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  • Consumer Staples Sector Update 7-24-15

    I hold close to 10% of my investments in this sector. The purpose of these investments: to generate a bit of income at a moderate growth rate in lower due diligence stocks. This has been a year where I really needed the lack of drama in this sector.

    If you want to "keep your head when all about you are losing theirs", then have a portfolio that assists in that outcome. Have a good weighting in this sector.

    "If you can make one heap of all your winnings
    And risk it on one turn of pitch-and-toss,
    And lose, and start again at your beginnings
    And never breathe a word about your loss;"

    . . . . then this is not the sector for you. This is a sector where it is highly unlikely that you will need to start your nest egg at its beginnings. And . . .

    "If you (need your investments to) fill the unforgiving minute
    With sixty seconds' worth of distance run"

    . . . . then this is not the sector for you. These companies are turtles, not hares. You can see that in the LTM dividend growth. The dividend/EPS ratios also point towards lower dividend growth. Fortunately, the 2016 and 2017 EPS projections indicate a 'high single digit' dividend growth rate is possible. For a 2.58% yield, I want 8% dividend growth. That kind of growth appears probable, and it is just around a distant corner.

    Grocery Portfolio 7-24-15

    The Q3-15 dividend is used for yield calculations. The second Dividend/EPS ratio has the 2015 EPS projection as the denominator. The change in the target, EPS and DCF is the percentage change in the consensus 2015 projection that has happened since the beginning of 2015. "Div 1 yr" measures the change in the dividend since Q3-14. "Div 5 yr" measures the average change in the dividend since Q3-10. HSY - which shows zero LTM dividend growth - is yet to announce its Q3-15 dividend.


      12-31-147-24DivCurrentDiv/Div/Percent Change
    CompanyPricePrice/QuarterYieldEPS15EPS16PricePr+DivEPS15TargetDiv 1yrDiv 5yr

    Archer-Daniels(NYSE:ADM)52.0047.190.2802.3735%31%-9.25-8.17-10.03-4.5616.6717.33
    Campbell(NYSE:CPB)44.0048.280.3122.5852%49%9.7311.15-2.8512.120.002.69
    Coke(NYSE:KO)42.2240.440.3303.2666%62%-4.22-2.65-1.472.728.2010.00
    ConAgra(NYSE:CAG)36.2843.670.2502.2945%41%20.3721.75-1.3331.700.005.00
    Colgate(NYSE:CL)69.1967.000.3802.2753%48%-3.17-2.07-7.402.855.568.68
    Ingredion(NYSE:INGR)84.8481.110.4202.0730%27%-4.40-3.41-5.826.150.0040.00
    Clorox(NYSE:CLX)104.21110.360.7702.7968%64%5.907.381.5717.664.058.00
    Flowers(NYSE:FLO)19.1920.790.1332.5555%50%8.3410.41-1.022.3610.429.81
    General Mills(NYSE:GIS)53.3356.920.4403.0962%59%6.738.380.009.227.3211.43
    Hershey(NYSE:HSY)103.9390.200.5352.3751%47%-13.21-12.18-6.52-7.650.0013.44
    Hormel(NYSE:HRL)52.1057.560.2501.7439%36%10.4811.440.0010.8125.0027.62
    Kellogg(NYSE:K)65.4464.540.5003.1056%53%-1.380.15-12.35-1.492.044.69
    Kimberly-Clark(NYSE:KMB)115.54111.840.8803.1561%57%-3.20-0.92-4.972.914.766.67
    Lancaster(NASDAQ:LANC)93.6490.840.4602.0350%45%-2.99-2.01-3.691.584.5510.67
    McCormick(NYSE:MKC)74.3079.890.4002.0045%42%7.529.14-2.228.718.1110.77
    Pepsi(NYSE:PEP)94.5696.180.7032.9262%57%1.713.20-7.354.607.259.27
    Procter&Gamble(NYSE:PG)91.0980.290.6633.3067%63%-11.86-10.40-8.76-4.233.007.62
    JM Smucker(NYSE:SJM)100.98105.590.6702.5450%47%4.575.89-3.0615.094.6913.50

    Average    2.5853%49%1.202.62-4.296.146.2012.07

    The SPY or S&P 500 EFT is up 1.20% year to date. - and with unreinvested dividends is up 2.15% year to date.
    The KXI or Consumer Staples ETF is up 4.00% year to date - and with unreinvested dividends is up 5.28%.
    With the 10 Treasury at 2.26% and the sector average yield on the Q3 dividend at 2.58% - the spread is 32 basis points.
    * The change in the dividend is for the last twelve months and not year to date.

