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  • Roger S. Conrad

A Mixed Bag

By Peter Staas on Aug. 5, 2017

Our poorly timed rotation into upstream and oil-field service stocks has weighed on the Focus List’s performance over the past few months, though our outsized midstream exposure has held up reasonably well. We continue to advocate for an overweight position in master limited partnerships (MLP) with exposure to volumetric growth stories. Regular quarterly distributions from our favorite MLPs help to pad our returns in a challenging environment.

However, with oil prices settling into our lower-for-longer range and many upstream stocks trading at favorable valuations, the risk-reward proposition for shares of oil and gas producers has improved. We may look to add an upstream name or two to the Focus List in coming weeks.

Although poring over second-quarter results and listening to conference calls occupies much of our time these days, we continue to explore energy-related opportunities in the petrochemicals, industrials, energy efficiency and renewable power to provide additional diversification. Having dropped Algonquin Power & Utilities Corp (TSX: AQN, NYSE: AQN) from the Focus List Earlier this year, we’d like to replace it with one or two of our best energy-related ideas outside of the oil and gas sector. Stay tuned.

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    Elliott and Roger on Jul. 27, 2022

  • Portfolios & Ratings


    • Elliott H. Gue

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

    • Roger S. Conrad

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