ETRN - SteelPath March MLP Update And News
By Brian Watson, CFA, Senior Portfolio Manager
As coronavirus concerns bring volatility to all markets, the fundamentals of the energy midstream sector still appear solid to us.
In February, although the entire market was rocked by coronavirus worries, the master limited partnership ((MLP)) and energy infrastructure sector underperformed the S&P 500 Index. However, midstream energy infrastructure company fundamentals may not be as bad as they seem. As earnings season wraps up, operating performance has been better than expected with EBITDA (earnings before interest, taxes, depreciation and amortization) coming in 1.1% higher than consensus expectations