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NGL, ENLC, ENLK, EQGP: The Week’s Top Midstream Underperformers


Oct. 30 2018, Updated 12:35 p.m. ET

EnLink Midstream’s simplification

Last week, EnLink Midstream (ENLC) announced an agreement to acquire EnLink Midstream Partners (ENLK). The transaction, which is expected to close in the first quarter of 2019, would eliminate ENLC’s IDRs in ENLK.

The merged entity is expected to retain the name EnLink Midstream and continue to trade as ENLC. EnLink Midstream fell 15.6%, and EnLink Midstream Partners fell 13.2% in the last week. We’ll take a look at analysts’ rating changes for the two stocks later in this series.

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Top underperformers

NGL Energy Partners (NGL) fell 16.5% for the week, and SemGroup (SEMG) fell 11.6%. Other top underperformers include EQT GP Holdings (EQGP), Antero Midstream GP (AMGP), and Andeavor Logistics (ANDX), all of which slid more than 10.0% for the week. NuStar Energy (NS) and DCP Midstream Partners (DCP) fell ~10.0% each. EQT GP Holdings and SemGroup have each fallen ~35.0% year-to-date.

The chart above shows the top MLP and midstream underperformers in the last week. As the chart shows, these stocks all fell ~10.0% or more in the last week.

EQM Midstream Partners (EQM) fell 7.8% in the last week and is down more than 30.0% year-to-date. EQM announced its third-quarter results last week. You can learn more in EQM Reports Strong Earnings and Distribution Growth in Q3.

Next, let’s take a look at the top MLP and midstream outperformers in the last week.


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