Sanchez Midstream Partners
Sanchez Midstream Partners (SNMP) is a midstream MLP involved mainly in natural gathering, processing, and compression. Sanchez Midstream Partners was the top MLP gainer in the week ending April 6, 2018. Sanchez Midstream Partners rallied 16.4%. The company’s YTD (year-to-date) return turned positive due to last week’s gain. Sanchez Midstream Partners has risen 8.6% YTD. Despite the recent gains, Sanchez Midstream Partners has still fallen ~21% in the past year.
CVR Refining (CVRR), a downstream MLP involved mainly in crude oil refining and marketing, was the second-highest MLP gainer last week. CVR Refining ended the week 10.3% higher. Last week, the rally could have been due to the decline in crude oil prices. Overall, the partnership has lost 13.0% since the beginning of 2018. For a recent update on CVR Refining’s key performance drivers, read What CVR Refining’s Key Indicators Suggest.
Ferrellgas Partners (FGP) is an MLP mainly involved in propane retail and wholesale distribution in the US. Ferrellgas Partners was the third-highest MLP gainer last week. Ferrellgas Partners gained 8.7%. Despite these gains, Ferrellgas Partners has fallen 20.8% in 2018.
Ferrellgas Partners’ weak financial position has remained a major concern for quite some time. The concerns could have contributed to the partnership’s poor market performance. Ferrellgas Partners’ leverage ratio stood at ~7.0x by the end of 2Q18, which is significantly above industry standards. However, the partnership expects its financial position to improve in the coming quarter. According to the recent earnings release, “Based on the Company’s current forecast, the leverage ratio is expected to continue to strengthen and decrease throughout the fiscal year.”
Other top MLP gainers
Blueknight Energy Partners (BKEP), Plains GP Holdings (PAGP), Dorchester Minerals (DMLP), American Midstream Partners (AMID), Teekay Offshore Partners (TOO), Southcross Energy Partners (SXE), and Plains All American Pipeline (PAA) were among the top MLP gainers last week.
Next, we’ll discuss the top MLP losses last week.