ETRN - MLP (And C-Corp.) Insiders: Believers And Non-Believers
MLP (and C-Corp.) midstream companies (for simplicity, will refer to them broadly as MLPs) have vastly underperformed the market, decoupled from oil price, and even after a series of restructuring and cleaning up of balance sheet, the index trades at a distribution yield of 10%. Even some of the integrated large-cap names trade at or above 10% distribution yield. Just as a reminder, US Treasuries are below 1.8%, and roughly two-thirds of bonds in Europe and 25-30% of all investment-grade debt in the world carry negative yields to maturity. Valuation metrics point to some of