Legacy Reserves (LGCY), the upstream MLP involved in crude oil and natural gas production, was the top MLP gainer last week. Legacy Reserves rose 32.7% in the week ending January 12, 2017. Last week, the rise could have been due to the gains in crude oil and natural gas prices.
CSI Compressco (CCLP) is an MLP involved in natural gas contract compression. CSI Compressco was the second-highest MLP gainer last week—it rose 17.4%. Overall, the partnership has gained 28.0% since the beginning of 2018. Its recent gains could be due to increased US drilling activity, which is expected to drive the partnership’s compression volumes.
Hi-Crush Partners (HCLP), a frac sand producer, was the third-highest MLP gainer last week. It had a week-over-week gain of 11.8%. Hi-Crush Partners has risen 19.2% in the first two weeks. Its recent gains are due to higher crude oil prices and strong US drilling activity. Despite the recent gains, Hi-Crush Partners has lost 32.4% in the past year. Hi-Crush Partners is among the top MLP picks for 2018. To learn more, read Strong Expected Earnings Could Make Hi-Crush Promising for 2018.
Sunoco LP (SUN), the MLP subsidiary of Energy Transfer Equity (ETE), is involved in wholesale marketing and distribution of refined products. It was the fourth-highest MLP gainer last week. Sunoco LP rose 10.8%. It rose following positive rating updates last week.
Other top MLP gainers
Natural Resource Partners (NRP), SunCoke Energy Partners (SXCP), Andeavor Logistics (ANDX), NuStar Energy (NS), Enable Midstream Partners (ENBL), and Martin Midstream Partners (MMLP) were among the top MLP gainers last week.
Next, we’ll discuss the top MLP losers last week.
Ferrellgas Partners (FGP) was downgraded by Citigroup in the week ending January 12, 2018. Citigroup downgraded Ferrellgas Partners to “neutral” from “buy.”
Broadcom (AVGO) stock fell ~8.5% after markets closed yesterday following the semiconductor giant's fiscal 2019 second-quarter earnings release. It missed analysts' revenue estimate and cut its fiscal 2019 revenue guidance by $2 billion to $22.5 billion due to sluggishness in its semiconductor solutions business.
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.
Safe havens such as Treasuries and gold were back in favor on June 14 as stocks fell due to rising tensions in the Middle East, concerns over growth, and the looming threat of the US-China trade war. The tech-heavy Nasdaq Composite Index fell 0.67% in the first hour of trading.
Lululemon (LULU) stock rose 2.1% on June 13 in reaction to better-than-expected first-quarter results and an upgraded outlook for fiscal 2019 overall. The company's first-quarter adjusted EPS grew 34.5% to $0.74 on revenue growth of 20.4% to $782.32 million. Analysts had expected EPS of $0.70 and revenue of $755.31 million. Here's why the outlook got an upgrade.
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.