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Roger S. Conrad needs no introduction to individual and professional investors, many of whom have profited from his decades of experience uncovering the best dividend-paying stocks for accumulating sustainable wealth.

Roger built his reputation with Utility Forecaster, a publication he founded more than 20 years ago that The Hulbert Financial Digest routinely ranked as one of the best investment newsletters. He’s also a sought-after expert on master limited partnerships (MLP) and former Canadian royalty trusts.

In April 2013, Roger reunited with his long-time friend and colleague, Elliott Gue, becoming co-editor of Energy & Income Advisor, a semimonthly online newsletter that’s dedicated to uncovering the most profitable opportunities in the energy sector.

Although the masthead may have changed, readers can count on Roger to deliver the same high-quality analysis and rational assessment of the best dividend-paying utilities, MLPs and dividend-paying Canadian energy names.

Articles

The Lay of the Land in the MLP Space

The National Association of Publicly Traded Partnerships’ (NAPTP) investor conference featured roughly the same number of attendees as the prior year, but the uncertainty facing the energy sector made this edition one of the most important in recent history.

With the exception of Enterprise Products Partners LP’s (NYSE: EPD) in-depth macro outlook, the majority of midstream master limited partnerships (MLP) that presented at the conference avoided discussing energy prices, focusing instead on their growth projects and outlook for distribution increases.

Management teams also leaned heavily on their favorite buzzwords, emphasizing their companies’ long-term, fee-based contracts and assets located in the core of various unconventional basins.

Nevertheless, uncertainty created by the severe downdraft in energy prices and planned reductions in upstream capital expenditures has started to show up in the form of tighter distribution coverage for many midstream outfits, project delays and cancellations, and a diminished outlook for future growth.

In this issue, we update our MLP investment strategy, highlighting the pockets of opportunity and areas of higher risk. We also explain the rationale behind the latest additions to our MLP Portfolios and update our take on our current holdings in light of their first-quarter results and our conversations with their management teams.

MLP Portfolio in Review

Here are our updated takes on our MLP Portfolio holdings, based on their first-quarter results and our discussions with their management teams at the National Association for Publicly Traded Partnerships’ recent investor conference.

Key Takeaways from the NAPTP’s MLP Investor Conference

We attended the National Association of Publicly Traded Partnerships’ MLP Investor Conference and lived to tell the tale. Here are some of our key takeaways from the most important event of the year for MLP investors

The Renewable-Energy Investment Bible

In the US, renewable-energy developers continue to reap the rewards of favorable policies at the state and federal level. However, concerns about rising electricity costs and general opposition to government subsidies raise questions about whether this support will continue.

Although SolarCity Corp (NSDQ: SCTY) and other outfits with unsustainable business models pose the most risk to investors’ wealth, long-term contracts and the participation of utilities in the space should ensure that renewable energy won’t reprise its disappearing act from the 1980s.

Don’t be surprised if SolarCity tumbles to less than $10 per share when the going gets tough.

At the same time, because many investors view renewable energy as an opportunity for developers to usurp utilities, a good chunk of this industry trades at reasonable valuations relative to their long-run growth prospects.

This issue highlights the best opportunities and names to avoid in the following areas: yieldcos, generation, energy storage, transmission, energy retailing, regulated utilities and components manufacturers.

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  • Live Chat with

    Elliott and Roger on Oct. 30, 2017

  • 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