Foresight Energy (FELP), an MLP mainly involved in coal production, was the top MLP loser last week. It fell 3.8% in a single trading session on Friday, January 5, 2018, resulting in a WoW (week-over-week) decline of 3.4%. It has fallen 38.5% over the past year, mainly due to the general weakness in US coal sector.
Tallgrass Energy GP
Tallgrass Energy GP (TEGP), the MLP general partner of Tallgrass Energy Partners (TEP), was the second-highest MLP loser last week, falling 3.1%. Tallgrass Energy Partners was also among the top MLP losers last week. TEGP’s and TEP’s declines can mainly be attributed to their rating updates from Credit Suisse last week. We’ll look more at those ratings in a later article.
Legacy Reserves (LGCY), an upstream MLP involved in crude oil, natural gas, and NGL (natural gas liquids) production, was the third-highest MLP loser last week, falling 3.1%. LGCY’s fall last week can be attributed mainly to the weakness in natural gas prices. Natural gas fell 5.4% last week to end at $2.8 per MMBtu (million British thermal unit).
Other top MLP losers
Green Plains Partners (GPP), Calumet Specialty Products Partners (CLMT), Westlake Chemical Partners (WLKP), Crestwood Equity Partners (CEQP), Star Gas Partners (SGU), and CVR Refining (UAN) were among the top ten MLP losers last week.
In the next part, we’ll look at Plains All American Pipeline’s (PAA) technical indicators.
Suburban Propane Partners (SPH), the MLP involved in retail marketing and the distribution of propane, was upgraded by UBS last week, which ended on January 5, 2017.
In another setback for Boeing (BA), China might not buy the company's 737 MAX jets as part of its trade negotiations with the US.
Micron was the hardest hit by the semiconductor downturn due to weak economic demand arising from the US-China trade war.
CannTrust (CTST) announced that it's scheduled to report its fourth-quarter earnings on March 28 before the market opens.
Yesterday, Apple (AAPL) launched a newly upgraded range of its iPad Air and iPad mini devices ahead of its March 25 special event.
Nike (NKE) is scheduled to report its earnings results for the third quarter of fiscal 2019 after the market closes on March 21.
On March 18, Chesapeake Energy’s (CHK) implied volatility was 51.9%, which is ~14.7% less than its 15-day average.