The Alerian MLP Index, a capitalization-weighted basket of 50 prominent master limited partnerships (MLP), has delivered a total return of almost 16 percent this year, topping the 6.9 percent gain posted by the Philadelphia Oil Service Sector Index and the 28 percent loss posted by the Bloomberg North American Refining and Marketing Index.

However, MLPs have lagged the Bloomberg North American Independent E&P Index, which has rallied 34.13 percent and includes only a minimal contribution from dividends.

After successive waves of indiscriminate selling and buying, the easy money has been made in the MLP space; going forward, investors must have a firm grasp on underlying fundamentals to achieve differentiated returns.

We scrutinized second-quarter results and earnings calls from every midstream MLP; this issue highlights our key takeaways from this exhaustive (and exhausting process) as well as our updated takes and buy targets for all of these names.