Midstream and Upstream MLP Gainers and Losers on September 24
Summit Midstream Partners (SMLP) was the top loser among midstream MLPs at the end of trading on Thursday, September 24. Its losing streak continued with a single-day loss of 12.44% yesterday. Summit Midstream has lost 28.40% of its equity value in the last two trading sessions. Its private equity sponsor, Energy Capital Partners, announced that it’s looking for buyers for a stake sale.
Summit Midstream Partners
Energy Capital Partners owns Summit Midstream Partners’ GP (general partner) and 44% of its limited partner interest. It expects at least $2 billion from this deal. The private equity sponsor might also consider taking the assets public in case the offers are too low. Summit Midstream Partners provides natural gas, crude oil, and produced water gathering and processing services.
Enable Midstream Partners
Enable Midstream Partners (ENBL) is next on our list of the top five midstream MLP losers on September 24. It fell 5.57% yesterday. With yesterday’s loss, Enable Midstream’s YTD (year-to-date) returns fell to -33.57%. It mainly provides natural gas gathering, processing, transportation, and storage services.
USD Partners (USDP), Rose Rock Midstream (RRMS), and Cone Midstream Partners (CNNX) were among the top five midstream MLP losers on Thursday, September 24. They fell 5.36%, 5.23%, and 4.89% in the last trading session, respectively. They have returned -36.41%, -44.20%, and -57.30% YTD.
The Alerian MLP ETF (AMLP) and the UBS ETRACS Alerian MLP ETN (AMU) fell 0.99% and 0.75%, respectively. For context, the upstream energy company heavy SPDR S&P Oil & Gas Exploration & Production ETF (XOP) rose 0.59% on the same day.
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