All four peers we’re looking at in this series—Western Gas Partners (WES), EnLink Midstream Partners (ENLK), Enable Midstream Partners (ENBL), and DCP Midstream (DCP)—are currently trading below their both short-term (50-day) and long-term (200-day) moving averages as of November 21. This difference indicates general negative sentiment in the midstream energy sector. WES and ENLK, which are trading at significant discounts to their historical averages, would need a strong trigger—such as a sharp rise in crude oil prices, a corporate event, or a project announcement—to push them above their 50-day moving averages, resulting in bullish sentiment.
Short interest as a percentage of float
Short interest in DCP Midstream as a percentage of its float ratio is the highest (at 3.7%) among its peers. DCP is followed by EnLink Midstream Partners (1.8%). Short interest in Western Gas Partners and Enable Midstream Partners was 1.9% and 1.7%, respectively, as of November 21. At the same time, the Alerian MLP Index (AMZ), which tracks 50 energy MLPs, has an average short interest as a percentage of float of 4.0%. Short interest in all four peers is below the industry average.
However, ENLK saw a sharp fall in short interest over recent months, which might indicate bullish sentiment in the stock. A fall in short interest indicates fewer short positions that haven’t been closed.
Western Gas Partners (WES) has the most “buy” ratings among the select peers we've examined in this series.
MLPs' distributable cash flow and distribution growth are mainly linked to their expansion of midstream infrastructure. Publicly traded partnerships expand their midstream infrastructure through both organic and inorganic expansions.
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