ANDX is up 11%
The SPDR S&P 500 ETF (SPY) (SPX-INDEX) is up ~4.0% so far in 2018. The chart above compares the price performance of Phillips 66 Partners, PBF Logistics, Andeavor Logistics, and Holly Energy Partners since the start of 2017.
Performance in 2017
PBF Logistics was one of the few MLPs that managed to remain in the green in 2017. The stock was up 11.4% for the year, while AMLP ended 2017 down 15.0%.
Phillips 66 Partners was up 5.0% in 2017. In comparison, Holly Energy Partners closed the year relatively flat, and Andeavor Logistics was down 11.0%.
Andeavor Logistics’ sponsor, Andeavor (ANDV), announced the acquisition of 100% equity of Rangeland Energy II, LLC, on January 3, 2018. The acquired company owns midstream assets including a crude oil pipeline, storage terminals, and a truck-loading facility in the Permian Basin. Andeavor expects to drop down these assets to Andeavor Logistics in the future.
The expected asset dropdown, along with stronger oil prices, likely uplifted Andeavor Logistics in 2018.
In this series
This series compares the four logistics subsidiaries of refiners—PSXP, HEP, PBFX, and ANDX. These are the logistics MLPs of Phillips 66 (PSX), HollyFrontier (HFC), PBF Energy (PBF), and Andeavor, respectively. This series analyzes how the companies look currently and what may drive their performance in 2018.
The series also compares the dividend profiles, institutional ownership, and short interest in the four companies. Finally, we’ll discuss Wall Street analysts’ recommendations for the selected companies.
Next, let’s take a look at the earnings trends of PSXP, HEP, PBFX, and ANDX.
Phillips 66 Partners (PSXP) increased its 3Q17 distribution to 64.6 cents per unit, which represents year-over-year distribution growth of 22.0%.
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The SPDR Gold Shares ETF (GLD), which tracks physical gold prices, has underperformed the broader markets year-to-date, rising just 4.4% compared to the S&P 500’s (SPY) gain of 15.9% as of June 14. The sentiment for gold, however, has been turning around.
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As of 4:40 AM Eastern Time today, US crude oil active futures were at $51.83, ~4% below their closing level in the previous week. If US crude oil prices stay at those levels today, they'll mark their third week of decline in five weeks.
Amazon is discontinuing its Amazon Restaurants service, which has been delivering food for restaurants in parts of the United States. Amazon Restaurants launched in the United States in 2015 and entered the British market the following year. However, it met strong opposition in the British market.