28 Jan

ENLC, ALTM, SUN, and SHLX: Top Midstream Gains and Losses

WRITTEN BY Rekha Khandelwal, CFA

Top losses

EnLink Midstream Partners and EnLink Midstream (ENLC) fell 11.3% and 10.2%, respectively, last week. EnLink Midstream completed the acquisition of EnLink Midstream Partners on January 25. Altus Midstream Company (ALTM)—the midstream company formed by Apache (APA)—fell 5.5% for the week. TC PipeLines (TCP) and SemGroup (SEMG) fell 5.3% and 4.3%, respectively. SemGroup stock has risen ~20% year-to-date.

ENLC, ALTM, SUN, and SHLX: Top Midstream Gains and Losses

The above graph shows the top MLP and midstream underperformers last week. As we discussed in the previous part, Plains All American Pipeline (PAA) fell 3.8% last week. Plains GP Holdings (PAGP) fell 2.7%. Plains All American Pipeline is scheduled to report its fourth-quarter results on February 5.

Top gains

Royalty interest owner MLP Kimbell Royalty Partners (KRP) rose 6.7% last week. On January 25, the MLP announced a distribution of $0.4 per unit for the fourth quarter.

ENLC, ALTM, SUN, and SHLX: Top Midstream Gains and Losses

The above graph shows the top MLP and midstream gains last week. Sunoco (SUN) rose 4.7%, while Shell Midstream Partners (SHLX) rose 4.0% for the week. So far, Shell Midstream Partners has risen ~26% in 2019.

Enable Midstream Partners (ENBL), Antero Midstream (AM), and Teekay LNG Partners (TGP) were the other top gains last week. Antero Midstream GP (AMGP) gained 3.0% last week.

Next, we’ll discuss Magellan Midstream Partners’ (MMP) rating update last week.

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