TC Pipelines Rises and EnLink Midstream Falls on June 30
Top losers
In the last part in this series, we saw the top five midstream MLP (master limited partnership) gainers on Tuesday, June 30. In this part, we’ll discuss the top five midstream MLP losers on the same day.
VTTI Energy Partners
VTTI Energy Partners (VTTI) was the top loser at the end of trading on Tuesday, June 30. It fell 5.33% yesterday. The stock still has positive YTD (year-to-date) returns. It has returned 1.01% YTD. VTTI Energy Partners provides terminaling services for crude oil, refined petroleum products, and LPG (liquefied petroleum gas).
Dominion Midstream Partners
Dominion Midstream Partners (DM) is next in our list of the top five midstream MLP losers. It fell 3.86% yesterday. Dominion Midstream Partners has returned -2.27% YTD.
Other losers
NGL Energy Partners (NGL), EnLink Midstream Partners (ENLK), and DCP Midstream Partners (DPM) were among the top five midstream MLP losers on Tuesday, June 30. They fell 3.65%, 3.17%, and 2.66% in the last trading session, respectively. They’ve returned 8.36%, -24.27%, and -32.45% YTD, respectively. EnLink Midstream Partners climbed back after recording a new 52-week low during the last trading session on Tuesday. Its new 52-week low is $21.70.
DCP Midstream Partners has lost close to one-third of its market value YTD, mainly due to falling NGL (natural gas liquid) prices and rating downgrades by major investment banks. NGL prices continue to fall on a combination of strong supplies and weaker demand of propane and butane during warmer weather conditions. NGL prices are expected to stay low until 4Q15. For a detailed analysis of DCP Midstream Partners’ recent performance, read DCP Midstream 1Q15 Earnings: Distribution Should Stay Flat in 2015.
The Alerian MLP ETF (AMLP) is comprised of 25 midstream MLPs. It has returned -11.19% YTD. Together, NGL Energy Partners, EnLink Midstream Partners, and DCP Midstream Partners account for ~6.63% of AMLP. For context, the upstream energy company heavy SPDR S&P Oil & Gas Exploration & Production ETF (XOP) has returned -2.51% YTD.
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