Why These 3 High-Yielding Pipeline Stocks Tumbled in September
Three master limited partnerships (MLPs) with double-digit yields -- Magellan Midstream Partners (NYSE: MMP), Plains All American Pipeline (NYSE: PAA), and MPLX (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 the 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.
Image source: Getty Images.
Source Fool.com