CNX Midstream Partners
CNX Midstream Partners (CNXM), a midstream MLP mainly involved in natural gas gathering, natural gas compression, and water-related midstream services, was the top MLP gainer in the week ending June 15. CNX Midstream Partners rose 7.7% amid overall weakness in the midstream energy sector.
Last week, CNX Midstream Partners’ rally could be due to its target price revision by Morgan Stanley. Morgan Stanley raised CNX Midstream Partners’ target price to $24 from $23. CNX Midstream Partners has gained 18.9% since the beginning of 2018. However, the partnership is still trading below the low range of analysts’ target price ($21). The average target price of $24.3 implies ~22% upside potential from the current price levels.
Blueknight Energy Partners
Blueknight Energy Partners (BKEP), a midstream MLP mainly involved in liquid transportation, terminaling, and storage, was the second-highest MLP gainer last week. Blueknight Energy Partners rose 4.2%. Blueknight Energy Partners has lost 27.5% since the beginning of 2018.
Cheniere Energy Partners
Cheniere Energy Partners (CQP), an MLP subsidiary of Cheniere Energy (LNG), was the third-highest MLP gainer last week. Cheniere Energy Partners ended the week 3.4% higher. Cheniere Energy Partners has risen 20.9% in 2018 year-to-date. Most of the gains came after Cheniere Energy Partners and its general partner, Cheniere Energy, reported strong earnings in the first quarter and increased their guidance for 2018. To learn more, read Cheniere Energy Beats Wall Street Again, Increases 2018 Guidance.