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Access Midstream Partners (NYSE:ACMP) is a solid yielding midstream energy partnership I have covered and owned since late in 2012 when it traded at ~$32 a share. ACMP now trades at ~$56 a share, more capital appreciation than investors had a right to expect from this yield play.

However, the company continues to make smart strategic acquisitions that are powering growth. Access recently picked up some midstream compression units from Chesapeake Energy (NYSE:CHK) in a deal announced last week. These transactions are a key driver to the company's ability to continue to deliver 15% to 20% annual revenue growth.

Access Midstream Partners continues to deliver solid results. Two weeks ago it delivered quarterly earnings of 47 cents a share, 4 cents a share above the consensus. Results also slightly beat revenue expectations.

The company's consistent ability to deliver this sort of results has drawn plaudits from analysts. Wunderlich upgraded the shares to "Buy" today in front of the company's Analyst Day in May. Wunderlich has a $64 a share price target on the shares and it believes Access can increase distribution at a 15% annual rate over time.

Credit Suisse also initiated the shares as an "Outperform" earlier in the year. They have a $63 a share price target on ACMP. Credit Suisse's analyst provided color for the coverage as well "We see ACMP as a best-in-class MLP with well-positioned assets, fully fee-based contracts, and a solid mgmt team at the helm that should continue rewarding holders."

Access Midstream Partners provides a distribution yield of just under four percent (3.9%) currently. Others in the midstream energy partnership area provide a higher yield. However, few of these plays can match the company's distribution growth over the past few years which looks like it will continue into the foreseeable future.

Since coming public in mid-2010, Access has increased its distribution by over 60% in a consistent and incremental trajectory. For investors looking for a solid yielder with good distribution growth prospects, ACMP fits the bill. I don't expect it to provide the same capital appreciation it has over the last 18 months but it should outperform the single digit returns I see for the overall market in 2014. ACCUMULATE

Source: Access Midstream Partners: 4%-Yielder Continues To Impress