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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...
By Brian Watson, CFA, Senior Portfolio Manager New acquisitions and a temporary shutdown headline this month’s MLP sector June MLP performance seemed to reflect a reversal of sentiment as COVID-19 cases returned in certain regions. That likely influenced the near-term trajec...
Written by Nick Ackerman, co-produced by Stanford Chemist Dividend cuts for closed-end funds were something that we certainly anticipated throughout this latest sell-off. Not only is that playing a role in CEFs, but will in ETFs and individual stocks just the same. This might be more pre...
By Justin Carlson, Co-Founder and Chief Strategy Officer Smart investors look for a market edge wherever they can find one, because staying one step ahead of the pack has never been tougher. Markets move at the speed of light in our digital age, often based on information at the fingertips...
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...
Author's note: This article was released to members on June 1, 2020. Please check latest data before investing. The Weekly Closed-End Fund Roundup will be put out at the start of each week to summarize recent price movements in closed-end fund [CEF] sectors in the last week, as well as...
Written by Nick Ackerman, co-produced by Stanford Chemist There is no doubt, this has been a wild year. The COVID-19 panic had induced quite a volatile market heading into March. This was after such a strong start to a year with the broader markets hitting all-time highs on February 19th...
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 ...
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DALLAS , June 1, 2020 /PRNewswire/ -- The Cushing ® MLP & Infrastructure Total Return Fund (formerly known as The Cushing ® MLP Total Return Fund) (NYSE: SRV) (the "Fund") announces today that the merger of The Cushing ® Energy Income Fund (NYSE: SRF) w...
DALLAS , May 8, 2020 /PRNewswire/ -- Cushing Asset Management, LP (" Cushing ") announces today that at a reconvened special meeting of shareholders of The Cushing ® MLP & Infrastructure Total Return Fund (NYSE: SRV), shareholders voted to approve the merger of The Cushi...
DALLAS , May 1, 2020 Cushing Asset Management (" Cushing ") announces the results of the joint special meeting of shareholders of The Cushing ® Energy Income Fund (NYSE: SRF) and The Cushing ® MLP & Infrastructure Total Return Fund (NYSE: SRV) relating to the...