    Historical yields for the sector:

    Mar 2010: 2.77%June: 2.92%Sept: 2.92%Dec: 2.78%
    Mar 2011: 2.84%June: 2.76%Sept: 2.94%Dec: 2.81%
    Mar 2012: 2.81%June: 2.82%Sept: 2.80%Dec: 2.81%
    Mar 2013: 2.42%June: 2.47%Sept: 2.58%Dec: 2.48%
    Mar 2014: 2.53%June: 2.54%Sept: 2.61%Dec: 2.47%
    Mar 2015: 2.52%June: 2.61%Sept:Dec:

    Historical P/E Ratios for the sector:

    Mar 2010: 14.74June: 13.84Sept: 14.45Dec: 15.93
    Mar 2011: 15.55June: 16.38Sept: 15.52Dec: 16.58
    Mar 2012: 16.57June: 16.64Sept: 17.15Dec: 17.45
    Mar 2013: 18.94June: 18.56Sept: 18.41Dec: 19.87
    Mar 2014: 18.77June: 19.31Sept: 19.23Dec: 20.55
    Mar 2015: 20.55June: 20.21Sept:Dec:

    Price/Earnings Ratios 7-24
    2017 Projection from NASDAQ. ADM & INGR lacked '17 projections. I used 8% growth on '16 projections to generate numbers for them.


     EPS / Share% EPS GrowthPrice/EPS2015 Fiscal Year EPSYear
    Co.2013201420152016201713-1414-1515-1616-17201520162017HighLowRangeEnd

    ADM2.333.203.233.563.9037.340.9410.229.5514.6113.2612.103.443.0910.84%Dec
    CPB2.642.532.392.532.61-4.17-5.535.863.1620.2019.0818.502.422.343.35%July
    KO2.082.042.012.132.28-1.92-1.475.977.0420.1218.9917.742.071.965.47%Dec
    CAG2.162.172.232.422.430.462.768.520.4119.5818.0517.972.192.151.79%May
    CL2.842.932.883.153.503.17-1.719.3811.1123.2621.2719.143.042.6613.19%Dec
    INGR5.055.205.666.206.682.978.859.547.7414.3313.0812.145.755.307.95%Dec
    CLX4.314.264.524.845.22-1.166.107.087.8524.4222.8021.144.554.471.77%June
    FLO0.910.880.971.051.20-3.3010.238.2514.2921.4319.8017.321.000.9010.31%Dec
    GIS2.692.822.832.983.184.830.355.306.7120.1119.1017.902.902.793.89%May
    HSY3.723.984.164.555.116.994.529.3712.3121.6819.8217.654.354.125.53%Dec
    HRL1.972.232.542.782.8513.2013.909.452.5222.6620.7120.202.612.523.54%Oct
    K3.773.813.553.774.171.06-6.826.2010.6118.1817.1215.483.603.502.82%Dec
    KMB5.775.515.746.216.80-4.514.178.199.5019.4818.0116.455.825.574.36%Dec
    LANC3.983.693.654.074.15-7.29-1.0811.511.9724.8922.3221.893.693.602.47%June
    MKC3.133.373.523.774.207.674.457.1011.4122.7021.1919.023.573.453.41%Nov
    PEP4.374.634.544.925.445.95-1.948.3710.5721.1919.5517.684.904.3212.78%Dec
    PG4.054.093.964.184.540.99-3.185.568.6120.2819.2117.694.003.863.54%June
    SJM5.375.645.385.736.315.03-4.616.5110.1219.6318.4316.735.805.652.79%Apr

    Average     1.667.918.0820.4918.9917.60   

    The Correlation of EPS Revisions to year to date returns The following companies had growing EPS estimates since the beginning of 2015: CLX. Their mean price gain for the year is 5.9%. Their mean total return for the year is 7.32% - and 1 of the 1 beat the sector median yearly price gain.
    The following companies had decreases - but decreases of less than 5% - to the EPS estimates: CPB, KO, CAG, FLO, KMB, LANC, MKC and SJM. Their mean price gain for the year is 5.01%. Their mean total return for the year is 6.59% - and 5 of the 8 beat the sector median yearly price gain.
    The following companies had decreases to the EPS estimates of more than 5% since the beginning of 2015: ADM, CL, INGR, HSY, K, PEP and PG. Their mean price gain for the year is -5.93%. Their mean total return for the year is -4.7% - and 1 of the 7 beat the sector median yearly price gain.

