• Energy and Income Advisor
  • Conrads Utility Investor
  • Capitalist Times
  • Twitter
  • Seeking Alpha
  • Roger S. Conrad

MLP IPO Class of 2014, Part 4

By  Elliott H. Gue
Issue No.52 . Nov. 19, 2014
current post button

In 2014, a record 19 energy-related master limited partnerships (MLP) have completed their initial public offerings (IPO).

And another dozen prospective publicly traded partnerships having filed their S-1 and F-1 registration forms with the Securities and Exchange Commission (SEC), suggesting that the number of newly minted MLPs will easily eclipse 20.

We don’t expect this trend to abate anytime soon. Investors’ appetites for above-average yields and exposure to the shale oil and gas revolution remain robust, providing the energy sector with a ready source of low-cost capital at a time weakening oil prices could crunch balance sheets.

In this environment, upstream operators and private-equity funds will continue to churn out MLPs in an effort to raise capital and monetize earlier investments.

Many of these offerings will offer a visible pathway to distribution growth, usually through structured drop-down transactions; however, the best bets will have a viable long-term game plan to grow cash flow, build franchise value and diversify their asset and customer bases.

However, as the total returns generated by this year’s debutants attests, selectivity remains the key to outperformance.

In this issue, we review the latest batch of MLPs to go public and three-quarters of the prospective publicly traded partnerships that have filed their initial registration statements with the SEC.

Next Issue Date : Nov. 28, 2014View Past Issues

FREE
Energy in Pictures >>

FREE
Energy Investing Weekly >>

  • Live Chat with

    Elliott and Roger on Dec. 1, 2014

  • Portfolios & Ratings

    • Model Portfolios

      Balanced portfolios of energy stocks for aggressive and conservative investors.

    • Coverage Universe

      Our take on more than 50 energy-related equities, from upstream to downstream and everything in between.

    • MLP Ratings

      Our assessment of every energy-related master limited partnership.

    • International Coverage Universe

      Roger Conrad’s coverage of more than 70 dividend-paying energy names.

    Experts

    • Roger S. Conrad

      Founder and Chief Analyst: Capitalist Times and Energy & Income Advisor

    • Elliott H. Gue

      Founder and Chief Analyst: Capitalist Times and Energy & Income Advisor

    • Peter Staas

      Managing Editor: Capitalist Times and Energy & Income Advisor