On October 17, TC PipeLines (TCP) announced its revised estimates for the impact of its tax-related changes. It now expects the changes to reduce its cash flow by $20 million–$30 million—half as much as its earlier estimate of $40 million–$60 million.
TC PipeLines surged 11.6% last week. The above graph shows the MLP and midstream stocks that gained the most in the week. CVR Refining (CVRR) rose 5.4% in the period.
As we discussed in the previous article, ONEOK (OKE), Kinder Morgan (KMI), and Magellan Midstream Partners (MMP) were among the other top gainers last week.
Hi-Crush Partners (HCLP) continued to fall last week. The stock fell 14.6% in the period, and it’s down 20% year-to-date. The stock has seen quite a few downgrades recently. Last week, Jefferies cut its rating for Hi-Crush Partners to an “underperform.”
Calumet Specialty Products Partners (CLMT) fell 6.3%, and EQT GP Holdings (EQGP) fell 4.3% in the week.
Next, let’s take a look at key MLP and midstream rating updates last week.