CVR Partners (UAN), the MLP (master limited partnership) involved in the production of nitrogen fertilizers, including ammonia and UAN (urea ammonium nitrate), was the biggest MLP gainer last week (ended December 8), rising 17.4% during the week.
CVR Partners’ surge last week can be primarily attributed to the sharp rise in ammonia prices last week, but the partnership is still trading 38.3% below its levels during the beginning of this year.
NGL Energy Partners
NGL Energy Partners (NGL) was the second-biggest MLP gainer last week, ending the week 8.2% higher. NGL’s stock rose after the announcement of its inclusion in the Alerian MLP Infrastructure Index (AMZI). NGL Energy, which is involved in the retail distribution of propane and transportation and marketing of petroleum products, has lost 34.0% in 2017 to date.
Notably, the partnership recently announced the stake sale of its retail propane business and Glass Mountain Pipeline to deleverage its balance sheet.
American Midstream Partners
American Midstream Partners (AMID), the midstream MLP involved primarily in natural gathering, processing, and compression, was the third-biggest MLP gainer last week, gaining 6.6% on Friday, December 8, and ending the week 5.7% higher.
AMID’s shares rallied on signs of legal trouble for the American Midstream Partners-Southcross Energy Partners (SXE) merger deal. This could indicate investor dissatisfaction with the deal in its current form. AMID announced the merger with SXE last month.
Other top MLP gainers
Capital Product Partners (CPLP), USD Partners (USDP), Crestwood Equity Partners (CEQP), Delek Logistics Partners (DKL), CVR Refining (CVRR), Star Group (SGU), and Viper Energy Partners (VNOM) were among the top MLP gainers last week.
VNOM’s and CEQP’s gains can be primarily attributed to their ratings upgrades last week. We’ll look into last week’s MLP ratings updates in the next and final part of this series.