14 Nov

Top MLP Losers for Week Ended November 10

WRITTEN BY Kurt Gallon

EV Energy Partners

EV Energy Partners (EVEP), an upstream MLP, was the biggest MLP loser last week, which ended on November 10, 2017. EVEP fell 25.5%, which could be mainly attributed to the slight correction in crude oil prices and the partnership’s weak 3Q17 earnings.

EVEP reported adjusted EBITDAX (earnings before interest, tax, depreciation, depletion, amortization, and exploration expenses) of $17 million for 3Q17, which represents a 35% fall compared to 3Q16 and a 22% fall compared to 2Q17. The partnership’s liquidity position tightened during the third quarter due to another reduction of the borrowing base. Some believe the survival of EVEP is uncertain considering its weak earnings, weak liquidity position, and the challenging energy price environment. Overall, EVEP has fallen 61.1% since the beginning of this year.

Top MLP Losers for Week Ended November 10

Navios Maritime Midstream Partners

Navios Maritime Midstream Partners (NAP), a midstream MLP involved in the marine transportation of crude oil, refined products, and NGLs (natural gas liquids), was the second biggest MLP loser last week, falling 13.1%. Overall, NAP has fallen 23.4% in 2017 to date. NAP’s weak year-to-date performance could be mainly attributed to weak earnings. It reported a 7.5% fall in EBITDA (earnings before interest, tax, depreciation, and amortization) during 3Q17.

KNOT Offshore Partners (KNOP), which is also involved in marine transportation, was among the top MLP losers last week, falling 9.9%. That indicates a general weakness in the US tanker industry. For a recent update on the US crude oil tanker industry, read Week 44: Weekly Crude Tanker Industry Update.

Other top MLP losers

Martin Midstream Partners (MMLP), Alliance Holdings GP (AHGP), Crestwood Equity Partners (CEQP), Calumet Specialty Products Partners (CLMT), CNX Coal Resources (CNXC), CVR Partners (UAN), and Energy Transfer Partners (ETP) were among the top ten MLP losers last week. In the next part, we’ll look at last week’s top MLP gainers.

Latest articles

German chip maker Infineon Technologies has reportedly raised 1.55 billion euros (~$1.74 billion) in capital by selling its shares to fund its acquisition of Cypress Semiconductor (CY). Infineon has sold ~113 million new shares at 13.70 euros each.

As of June 18, Dunkin’ Brands (DNKN) was trading at $80.07, an 8.9% rise since reporting its first-quarter earnings on May 2. Also, DNKN was trading at a premium of 29.8% from its 52-week low of $61.69 and a discount of 1.6% from its 52-week high of $81.40.

19 Jun

Are Lower Oil Prices Weighing on ExxonMobil Stock?

WRITTEN BY Maitali Ramkumar

ExxonMobil (XOM) stock has fallen 7.1% in the second quarter so far. Let's review ExxonMobil's stock performance in comparison to oil price changes and equity market movements in the quarter.

19 Jun

As Facebook Unveils Libra, MSFT and CRM Join a Blockchain Group

WRITTEN BY Mayur Sontakke, CFA, FRM

On June 18, Facebook (FB) launched Libra, its own cryptocurrency. On the same day, CoinDesk published another piece of blockchain news that didn’t receive as much fanfare as Facebook’s Libra news. Was the timing a coincidence? We think not.

Uber Technologies (UBER) has picked Melbourne as another test site for its flying taxi service known as UberAir. The Australian city is the first international test site Uber has chosen for its flying taxi service. The addition of Melbourne brings the number of test locations Uber has picked for its UberAir service to three.

Lyft (LYFT) and Uber Technologies (UBER) are pushing back against California legislation that would require them to recognize their drivers as employees rather than independent contractors. The legislation would require companies like Lyft to give their drivers the compensation and benefits spelled out under California’s employment regulations.

172.31.59.107