    The Correlations of Rising Price Targets to year to date returns This cynic believes that 'people have to be told to buy stocks - and which ones to buy'. One way this is done is via the changes in their price targets.
    The following companies had rising price targets since the beginning of the year: CPB, KO, CAG, CL, INGR, CLX, FLO, GIS, HRL, KMB, LANC, MKC, PEP and SJM. Their mean price gain for the year is 4.1%. Their mean total return for the year is 5.54% - and 9 of the 14 beat the sector median yearly price gain.
    The following companies had flat or falling price targets : ADM, HSY, K and PG. Their mean price gain for the year is -8.92%. Their mean total return for the year is -7.66% - and 0 of the 4 beat the sector median yearly price gain.

    Jul 25 12:30 PM | Link | Comment!
  • Midstream And ETN MLP Stats For 7-24-15

    (1) Many MLP investments purchased on margin are probably getting margin calls - and that is causing some forced selling. It is a safe bet that a hedge fund or two has done that. (2) Any MLP investment purchased by someone who does not understand the metrics of MLPs is being sold (or a sale is being contemplated) simply because the prices are down - big. It is a safe bet that most retail MLP investors fall into that grouping. (3) Almost every MLP has a commodity sensitive component in their earnings. MLPs are about to report earnings. It is a safe bet there will be some unpleasant reports. That adds up to a lot of headwinds for the sector. (4) When EBITDAs fall, debt covenants can be triggered. That can cause distribution cuts and/or needed secondary offerings to raise capital. These kind of secondary offerings are dilutive to DCF per unit. So falling earnings can cause further falling earnings per unit. And that is the only 'headwind' that is not being talked about (with the midstreams).

    MLP Midstream 7-24-15

    The consensus DCF (Distributable Cash Flow) projections were last updated on 5-28-15. The CAGR (the distribution Compound Annual Growth Rate) projections were updated 6-01-15. Yields are based on the Q2-15 distribution. Under the 'year to date' header, the change in the distribution is the change since Q2-14 - or the change over the last twelve months. The change in the target, EPS and DCF is the percentage change in the consensus 2015 projection that has happened since the beginning of 2015. The Dist/DCF number is the ratio of the Q2-15 distribution to the 2015 DCF projection. The 2015 DCF projection is an adjusted average of eleven DCF projections from the major brokerages covering MLPs. The CAGR is the percentage change in my CAGR projection since the beginning of the year. The target prices and EPS projections are from Yahoo Finance. RGP has merged with ETP and that ticker was deleted.

     

    Company CurrentDistrib/Q2 DistDist/dcfYear-to-Date Percent Change
      PriceQuarterYield2015PricePr+DistTargetDCFDist*cagr

