Stocks that fell the most
Midstream MLP NuStar Energy (NS), royalty interest owner Viper Energy Partners (VNOM), and downstream MLP CVR Refining (CVRR) fell 8.9%, 8.6%, and 7.7%, respectively, last week. Cheniere Energy Partners (CQP) fell 6.9% for the week. Credit Suisse initiated coverage on Cheniere Energy Partners with an “underperform” rating, which contributed to the stock’s fall.
EnLink Midstream (ENLC) and EQT GP Holdings (EQGP) fell 6.8% and 6.6%, respectively. The above graph shows the MLPs and midstream stocks that fell the most last week.
Magellan Midstream Partners fell 6.2%
Magellan Midstream Partners (MMP) fell 6.2% last week. Credit Suisse started coverage on Magellan Midstream Partners with a “neutral” rating. Credit Suisse gave Magellan Midstream Partners a target price of $77. Read EPD, MPLX, ETP, PAA: What Do Current Valuations Indicate? to learn how Magellan Midstream Partners’ current valuation compares with its peers.
Calumet Specialty Products Partners (CLMT) fell 6.4%, while TC PipeLines (TCP) fell 5.9% during the week.
Next, we’ll discuss key MLP and midstream rating updates last week.