American Midstream Partners
American Midstream Partners (AMID), a midstream MLP involved in natural gas gathering, processing, and compression, was the lowest-performing MLP in the week ended July 27. AMID stock plunged 41.1% last week. It saw a sharp correction following its announcement of a capital allocation strategy, which includes the sale of non-core assets and a distribution cut.
AMID declared a distribution of $0.10131 per share for the second quarter of 2018. That represents a 24.6% decrease compared to the previous quarter’s distribution of $0.4125 per share. AMID has fallen 50.6% YTD (year-to-date).
Dominion Midstream Energy Partners
Dominion Midstream Energy Partners (DM), which was the top MLP gainer in the week ended July 20, was the second-weakest MLP last week with a week-over-week decline of 7.3%. It saw some profit booking last week after a massive rally following the FERC’s (Federal Energy Regulatory Commission) announcement of the final policy rule. Year-to-date, DM has fallen 49.6%.
EQT and general partner holdings
EQT Midstream Partners (EQM) and its general partner, EQT GP Holdings (EQGP), were among the weakest MLPs last week, falling 5.5% and 6.1%, respectively. Last week’s decline could be attributed to the postponement of EQM’s ambitious Mountain Valley Pipeline project and price target cuts. Year-to-date, EQM and EQGP have fallen 29.2% and 15.2%, respectively.
Other low-performing MLPs
CVR Partners (UAN), USA Compression Partners (USAC), Dorchester Minerals (DMLP), Martin Midstream Partners (MMLP), Legacy Reserves (LGCY), and Star Gas Partners (SGU) were among the top ten lowest-performing MLP stocks last week.
In the next part, we’ll look at last week’s MLP rating updates.