MLPZ News and Press, UBS AG London Branch FR SP ETRACS REDEEM 12/02/2046 USD 25 - Ser B 90274D242 From 07/22/20

Several years ago, Master Limited Partnerships (MLPs) dominated the midstream universe, making MLP-only indexes a decent proxy for midstream broadly. Today, MLPs represent less than 40% of the North American midstream universe by market capitalization. An MLP-only index is ideal for benchmarki...

After several cuts in 1Q20 payouts, midstream dividends today seem much more durable. However, yields remain elevated relative to history given ongoing weakness in equity performance. As mentioned in Tuesday's note , we view dividend cuts as less likely for 2Q20. While still early, seven name...

With the shortcomings surrounding yield-focused valuation metrics discussed earlier this week, today's piece continues the valuation conversation by focusing on enterprise-value-to-EBITDA (EV/EBITDA) metrics for midstream. Similar to free cash flow yield and price-to-cash-flow, EV/EBITDA is a ...

Given the high relative yields of the sector, investors have long turned to energy infrastructure companies, particularly MLPs, as a source of income in their portfolios. Valuations for the sector have historically been viewed through the lens of that dividend yield. However, as the industry h...

After historic one-day declines of 24.6% for West Texas Intermediate ((WTI)) crude and 27.7% for the Alerian MLP Infrastructure Index (AMZI) on March 9 following the beginning of a price war between Saudi Arabia and Russia, the correlation between oil prices and energy infrastructure has com...

By Brian Watson, CFA, Senior Portfolio Manager The midstream sector finds a way to offset the impact of the coronavirus and oil glut April MLP performance appeared to reflect improving sentiment as COVID-19 containment efforts are set to ease in many locations. Furthermore, mids...

When a sell-off occurs, the question on everyone’s mind turns to when things will recover. Tuesday’s research note addressed this question by looking at past drawdowns and recoveries, while today’s note takes another approach using oil price projections. Of course, no on...

While Alerian's research has almost exclusively focused on midstream energy infrastructure, today's note takes a broader look at infrastructure, comparing global listed infrastructure with energy infrastructure in terms of investment characteristics and recent performance. What does global l...

Past performance does not mean anything for future performance as practically every piece of financial collateral will remind you. However, it can be informative to look at historical MLP sell-offs to get a sense for how the space has recovered in the past. Today's note examines the forward th...

March was a historically tough month for midstream given the start of an oil price war and continued coronavirus uncertainty that together have lowered equity valuations in the space. While uncertainty remains, investors may be seeking further clarity on midstream investment considerations, in...