Boardwalk Pipeline Partners
Boardwalk Pipeline Partners (BWP), a midstream MLP mainly involved in natural gas and natural gas liquids transportation, was the top MLP gainer in the week ending June 29. The shares rallied 13.5% last week. The sharp surge in Boardwalk Pipeline Partners shares could be attributed to the positive revision in its earnings estimate. Boardwalk Pipeline Partners rallied ahead of the announcement by Boardwalk GP that it “has elected to exercise the right to purchase all of the issued and outstanding common units representing limited partner interests” in the partnership, as noted in the related press release. The transaction is valued at $1.5 billion.
Spectra Energy Partners
Spectra Energy Partners (SEP) and Enbridge Energy Partners (EEP), Enbridge’s (ENB) midstream MLP subsidiaries, were among the top MLP gainers last week. Spectra Energy Partners and Enbridge Energy Partners rallied 12.6% and 8.5% last week. Spectra Energy Partners and Enbridge Energy Partners move in tandem with Enbridge following the merger announcement. Recently, Enbridge agreed to acquire all of the outstanding units of the limited partnership in an all-stock deal. Enbridge shares rallied following the announcement of approval of its Line 3 replacement project. Overall, Enbridge ended 13.8% higher last week.
Dorchester Minerals (DMLP), a royalty and mineral interest owner MLP, was the third-highest MLP gainer last with week-over-week gains of 8.7%. Last week’s gains could be attributed to the rally in crude oil prices. Overall, Dorchester Minerals has gained 35.5% year-to-date.