What happened

Midstream company Crestwood Equity Partners (NYSE:CEQP) gave back some of its recent gains in November, falling 10.2% for the month, according to data provided by S&P Global Market Intelligence. That's after a market sell-off caused the high-flying master limited partnership (MLP) to lose some altitude last month.

So what

Crestwood Equity Partners had been one of the best-performing energy stocks of 2018, generating a total return of more than 60% by early October before losing ground as both the stock market and oil prices were hit by a sell-off. The double-digit decline in Crestwood's value doesn't make much sense. For starters, the company has minimal direct exposure to commodity prices since fixed-fee contracts will supply it with 86% of its earnings this year. Meanwhile, it has several fee-based expansion projects underway, which should support a 15% compound annual growth rate in cash flow per unit.

Red numbers on a screen.

Image source: Getty Images.

Meanwhile, even after rebounding this year, Crestwood's valuation is still cheap. The company currently sells for about 8.7 times expected earnings for 2019, which is well below its peer group average of 11.2 times. The company looks even more undervalued when considering the fast-paced growth it expects to deliver beyond next year. 

Now what

Crestwood Equity Partners' got pulled in the undertow of last month's market sell-off. Because of that, investors can buy units of this high-yielding MLP for a lower price. That looks like a great investment opportunity since the company has a rock-solid business that's expected to expand at a fast pace in the coming years.