    American Midstream Partners, LP(NYSE:AMID)12.640.472514.9593.56-35.87-31.08-31.61-7.342.16-25.00
    Blueknight Energy Partners, L.P.(NASDAQ:BKEP)7.150.13957.8064.147.5211.714.7129.857.31-7.69
    Buckeye Partners, L.P.(NYSE:BPL)70.791.15006.5093.88-6.44-3.401.32-0.414.550.00
    Boardwalk Pipeline Partners, LP(NYSE:BWP)13.420.10002.9824.10-24.48-23.35-1.29-6.740.000.00
    Delek Logistics Partners, LP(NYSE:DKL)38.250.53005.5460.237.8410.8311.450.5724.71-10.00
    DCP Midstream Partners LP(NYSE:DPM)29.540.780010.5691.23-34.98-31.54-24.750.594.70-15.56
    Enable Midstream Partners(NYSE:ENBL)14.690.31258.5191.24-24.24-21.02-25.84-13.8427.03-40.00
    Enbridge Energy Partners, L.P.(NYSE:EEP)30.220.57007.54102.70-24.26-21.401.510.454.880.00
    EnLink Midstream Partners, LP(NYSE:ENLK)19.700.38007.7295.00-32.09-29.47-11.73-13.985.560.00
    Enterprise Products Partners L.P.(NYSE:EPD)27.390.37505.4873.53-24.17-22.09-7.64-6.425.63-13.85
    Energy Transfer Partners, L.P.(NYSE:ETP)50.241.01508.0883.71-22.71-19.58-11.440.008.5615.38
    EQT Midstream Partners, LP(NYSE:EQM)74.850.61003.2657.82-14.94-13.560.06-1.1724.490.00
    Exterran Partners, L.P.(NASDAQ:EXLP)20.300.562511.0881.23-6.11-0.90-9.126.544.65-33.33
    Genesis Energy LP(NYSE:GEL)44.590.59505.3483.515.127.92-2.57-5.948.180.00
    Holly Energy Partners L.P.(NYSE:HEP)31.570.53756.8190.345.559.140.58-0.425.91-18.00
    Kinder Morgan, Inc(NYSE:KMI)34.850.48005.5185.33-17.63-15.360.2410.8414.2910.59
    Midcoast Energy Partners, L.P.(NYSE:MEP)9.290.342514.75103.79-32.09-27.08-14.01-18.019.42-56.00
    Martin Midstream Partners LP(NASDAQ:MMLP)31.250.812510.4097.0116.2622.30-7.29-12.763.17-60.00
    Magellan Midstream Partners LP(NYSE:MMP)68.910.71754.1676.13-16.63-14.90-0.17-3.3317.14-1.11
    MPLX or Marathon LP(NYSE:MPLX)56.100.41002.9258.78-23.66-22.55-3.8636.1025.190.00
    MarkWest Energy Partners, L.P.(NYSE:MWE)65.110.91005.5996.30-3.10-0.393.33-9.794.600.00
    Targa Resources Partners LP(NYSE:NGLS)37.670.82008.7185.19-21.32-17.90-24.61-15.757.54-39.19
    NuStar Energy L.P.(NYSE:NS)55.811.09507.8592.60-3.360.434.143.500.0081.82
    Oneok Partners, L.P.(NYSE:OKS)30.280.790010.44115.75-23.59-19.61-23.08-17.776.04-45.45
    Plains All American Pipeline, L.P.(NYSE:PAA)40.430.68506.7894.48-21.22-18.55-9.76-5.238.73-10.00
    Phillips 66 Partners L.P.(NYSE:PSXP)61.040.37002.4266.37-11.45-10.3711.341.3635.040.00
    Spectra Energy Partners, LP(NYSE:SEP)45.350.58875.1983.21-20.40-18.332.57-0.355.82-3.23
    Summit Midstream Partners, LP(NYSE:SMLP)28.480.56507.9492.62-25.05-22.08-30.25-11.2717.71-25.00
    Sunoco Logistics Partners L.P.(NYSE:SXL)35.700.41904.6972.87-14.55-12.55-6.47-6.1220.582.22
    TC PipeLines, LP(NYSE:TCP)54.720.84006.1481.36-23.17-20.81-1.430.243.7011.11
    Tesoro Logistics LP(NYSE:TLLP)51.930.69505.3570.56-11.76-9.40-2.1311.6117.800.00
    Transmontaigne Partners L.P.(NYSE:TLP)33.500.66507.9473.286.3210.54-2.536.760.76-10.71
    Valero Energy Partners LP(NYSE:VLP)45.590.27702.4347.768.089.4015.3536.4730.050.00
    Western Gas Partners LP(NYSE:WES)58.010.72505.0090.91-20.59-18.60-0.92-10.8916.00-1.10
    Western Refining Logistics(NYSE:WNRL)25.890.33305.1471.23-15.11-12.932.76-4.1011.74-8.00
    Williams Partners L.P.(NYSE:WPZ)44.880.85007.58100.89-17.20-14.066.63-12.0156.86-27.78

