Why Units of Crestwood Equity Partners Rocketed 173.5% in April
Crestwood Equity Partners (NYSE: CEQP) made a massive comeback last month. Units of the master limited partnership (MLP) skyrocketed a jaw-dropping 173.5% in April, according to data provided by S&P Global Market Intelligence.
That enabled it to claw back some of its losses from March when it tumbled almost 80%. The main factor fueling its rebound was an update it provided investors on the impact this year's oil market downturn was having on its operations.
Investors bailed on energy stocks in March as oil prices crashed. MLPs were among the hardest hit -- especially those like Crestwood that gather and process oil and gas -- because investors believe their producing customers will slash output. That would force MLPs to cut their payouts so that they could preserve cash.
Source Fool.com
