PSXP - Phillips 66 Partners Breaks Out Of Long-Term Base As MLPs Show Signs Of Life

Phillips 66 Partners (PSXP) is hitting 52-week highs and has broken out of a long-term base:

Source: Yahoo Finance

The breakout is likely due to a number of positive catalysts, many of which I wrote about in my last article on the MLP:

• Recent elimination of the IDRs.
• An attractive 6.15% yield as compared to the 10-year Treasury (1.9%).
• A conservative distribution coverage ratio of 1.29x combined with a relatively low leverage ratio and investment-grade credit rating.
• The 900,000 bpd Gray Oak Pipeline going in-service in November (PSXP has a 42.25%

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