Master Limited Partnerships
MLP Relative Valuations
Financial journalists and media pundits are fascinated by the concept of absolute valuation, especially after a prolonged rally in the stock market. Using metrics like price to earnings (P/E) or enterprise value to EBITDA, they...
Upstream MLPs Search for Scale
Editor’s Note: Roger Conrad and Elliott Gue will share their expertise with investors at the upcoming MoneyShow San Francisco, which will take place Aug. 21 to Aug. 23 at the Hilton Union Square. Roger will give five...
NextEra Energy Partners LP: Plenty of Steak, But Priced for Sizzle
Wind and solar power still account for only a sliver of US electricity generation--a situation that should persist for the foreseeable future because of renewable energy’s intermittent availability, limited scalability and high initial costs relative...
PBF Logistics LP: Following a Well-Worn Path
With PBF Logistics LP’s (NYSE: PBFX) initial public offering, refiner PBF Energy (NYSE: PBF) followed in the footsteps of first mover HollyFrontier Corp (NYSE: HFC) and became the latest independent refiner to spin off its...
Enable Midstream Partners LP: Large and in Charge
Despite completing its initial public offering (IPO) in April 2014, Enable Midstream Partners LP (NYSE: ENBL) already boasts $11 billion in total assets, making the master limited partnership (MLP) one of the largest midstream names...
Foresight Energy LP: On The Sidelines Until Export Market Improves
Foresight Energy LP (NYSE: FELP) filed its initial S-1 registration statement in February 2012, when the no-show winter had depressed natural-gas prices to less than $2.00 per million British thermal units, prompting utilities to switch...
Viper Energy Partners LP: Mineral Rights Gain Momentum
Viper Energy Partners LP (NSDQ: VNOM) went public on June 17, 2014, pricing its initial offering of 5 million units at $26.00 apiece--well above the $19.00 to $20.00 range that the partnership had anticipated. Over...
NextEra Energy Partners LP: Built to Last, But High Price May Not
Editor's Note: Roger Conrad and Elliott Gue will share their expertise with investors at the upcoming MoneyShow San Francisco, which will take place Aug. 21 to Aug. 23 at the Hilton Union Square. Roger will give...
07/11/14: Secondary Offering is a First-Rate Buying Opportunity
Model and MLP Portfolio holding Memorial Production Partners LP (NSDQ: MEMP) sold off by more than 7 percent yesterday, after the oil and gas producer announced a secondary issue of 8.6 million common units--a knee-jerk...
06/26/14: Condensate Conundrum
Shares of US independent refiners sold off sharply yesterday, led by an almost 8.3 percent decline in Model Portfolio holding Valero Energy Corp (NYSE: VLO). This weakness extended to Alon USA Partners LP (NYSE: ALDW),...
Oddball V-MLPs
Dorchester Minerals LP (NSDQ: DMLP) Listed for trading in 2003, Dorchester Minerals LP is the second-oldest V-MLP on the market. The partnership acquires royalty and net profits interests (NPI) in oil- and gas-producing properties throughout...
V-MLPs: A Refined View
Three of the 10 publicly traded partnerships that pay variable distributions own and operate small refineries and related assets. Although these stocks were hot commodities when they first went public, investors' interest cooled after crack...
Distributions May Vary: The Smart Investor’s Guide to V-MLPs
Master limited partnerships (MLP) traditionally establish a minimum quarterly distribution (MQD) at the time of their initial public offering. These pass-through entities’ partnership agreements usually include strong incentives for the general partner to at least...
Chemical Dreams and V-MLPs
CVR Partners LP (NYSE: UAN) CVR Partners LP produces urea ammonium nitrate (UAN), a fertilizer that helps to boost crop yields. Since the V-MLP went public in 2011, CVR Partners’ unit price has tracked movements...
Enbridge Energy Partners LP Gets a Little Help from Its Friend
Like the Schedule K-1s that befuddles many investors at tax time, incentive distribution rights (IDR) are a subject that investor relations employees are likely tired of discussing. Although the K-1 is more complicated than the...
Takeover Talk in the MLP Space
Whereas some MLPs can unlock shareholder value with the assistance of their sponsor or self-help measures, three formerly out-of-favor names last year delivered total returns in excess of 100 percent after a third party acquired...
Thoughts on the NAPTP’s Annual MLP Investor Conference
At the click of a button, stock screens can sift through tens of thousands of companies by their numbers. Unfortunately, these eminently useful tools fail to consider a key intangible: quality of management. Last week,...
Energy Takeout Menu, Part 2
Newalta Corp (TSX: NAL, OTC: NWLTF) Drilling for oil and gas produces environmental contaminants, from wastewater to tailings; the more North America grows its energy output, the greater the need to dispose of and/or recycle...
MLP Mania: Takeaways from the NAPTP’s Annual Investor Conference
The Energy & Income Advisor team spent the last three days at the National Association of Publicly Traded Partnerships’ annual MLP investor conference. This year’s event broke another attendance record, despite a prohibition on media....
05/14/14: A Second(ary) Chance to Buy
USA Compression Partners LP’s (NYSE: USAC) Secondary Offering Gives Investors a Buying Opportunity Aggressive MLP Portfolio holding USA Compression Partners LP (NYSE: USAC) stands to benefit from the growing proportion of US natural-gas output that...
TRENDING TOPICS
Magellan Gets an Offer: Here’s What it Means for Midstream
Midstream energy M&A entered a new stage this past weekend: ONEOK Inc (NYSE: OKE) offered $25 in cash and 0.667 of its own shares for...
Oil Bears Everywhere
On October 16, 2008 The New York Times published an opinion piece written by billionaire investing legend Warren Buffett titled “Buy American. I Am.” Investors...
Profiting from the Energy Supercycle
Roger Conrad and Elliott Gue discuss all things energy, including a look at some of our top recommendations for 2023.
Natural Gas Tumbles Below $3.50/MMBtu
Some readers have asked for an update on our outlook for US natural gas prices considering the near 70% plunge in front-month gas futures since...
