The Weakest MLPs in H1 2018

Kurt Gallon - Author

Jul. 13 2018, Updated 1:17 p.m. ET

Dominion Midstream Energy Partners

Dominion Midstream Energy Partners (DM), a midstream subsidiary of Dominion Energy (D), was the weakest MLP in the first half of 2018, falling 55%. The FERC’s (Federal Energy Regulatory Commission) revised ruling was a major factor behind DM stock’s fall. It saw several rating downgrades and target price cuts.

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TC PipeLines

TC PipeLines (TCP) was the second-biggest casualty of the FERC ruling, falling 51% in H1 2018. Goldman Sachs Asset Management expects its EBITDA to fall 21.1% this year. The stock has been downgraded and its target price reduced, mainly due to its cost of service contracts and significant interstate pipeline portfolio.

Blueknight Energy Partners

Blueknight Energy Partners (BKEP), mainly involved in liquid transportation, terminaling, and storage, was the third-weakest MLP in the first half of 2018, falling 33.0%. The partnership’s weak earnings in recent quarters may have prompted its stock decline.

Other underperforming MLPs

Golar LNG Partners (GMLP), EQT Midstream Partners (EQM), Buckeye Partners (BPL), Shell Midstream Partners (SHLX), Summit Midstream Partners (SMLP), Dynagas LNG Partners (DLNG), and NuStar Energy (NS) also experienced weakness in H1 2018.


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