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Blueknight Energy Partners: Top MLP Loser Last Week

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Blueknight Energy Partners

Blueknight Energy Partners (BKEP), a midstream MLP mainly involved in crude oil logistics and liquid asphalt terminaling, was the top MLP loser last week. It fell 6.8% last week. The partnership has lost 30.7% since the beginning of the year. Blueknight Energy Partners’ weak stock performance could be due to its weak earnings. The partnership reported an adjusted EBITDA of $21.6 million for 3Q17—a 5.7% YoY fall compared to the same period last year.

Legacy Reserves

Legacy Reserves (LGCY), an upstream MLP, was the second-highest MLP loser last week. It fell 6.7% during the week. Its fall could be due to weakness in natural gas prices. The partnership has more exposure to natural gas than to crude oil. Natural gas fell 5.8% and ended the week at $2.61 per MMBtu (million British thermal units). Read Could Natural Gas Hit a New 2017 Low Next Week? for an update on US natural gas.

Green Plains Partners

Green Plains Partners (GPP) is the midstream MLP involved mainly in ethanol and fuel transportation, terminaling, and storage. It was the third-highest MLP loser last week—it fell 6.3% last week. The partnership has lost 11.4% since the beginning of the year.

Ferrellgas Partners

Ferrellgas Partners (FGP) was among the top ten MLP losers for the second consecutive week. It fell 6.0% last week. The partnership has lost 7.7% in the past two weeks. Ferrellgas Partners’ recent weakness could be mainly due to its weak 1Q18 earnings results. The partnership reported an adjusted EBITDA of $26.2 million for 1Q18 compared to $29 million in the same quarter the previous year—a fall of 9.7% YoY.

Other top MLP losers

CVR Partners (UAN), CrossAmerica Partners (CAPL), Foresight Energy (FELP), Dominion Energy Midstream Partners (DM), Rice Midstream Partners (RMP), and Black Stone Minerals (BSM) were among the top ten MLPs losers last week.

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