NuStar Energy LP Brings the Pain, But We Remain Selectively Bullish on MLPs
NuStar Energy LP’s 45 percent distribution cut provides yet another sign of the changing of guard underway in the midstream industry. That said, amid all this pain, we remain selectively bullish on master limited partnerships.
No Longer A Keystone for TransCanada
We explore what the Nebraska Public Service Commission’s approval of the Keystone XL pipeline’s cross-border segment really means for TransCanada Corp.
11/27/17: Power Swap
We’ve added a new power play to the International Portfolio.
Lessons from Canada for US Midstream Master Limited Partnerships
Does Canada’s midstream segment provide a model for the evolution of US master limited partnerships? We explore what factors have helped Canadian pipeline stocks outperform despite currency headwinds and lower realizations on oil and gas prices.
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.
Permian Basin to Take Market Share in a Short-Cycle World
Break-even rates continue to fall across the board in US shale plays, but the efficiency gains that come from exploiting multiple oil-bearing formations with the same infrastructure give the Permian Basin an edge in the battle for market share.
The Discount On MLP Equity Offerings Narrows
Narrowing discounts on midstream MLPs’ overnight equity offerings bode well for the group.
International Intrigue
Our International Portfolio’s conservative allocation weathered the selloff in energy-related equities with aplomb and has continued its strong performance in 2016. The handful of names in our aggressive sleeve have also rallied hard this year. We revisit out strategy for the back half of the year.
Midstream and MLP Update
The past few weeks have brought a number of important transactions involving midstream operators and master limited partnerships. We share our take and analyze their implications.
Bond Update
In December 2014, we highlighted a basket of undervalued bonds issued primarily by upstream master limited partnerships (MLP) that we thought would rally if they cut their distributions to shore up their balance sheets and focus on paying down debt. We also reasoned that these securities would pop on any relief rally in energy prices. This strategy worked nicely and we took some decent profits off the table. A similar opportunity appears to be in the works.
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Live Chat with
Elliott and Roger on Nov. 29, 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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Elliott H. Gue
Founder and Chief Analyst: Capitalist Times and Energy & Income Advisor
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Roger S. Conrad
Founder and Chief Analyst: Capitalist Times and Energy & Income Advisor