Last Week’s Worst MLP Performers


Nov. 20 2020, Updated 1:09 p.m. ET

Summit Midstream Partners

Summit Midstream Partners (SMLP), a midstream MLP mainly involved in natural gas gathering, processing, and compression, was the worst MLP performer last week. It fell 4.5%. The partnership has lost 22.4% since the start of this year. SMLP’s recent weakness could be due to its weak 4Q17 earnings. The partnership posted flat adjusted EBITDA (earnings before interest, tax, depreciation, and amortization) of $72.9 million in the fourth quarter, compared to $72.7 million in the same quarter of the prior year. Moreover, SMLP’s 2018 growth outlook is weak. The partnership expects adjusted EBITDA between $285 million and $300 million. At the midpoint, this range represents a 0.7% increase compared to 2017.

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Seadrill Partners

Seadrill Partners (SDLP), the MLP formed by Seadrill Limited (SDRL) to own and operate offshore drilling rigs, remained among the worst MLP performers for the second consecutive week. The partnership fell 4.0% last week. It has lost 15.8% YTD (year-to-date). SDLP’s recent weakness could be due to its weak Q4 earnings. For details, see Seadrill Partners’ 4Q17 Results: The Details Are Important.

NGL Energy Partners

NGL Energy Partners (NGL), the midstream MLP involved in crude oil, refined products, and NGLs logistics and marketing, was the third highest MLP loser. It ended the week 4.0% lower. For a recent update on NGL Energy’s market performance, read NGL Energy Partners Has Fallen 16% in 2018: What’s Next?

Other MLP underperformers

Delek Logistics Partners (DKL), Ferrellgas Partners (FGP), TransMontaigne Partners (TLP), Archrock Partners (APLP), NuStar Energy (NS), EQT Midstream Partners (EQM), and Sanchez Midstream Partners (SNMP) were among the bottom ten MLP performers last week.

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


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