Three master limited partnerships (MLPs) with double-digit yields — Magellan Midstream PartnersÂ (NYSE: MMP),Â Plains All American PipelineÂ (NYSE: PAA), andÂ MPLXÂ (NYSE: MPLX) — suffered double-digit price declines in September, according to data provided by S&P Global Market Intelligence.
The companies’ unit prices (the MLP version of share prices) lost out to theÂ S&P 500, which only slipped 3.9% for the month. Meanwhile, Magellan’s unit price fell by 10%, MPLX’s was down 13.8%, and Plains’ dropped 15.5%. The year-to-date picture is even worse, with MPLX’s shares down more than 35% so far in 2020, while Magellan’s have fallen 44% and Plains’ a jaw-dropping 68.5% this year.Â
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The three companies operate North American pipeline and storage-terminal networks for crude oil and other products. But within that universe, the companies are differentiated by what they transport and where it goes.