Energy Transfer fell 3.1%

Energy Transfer (ET) was one of the few midstream stocks that fell last week. Energy Transfer fell 3.1% last week. Energy Transfer has risen 10.3% year-to-date. Currently, the stock is trading at a high yield of ~8.3%. Dominion Energy Midstream Partners (DM) fell 1.4% last week. Dominion Energy (D) is expected to complete the previously announced acquisition of Dominion Energy Midstream Partners in the first quarter of 2019.

ET, CVRR, and DM: Top MLP and Midstream Losses Last Week

CVR Refining fell

CVR Refining (CVRR) fell 6.7% last week. On January 17, CVR Energy (CVI) announced the exercise of its right to purchase the remaining common units of CVR Refining. CVR Energy will purchase the common units on January 29 for ~$241 million in aggregate. Once the purchase is completed, CVR Refining units won’t trade publicly.

Other underperformers

Andeavor Logistics (ANDX) fell 0.7%, while Westlake Chemical Partners (WLKP) fell 0.4% last week. Enable Midstream Partners (ENBL) and AmeriGas Partners (APU) fell marginally.

Summit Midstream Partners (SMLP), Genesis Energy (GEL), and Cheniere Energy (LNG) underperformed, although all of them were positive for the week.

As we discussed in Part 1, MLPs and midstream stocks were largely positive last week. The Alerian MLP Index rose 1.9%, while the Energy Select Sector SPDR ETF (XLE) rose 3.0% last week.

Next, we’ll discuss key MLP and midstream rating updates last week.

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