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  • Roger S. Conrad

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 LNG Investment Bible, International Edition

Investors have an enduring love affair with liquefied natural gas (LNG), likely because of the highly publicized political debate over whether the Dept of Energy would approve proposed export schemes to ship US natural gas overseas.

After a prudent period of study, the Obama administration in May 2013 ended the moratorium on approving LNG exports to countries with which the US doesn’t have a free trade agreement–a crucial component for any proposed terminal to move forward.

Meanwhile, investors salivate over the wide spread in commodity prices between North America, which has more than enough production, and Asia, where natural-gas prices track the price of Brent crude oil.

In this issue, we explore the factors driving the supply and demand balance in the near term and over the next five years, while highlighting our favorite plays on the coming boom in Australian LNG projects.

The next issue of Energy & Income Advisor will spotlight our favorite plays on US and Canadian LNG exports–and some stocks to avoid for tactical and fundamental reasons.

 

And the Winners Are…

The holdings in our model Portfolios posted solid fourth-quarter results and have continued to outperform their benchmarks.

Since the MLP Portfolio’s inception on Nov. 15, 2013, our holdings have delivered an average total return of 7.16 percent, compared to the 2.16 percent return generated by the benchmark Alerian MLP Index.

Over this period, the Portfolio’s conservative sleeve has generated an average total return of 8.9 percent, while our aggressive holdings are up 5.3 percent.

In this issue, we share our updated take on these master limited partnerships (MLP) and our analysis of their fourth-quarter results and growth prospects.

Note that we have also updated our comments in the MLP Ratings table for many of the 100 names that we track; we will complete this review over the coming days.

We also review fourth-quarter results from our International Portfolio holdings that have reported earnings since the last issue of Energy & Income Advisor.

02/26/14: Thank You, Barron’s

Nothing has changed since we first responded to Hedgeye Risk Management’s attack on Kinder Morgan Energy Partners LP (NYSE: KMP)–except that these views appeared in Barron’s, a magazine widely read by the retail investors that make up much of Kinder Morgan Energy Partners’ investor base.

The International Scene

The strong US dollar has made it tough sledding for the stocks in our International Portfolio, though the recent rally in the Canadian dollar has provided a welcome tailwind for our Toronto-listed holdings.

However, the Aussie remains under pressure because of concerns about slowing economic growth in China and other emerging markets that import natural resources from Australia. (See Down and Out Down Under.)

Although we can’t say whether the Canadian and Australian dollars have bottomed, investors should remember that both countries’ governments remain in much better fiscal shape than our own. And the regulatory environments in Australia and Canada tend to favor energy companies and their investors.

At the same time, traders view these currencies as a proxy for China’s economic growth and appetite for commodities; as long as investor sentiment toward the Mainland’s economy remains negative the Australian and Canadian dollars could remain under pressure.

The silver lining: Investors who take a long view can buy shares of first-rate companies at a discounted price.

Separating Buckeyes from Boardwalks

Buckeye Partners LP rewarded patient investors with a 70 percent total return after resuming distribution growth, while Boardwalk Pipeline Partners LP gave up almost half its value after slashing its payout by 80 percent. These master limited partnerships’ divergent fortunes hold important lessons for investors.

 

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  • Live Chat with

    Elliott and Roger on Sep. 27, 2022

  • Portfolios & Ratings

    Experts

    • 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