JPMorgan analyst Jeremy Tonet made four downgrades in the Energy Infrastructure/Master Limited Partnership space: the analyst downgraded BP Midstream Partners (BPMB), CNX Midstream Partners (CNXM), Global Partners (GLP) and Oasis Midstream Partners (OMP) to Underweight from Neutral. Conversations with dedicated MLP investors continue to highlight distrust of the incentive misalignment created by incentive distribution rights, especially when MLPs with elevated yields continue to grow the distribution, Tonet tells investors in a research note. The analyst views this scenario as the "clearest case of conflicted incentives," saying he can't think of any reason to increase the distribution when the yield stands elevated. He believes any company without IDRs would look to lower leverage and/or buyback shares ahead of lifting an elevated yield that the market does not appear to appreciate.