Genesis and MarkWest: Top Midstream Gainers on Friday, July 17
Midstream and Upstream MLP Gainers and Losers on Friday, July 17
Top gainers
Genesis Energy (GEL) was the top gainer among midstream MLPs (master limited partnerships) at the end of trading on Friday, July 17. After falling 5.85% on July 16, Genesis rose 1.67% the following day. This reflects the tug-of-war between bullish and bearish traders in its stock.
Genesis Energy
On Thursday, July 16, Genesis shares fell after its announcement to acquire Enterprise Product Partners’ (EPD) offshore pipeline and service business for ~$1.5 billion. The stock has returned 4.90% YTD (year-to-date). Genesis has performed well YTD (year-to-date) considering the turmoil in the energy markets. It has a diverse portfolio of midstream assets, including storage terminals, pipelines, refinery-related plants, and trucking operations.
MarkWest Energy Partners
MarkWest Energy Partners (MWE) is next on our list of the top midstream MLP gainers. It rose 1.41% on Friday. With the rise on Friday, its YTD returns improved to 1.65%. MarkWest Energy has risen 14.30% since the announcement of its merger with MPLX LP (MPLX).
Other gainers
The next three stocks on the list of the top five midstream MLP gainers on July 17 are Crestwood Midstream Partners (CMLP), Tesoro Logistics (TLLP), and Magellan Midstream Partners (MMP). They gained 0.80%, 0.16%, and 0.10%, respectively. These three stocks have returned -25.10%, -6.66%, and -14.01% YTD. Tesoro Logistics has received the most “buy” recommendations among a group of four transportation and terminaling MLPs we covered in a peer analysis series. For more details, read Analyzing 4 Top US Transportation and Terminaling MLPs.
The Alerian MLP ETF (AMLP) fell 0.83% on Friday. Together, Genesis Energy, MarkWest Energy, Crestwood Midstream, Tesoro Logistics, and Magellan Midstream account for 22.87% of AMLP. For context, the upstream energy company heavy SPDR S&P Oil & Gas Exploration & Production ETF (XOP) fell 2.77% on the same day.
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