Alon USA Partners
Alon USA Partners (ALDW), a downstream MLP involved in crude oil refining and refined products marketing, was the top MLP gainer last week. ALDW surged 6.5% during the week. It has gained 19.1% since the beginning of the month. ALDW’s strong recent performance could be due to its strong 3Q17 earnings and a slight correction in crude oil prices. Overall, the partnership has risen 51.3% since the beginning of this year and is among the top YTD (year-to-date) MLP gainers. For details, see Why These Ten MLPs Are Up When the Sector Is Down.
Valero Energy Partners
Valero Energy Partners (VLP) was the second-highest MLP gainer last week. VLP ended the week 1.9% higher. VLP, the midstream MLP owned by Valero Energy (VLO), has fallen 6.2% in 2017 to date. However, it’s still outperforming the Alerian MLP ETF (AMLP), which has fallen 18.6% YTD. VLP’s outperformance relative to AMLP could be due to strong earnings growth, strong distribution growth, and low commodity price exposure. VLP reported adjusted EBITDA of $78.8 million for the third quarter of 2017, which represents 18.7% YoY growth compared to the same quarter last year. The partnership declared a distribution of $0.48 per unit for 3Q17, which represents a 5.5% rise compared to the previous quarter.
CNX Coal Resources
CNX Coal Resources (CNXC), an MLP involved mainly in coal mining, was the third-highest MLP gainer last week. CNX rose 1.5% during the week. However, it’s still trading significantly below the levels it saw at the beginning of the year. It has fallen 25.5% YTD (year-to-date).
Energy Transfer Partners
Energy Transfer Partners (ETP) was the fourth-highest MLP gainer last week. ETP managed to end the week in the green despite weakness in the midstream sector. It rose 1.3% last week. ETP’s gain could be due to a bounce back from a recent correction. It has fallen 30.3% YTD. We’ll look into the technical indicators for Energy Transfer Partners (ETP) in the next part of this series.