields. For more details, please read Can Suburban Propane Partners Grow in the Long Term?
Other top MLP gainers
Enable Midstream Partners (ENBL), Cheniere Energy Partners (CQP), NGL Energy Partners (NGL), and CSI Compressco (CCLP) were among the top ten MLP gainers during the week. These MLPs had week-over-week gains of 7.0%, 6.6%, 6.5%, and 6.3%, respectively.
In the next article, we’ll look into the week’s top ten MLP losers.