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In recent years, Q4 has not been kind to midstream energy, and 2019, so far, has not been an exception. Yet despite shorter-term headwinds, like tax-loss selling pressure, we remain optimistic for the asset class over a longer time frame as fundamentals and valuations continue to contradict re...
Current U.S. equity market valuations will make it hard for many investors to achieve their goals in the coming decade. Current valuations imply long term returns of only 4-5% per year. However, an analysis of historical return data and valuations suggests attractive opportunities in select ...
In a challenging macro environment for the energy space, the broad midstream universe has performed defensively this year. MLPs may finish down for the third consecutive year on a price-return basis given performance through December 10, with MLP performance substantially diverging from midstr...
By Brian Watson, CFA, Senior Portfolio Manager The master limited partnership ((MLP)) sector saw a series of events take place in November, including the conclusion of third quarter earnings season and yet another MLP simplification eliminating incentive distribution rights. And while ...
The December MLP Monthly Report can be found here offering insights on MLP industry news, the asset class's performance, yields, valuations, and fundamental drivers. Summary News: 1) DCP Midstream ( DCP ) announced the elimination of all general partner economic interests in DCP and ...
A Glance in the rear-view mirror In March of 2013, I penned my 14th edition of kortsessions.com, "Buy, sell or Fold?" We had just broken definitely above the previous record high (March 2000, S&P 500, 1550). The actual record high did occur in October 2007 (1576) but it was a very shor...
By Brian Watson , CFA, Senior Portfolio Manager The beginning of third quarter earnings season and other updates from the MLP sector The master limited partnership ((MLP)) sector saw a series of events take place in October, including the start of third-quarter earnings season and...
The October MLP Monthly Report can be found here offering insights on MLP industry news, the asset class's performance, yields, valuations, and fundamental drivers. Summary News : 1) Energy Transfer LP (ET) has announced that it will acquire SemGroup (SEMG) for $5 billion, funding...
By Brian Watson, CFA, Senior Portfolio Manager Energy Transfer (ET) makes an acquisition and MLPs' performance relative to other asset classes. MLP market overview Midstream master limited partnerships (MLPs), as measured by the Alerian MLP Index ((AMZ)), ended September up 0.7% on...
Given the end of the month and quarter fell on a Monday, I wanted to get a quick post out with updated month- and quarter-end numbers. I hope you'll understand if the upcoming weekly post is a bit shorter as a result. After a rough end to the summer with back-to-back negative months, midstre...
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JPMorgan Chase Capital XVI JP Morgan Alerian MLP ETN Company Name:
AMJ Stock Symbol:
NYSE Market:
JPMorgan Chase & Co. (“JPMorgan Chase” or the “Firm”) and JPMorgan Chase Financial Company LLC (“JPMorgan Financial”) announced today the results of JPMorgan Financial’s offer to exchange (the “Exchange Offer”) its Alerian MLP Ind...
JPMorgan Chase & Co. (“JPMorgan Chase” or the “Firm”) and JPMorgan Chase Financial Company LLC (“JPMorgan Financial”) announced today that they have extended the expiration date for JPMorgan Financial’s previously announced offer to exchange (t...
JPMorgan Chase & Co. (“JPMorgan Chase” or the “Firm”) and JPMorgan Chase Financial Company LLC (“JPMorgan Financial”) announced today that they have filed a registration statement on Form S-4 (the “Registration Statement”) to register JP...