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



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.

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.

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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.

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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