Paradigm Shift in MLP Land
Big changes are afoot in the midstream segment. Many master limited partnerships appear to have taken Enterprise Products Partners LP’s lead and shifted their focus to building distribution coverage and reducing equity. We explore which names will be able to make this transition with relative ease and which names face more of a slog to put themselves on a path to sustainability.
US Shale Plays: Separate and Unequal
US oil production appears to be bottoming, but investors seeking to profit in an environment where prices will likely range between $40 and $60 per barrel must pay attention to basin-specific trends as well as companies’ balance sheets and acreage quality.
Pre-Earnings Potpourri
With second-quarter earnings season about to kick off for the energy sector, this installment of Energy & Income Advisor tackles a number of recent developments affecting specific master limited partnerships and midstream operators and takes a look at our International Portfolio holdings.
Three Growth Themes for MLP Investors
We highlight some of the key growth themes investors should keep in mind as they position for the next few years and highlight the MLP Portfolio holdings that stand to benefit from these opportunities.
Oil Prices, Production Volumes and MLP Investment Strategy
The most recent issue of Energy & Income Advisor, Dusting off the Crystal Ball, laid out our outlook for the stock market, the US economy and the prices of oil, natural gas and natural gas liquids (NGL) over the coming year. These views shape our strategy for investing in master limited partnerships (MLP) in the near term and for the long haul.
Outlook 2016: Energy Prices
Our calls on crude-oil prices over the past year have been spot on for the most part. Although our macro calls haven’t saved our Portfolios from the carnage, we have avoided many of the worst performers, used hedges to provide some upside protection and set ourselves up to profit from the down-cycle’s final chapters. Here’s what we see for the year ahead.
Head Fakes, Oil Inventories and Hedges
Our near-term outlook for crude-oil and natural-gas prices hasn’t changed, though investors should consider taking profits on demand-oriented names that tend to thrive when oil prices dive.
Canada and Australia
Canadian and Australian energy stocks have suffered the double whammy of lower oil and gas prices and a sharp retrenchment in the value of their home currencies relative to the US dollar.
Timing the Cycle
Energy markets are cyclical. Although the specifics driving the recent upheaval in the energy patch may be unique, similar cycles have played out several times over the past century. These history lessons help to provide a working roadmap for navigating what’s ahead for oil prices and energy-related stocks.
Real Talk about Oil Prices
Trends in the futures market, elevated inventories, resilient US production and the likelihood that the international community will end sanctions against Iran in 2016 point to further downside for oil prices in the near term and an environment where price realizations remain lower for longer.
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Live Chat with
Elliott and Roger on Apr. 26, 2018
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
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Roger S. Conrad
Founder and Chief Analyst: Capitalist Times and Energy & Income Advisor
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Elliott H. Gue
Founder and Chief Analyst: Capitalist Times and Energy & Income Advisor
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Peter Staas
Managing Editor: Capitalist Times and Energy & Income Advisor