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Peter Staas is managing editor of the Conrad’s Utility Investor and Energy & Income Advisor. He earned a BA from the State University of New York at Binghamton and co-authored a textbook about real estate valuation models that’s used by federal bank examiners. Peter Staas also served as managing editor of Personal Finance, MLP Profits and The Energy Strategist, where he honed his understanding of global energy markets under the tutelage of investing experts Elliott Gue and Roger Conrad.

Articles

10/26/17: Buying Opportunities

The recent selloff in master limited partnerships reflects concerns about moderating production growth in the US onshore market and worries that excessive leverage will lead to more pain for equity investors. These fears aren’t entirely unwarranted, but they do create buying opportunities.

In Focus

The challenging energy market has taken its toll on our Focus List, with our poorly timed picks from the upstream segment and oil-field services absorbing the hardest hits.

Our lesson from these missteps: We need to remain disciplined and adhere to our own advice about trading these cyclical industries more adeptly, buying when oversold and paring exposure when valuations and sentiment reach the top of their range. These tactical errors are inexcusable and particularly grating when our skepticism toward oil prices at the outset of the year was spot-on.

Upstream Overview: Thoughts on Q2 Results

Within the upstream space, we continue to focus on names with low costs, solid balance sheets, high-quality acreage in the STACK and Permian Basin, and the flexibility to monetize noncore assets or retain cash flow through captive midstream MLPs.

Although our outlook for oil prices and the US energy patch favors an overweight position in core midstream holdings, nimble investors can generate alpha in upstream names by buying when oil prices retreat to the low end of their range and taking some profits off the table when they recover. Timing and stock selection—easier said than done with shorter cycle times—will be critical to producing differentiated returns. Adhering to our Dream Prices can help in this regard.

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    Experts

    • Roger S. Conrad

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

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

    • Peter Staas

      Managing Editor: Capitalist Times and Energy & Income Advisor