PSXP - Why Shares of These High-Yielding Pipeline Stocks Plummeted in March
Shares of pipeline company Enbridge (NYSE: ENB) and master limited partnerships (MLPs) Phillips 66 Partners (NYSE: PSXP), Enterprise Products Partners (NYSE: EPD), and Energy Transfer Partners (NYSE: ET) fell more than 20% in March, according to data provided by S&P Global Market Intelligence.
Enbridge shares were down 22.3%. Phillips 66 Partners saw its unit price (MLP-speak for share price) fall by an even 33%. Enterprise Products Partners units tumbled 38.7% for the month, while Energy Transfer's shares plunged a jaw-dropping 58.5%
The drops pushed the companies' already-generous dividend and distribution yields even higher. They're all currently yielding between 8% (Enbridge) and a dangerous 21.6% (Energy Transfer).