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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...
We have highlighted that investors should be looking at listed infrastructure as a better allocation than standalone midstream/MLP allocations, including this post last year , and this one from January . Infrastructure continues to produce better outcomes for investors than midstream, with l...
With interest rates near historic lows and energy equities also depressed after oil's rout, financial advisors and investors looking for income and value may be taking a fresh look at the MLP and energy infrastructure space. While the potential for generous, tax-advantaged income from MLPs is ...
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...
The May 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) Certain midstream companies were forced to cut distributions this quarter due to the challenging macro env...
With oil's collapse, a lot of investor attention has been given to the financial health of midstream's customers that produce oil and gas. However, several midstream MLPs have refiner customers and/or refiner parents as shown in the table below. Notably, refiners have distinct profitability dr...
Amid recent volatility, one looming question for midstream has been whether the space will be able to efficiently tap debt markets to address impending debt maturities and ensure ample liquidity to finance corporate activities. For context, an analysis from March showed that eleven MLPs in the...
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...
Expanding on the theme of yesterday's note discussing midstream defensiveness, today's piece examines the resilience of forward estimates for the midstream space despite oil's price collapse. In contrast with other segments of energy, 2020 and 2021 midstream EBITDA estimates have seen only m...
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2024-07-27 19:26:00 ET Stock Traders Daily has produced this trading report using a proprietary method. This methodology seeks to optimize the entry and exit levels to maximize results and limit risk, and it is also applied to Index options, ETFs, and futures for our subscribers. This...
2024-05-27 11:56:00 ET Stock Traders Daily has produced this trading report using a proprietary method. This methodology seeks to optimize the entry and exit levels to maximize results and limit risk, and it is also applied to Index options, ETFs, and futures for our subscribers. This...
2024-05-17 16:04:00 ET Stock Traders Daily has produced this trading report using a proprietary method. This methodology seeks to optimize the entry and exit levels to maximize results and limit risk, and it is also applied to Index options, ETFs, and futures for our subscribers. This...