Williams Companies (WMB) rose 5.2% last week. Strong third-quarter performance drove the stock up. The company reported 7% year-over-year growth in adjusted EBITDA, beating consensus estimates for the quarter. Global Partners (GLP) rose 9.4% and PBF Logistics (PBFX) rose 4.9% for the week. Golar LNG Partners (GMLP) and Teekay LNG Partners (TGP) rose 3.7% and 3.6%, respectively.
The above graph shows the top MLP and midstream gainers in the last week. SemGroup (SEMG) rose 3.6% for the week.
BPL’s distribution cut
Buckeye Partners (BPL) announced a long-expected distribution cut of 41% on November 2. The stock had been trading at an unsustainably high yield for a long time. The company announced initiatives aiming to maintain its investment-grade rating. Buckeye Partners closed 2.5% higher for the week.
Sunoco (SUN) and NGL Energy Partners (NGL) were up 2.5% and 2.4%, respectively. Kinder Morgan (KMI) rose 1.6%. Learn more about Kiner Morgan’s third-quarter performance in Decoding Kinder Morgan’s Third-Quarter Earnings.
Let’s look at the MLP and midstream stocks that fell the most last week in the next part of this series.