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Summary

  • 3 Year Average Growth rates estimated at 11-12%.
  • $200MM in weekly fund flows, about 10% of Market Cap held by packaged products.
  • ICF Intl projects $641B through 2034 to fund new infrastructure.

The Alerian AMZ index drifted lower by -.06% this week against a + 1.4% S&P 500. Median performance of all MLP issuers was a healthy +.53%. A strong week for high growth units with 20 reaching a new 52 week high and only 7 reaching a new 52 week low, most notably the Kinder Morgan complex. As we near the end of the earnings reporting period, ~ 66% of the issuers are expected to generate 3 year average CAGRs in the 11-12% range, offering potential total returns of 15-17%.

Unit Value Winners and Losers

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Troubled Eagle Rock Energy Partners LP (NASDAQ:EROC) announced the filing of its SEC proxy statement for the sale of the company's midstream assets to Regency Energy Partners, LP (NYSE:RGP). Previously, Natural Resource Partners (NYSE:NRP) lost approx. 30% when the distribution was cut in January. Coal MLPs had a positive week in spite of a bearish outlook for 2014 coal demand.

EnLink Partners, LP (NYSE:ENLK) announced a secondary offering of 18 million units to be sold by current partners in the company.

Distribution Rate Changes

OCI Partners LP (NYSE:OCIP), an ammonium and methanol producer with a variable distribution, announced their first distribution and offered guidance of $2.00-$2.20 per unit with a forward yield of 10.45%. Here is a chart listing the 15 highest distribution coverage ratios.

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Insider Trading

Concerning the large sale of Access Midstream Partners, LP (NYSE:ACMP) units, Global Infrastructure was the buyer from Chesapeake Energy (NYSE:CHK) when that company was forced by financial troubles to unload its midstream MLP holdings. Energy Capital Partners is the equity capital firm that set up the 2012 IPO of Summit Midstream Partners, LP (NYSE:SMLP).

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Share Issuance News

Issuance activity slowed this week with just two equity issues outside of the EnLink secondary sales by insiders. BreitBurn Energy Partners LP (NASDAQ:BBEP) registered a $200MM ATM as did USA Compression Partners LP (NYSE:USAC) for $1B. Get the details of any offer of interest by clicking on the specific issue on the Issuance page of the MLPData Dashboard.

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ETF, CEF and Mutual Fund Money Flows

Approximately $200MM flowed into MLP packaged products this week, bringing the total AUM to ~10% of the aggregate market cap, an indicator of expanding institutional ownership. Closed End Fund's narrowed their average discount to NAV by trading up +.31.

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Next Week's Earnings Calendar

There are four earnings releases scheduled for next week.

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Source: Weekly Intelligence For MLP Investors