MLPs finished the first quarter with a collective loss of 4.2% after distributions, based on the Alerian MLP Total Return Index. After the panic of January and early February this qualifies as a moral victory in the absence of a net financial gain.

Our recommendations were down 2.2% on average on a total return basis. Unfortunately, several of our Best Buys ended up among the biggest laggards. Energy Transfer Equity (NYSE: ETE) was down a shocking 46% in Q1, though it is up 25% so far in April.

We believe there’s much more upside to come, and that goes for the tanker stocks that also took on lots of water, as well as TerraForm Power (NYSE: TERP), bankrupt SunEdison’s about-to-be-orphaned yieldco.

We did much better with another Best Buy, the propane distributor AmeriGas Partners (NYSE: APU), which returned 30% as it proved its resilience during the warmest winter on record.

Other portfolio outperformers included the Marcellus gas driller EQT (NYSE: EQT), which jumped 29%, and EQT GP Holdings (NYSE: EQGP; up 31%), a proxy for EQT’s general partner interest in EQT Midstream (NYSE: EQM).

Most of the first quarter’s leaders had a natural gas or propane focus, including Conservative Portfolio leader UGI (NYSE: UGI; +20%), gas shipper Spectra Energy (NYSE: SE) and Suburban Propane Partners (NYSE: SPH), which returned 26% following our recommendation on Feb. 16.

TransCanada (NYSE: TRP) and Kinder Morgan (NYSE: KMI) were the large-cap outperformers with gains of 22% and 21%, respectively. Beaten down gas processor DCP Midstream Partners (NYSE: DPM) and the gas shipper Boardwalk Pipeline Partners (NYSE: BWP) tacked on 15% apiece.

Refinery logistics MLPs were clear laggards as their sponsors saw their margins cut, likely dimming the refining sector’s near-term growth prospects.

EuroNav Floats Dividend

The news in tankers was better on the fundamental side, as charter rates rose for crude carriers and stayed strong for petroleum products haulers.

Crude tanker operator EuroNav (NYSE: EURN), whose share price fell 25% in the first quarter, said on March 17 it would pay a dividend of 82 cents per share on May 27, to holders of record as of May 18. The payment will bring total dividends paid by EuroNav for 2015 to $1.69 a share, for a current trailing yield of 15.5%.

EuroNav is committed to paying out 80% of net recurring income, and the company said the first quarter of 2016 is likely to end up stronger than the fourth quarter of 2015, which was last year’s best.

EuroNav’s dividends are subject to a Belgian withholding tax of 25% but U.S. residents can qualify for a 15% rate; check with your broker or tax adviser for details. We’re upgrading Aggressive pick EURN to a Buy below $13.