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Investing Topics: Dividend Stocks

IPO Analysis: Exmar Energy Partners LP (NYSE: XMLP)

Exmar Energy Partners LP publicly filed its initial F-1 registration statement on Sept. 24, 2014, roughly 10 months after confidentially pre-filing with the Securities and Exchange Commission. Here's our in-depth analysis of this master limited partnership and its growth prospects.

IPO Analysis: Hess Midstream Partners LP (NYSE: HESM)

The proposed initial public offering of Hess Midstream Partners LP will monetize Hess Corp’s processing, transportation and terminal assets in North Dakota’s Bakken Shale, a prolific oil-producing play. Here's our take on the prospective publicly traded partnership.

IPO Analysis: PES Logistics Partners LP (NYSE: PESL)

PES Logistics Partners LP owns a 45 percent interest in North Yard Logistics, an operating company whose cornerstone asset is a rail unloading terminal that can accommodate up to three 120-railcar unit trains per day. Do the risks outweigh the potential rewards for investing in this prospective publicly traded partnership?

IPO Analysis: PennTex Midstream Partners LP (NYSE: PTTX)

PennTex Midstream Partners LP’s initial asset base will consist of gas-gathering pipelines and -processing plants in Northern Louisiana that operate under long-term contracts with primary customer, Memorial Resource Development Corp. Here our take on whether this prospective publicly traded partnership is worth your while.

IPO Analysis: Columbia Pipeline Partners LP (NYSE: CPPL)

Columbia Pipeline Partners LP’s (NYSE CPPL) initial asset base comprises midstream infrastructure accumulated by NiSource (NYSE: NI) when the utility industry consolidated in the 1990s. We highlight our favorite way to add exposure to this growth story.

IPO Analysis: Ocean Rig Partners LP (NSDQ: ORLP)

Offshore contract driller Ocean Rig UDW has followed SeaDrill and Transocean’s lead and filed an initial registration statement for a master limited partnership that will own rigs that operate under longer-term contracts. We do a deep dive to determine whether Ocean Rig Partners LP is worth your while.

IPO Analysis: Mammoth Energy Partners LP (NSDQ: TUSK)

Unlike most master limited partnerships, Mammoth Energy Partners LP will pay a quarterly distribution that varies based on the cash flow generated by the smattering of oil-field services businesses arrayed under its banner. In other words, investors seeking a reliable quarterly distribution should look elsewhere.

MLP Class of 2014, Part 3

Over the past three years, investors seeking differentiated returns have found recent initial public offerings (IPO) in the MLP space to be a fruitful hunting ground. In 2011, two fledgling MLPs--Golar LNG Partners LP (NYSE: GMLP) and Tesoro Logistics LP (NYSE: TLLP)--cracked the list of that year's top 10 performers. This number increased to six in 2012 and four in 2013. And thus far in 2014, IPOs that priced within the past 12 months have accounted for four of the top-performing MLPs. Why do newly listed publicly traded partnerships tend to outperform? MLPs often grow their distributions at an accelerated rate in their first two years as a publicly traded entity. These rising quarterly payouts, coupled with a raft of positive research reports from Wall Street analysts, tend to attract investors’ attention and drive the stock price higher. At the same time, brokerage and financial websites often misreport recently listed MLPs’ yield until the firm has paid a full year’s worth of distributions. This quirk gives investors an opportunity to buy these stocks before the herd realizes how much the units yield. In the past, investing in fledgling publicly traded partnerships has proved to be a winning proposition and an opportunity to find value. However, investors should be forewarned selectivity is critical to this strategy’s success.
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