Last Week’s Biggest MLP Losses

MLPs with heavy exposure to Interstate Pipelines lost the most last week. TC PipeLines (TCP) recorded the highest losses, followed by Enbridge Energy Partners (EEP) and Dominion Midstream Energy Partners (DM). They lost a massive 27.8%, 22.1%, and 15.1% of their equity value last week, respectively. For details on the impact of the new FERC ruling on Interstate Pipeline operators, see Why TCP, EEP, and SEP Fell after FERC Tax Ruling.

Ferrellgas Partners (FGP), the MLP involved mainly in retail and wholesale distribution of propane, was the fourth MLP last week in terms of the biggest losses. It fell 14.6%. FGP has lost 18.1% since its 4Q17 earnings announcement and 25.0% since the start of this year. For post-earnings analysis of FGP, see Ferrellgas Partners’ Earnings Rose 15% in Fiscal 2Q18. 

Southcross Energy Partners (SXE), the midstream MLP involved in natural gathering, processing, and compression, was the fifth MLP in terms of the biggest losses. It fell 9.1% last week. Last week’s decline eroded all of SXE’s year-to-date gains. Now, it’s up 0.6% year-to-date.

American Midstream Partners (AMID), CVR Refining (CVRR), Summit Midstream Partners (SMLP), Spectra Energy Partners (SEP), and Natural Resource Partners (NRP) were among the top ten MLP losses last week.

In the next part of this series, we’ll look into last week’s top MLP gainers.