    Pipeline Average  6.9281.74-14.32-11.41-22.07-5.1812.51 
    Shipping
    Golar LNG Partners LP(NASDAQ:GMLP)22.250.577010.37114.83-28.57-24.87-2.28-25.5610.33-73.33
    Navios Maritime Partners L.P.(NYSE:NMM)10.270.442517.2397.790.989.69-20.90-1.090.000.00
    Teekay LNG Partners LP.(NYSE:TGP)28.190.70009.9396.22-34.44-31.19-5.09-9.911.19-33.33
    Teekay Offshore Partners LP.(NYSE:TOO)16.960.538412.7087.90-36.69-32.67-35.562.510.07-12.50

    Shipping Average  12.5698.49-24.68-19.76-15.96  

    MidStream Average 7.6892.76-15.75-12.55-6.42  

    The (price change only) Alerian MLP index [the ^AMZ - which includes other MLP sectors] is -19.09% year to date.
    The Alerian MLP index ETN AMJ is -19.13% and with dividends is -16.63%.
    The S&P500 index ETF SPY is 1.20% and with dividends is 1.65%.
    The Russell 2000 index ETF IWM is 1.64% and with dividend is 1.96%.
    With the 10yr Treasury @ 2.26% & the sector average yield on Q2 distributions at 7.68% - the spread is 542 bps.
    With the JNK yielding 5.97% - spread to the Lehman U.S. High Yield Index is 171 bps.
    With the HYG yielding 5.52% - the spread to the iBOXX High Yield Index is 216 bps.

    MLP ETNs & ETF 7-24-15
    While divs are displayed to 4 digits right of the decimal, some of the data is stored as 5 digits
      12-31-14CurrentQ4-13Q1-14Q2-14Q3-14Q4-14Q1-15Q2-15YieldPercent ChangeLTM
    ETNNamePricePriceDivDivDivDivDivDivDiv PricePr + DivDiv

    (NYSEARCA:AMJ)JPMorgan Alerian MLP Index45.9537.160.57870.56550.58100.58300.59800.58820.56246.05%-19.13-16.57-3.20
    (NYSEARCA:AMLP)ALPS Alerian MLP ETF17.5215.070.27400.27800.27900.28400.28900.29200.29607.86%-13.98-10.656.09
    (NYSEARCA:MLPG)UBS E-TRACS Alerian Natural Gas MLP ETN35.6927.820.45960.45230.43980.43260.44740.47100.47356.81%-22.05-18.097.66
    (NYSEARCA:MLPI)UBS E-TRACS Alerian MLP Infrastrctr ETN40.6032.870.45370.46150.46020.45940.46090.48010.47395.77%-19.04-15.492.98
    (NYSEARCA:MLPN)Credit Suisse Cushing 30 MLP Index ETN31.9326.020.33100.32650.34300.34800.35600.34880.35915.52%-18.51-16.324.69
    (NYSEARCA:MLPW)UBS E-TRACS MLP Wells Fargo ETN34.6929.050.39480.39090.39210.38700.38700.41520.38875.35%-16.26-12.67-0.87

    Average          6.23%-18.16-14.972.89

    MLPLUBS E-TRACS 2x Long Alerian MLP Infr57.5437.051.3661.3761.4041.4311.5611.6251.40515.17%-35.61-27.140.11

    Dividends paid to shareholders of record on:

    AMJ: 6-08-15AMLP: 5-13-15MLPG: 7-22-15MLPI: 7-22-15
    MLPN: 6-08-15MLPW: 7-22-15MLPL: 7-22-15
    Price Changes and Total Returns Since the Beginning of 2012, 2011 and 2010
      7-24-1512-31-11Change12-31-10Change12-31-09Change
    CompanyPricePricePricePr+DistPricePricePr+DistPricePricePr+Dist
     
    JPMorgan Alerian MLP IndexAMJ37.1638.97-4.6415.0936.352.2328.6228.5830.0269.87
    ALPS Alerian MLP ETFAMLP15.0716.62-9.3313.3916.07-6.2223.49
    UBS E-TRACS Alerian Natural Gas MLP ETNMLPG27.8229.71-6.3614.6128.83-3.5023.32
    UBS E-TRACS Alerian MLP Infrastrctr ETNMLPI32.8733.10-0.6918.1530.109.2035.11
    Credit Suisse Cushing 30 MLP Index ETNMLPN26.0225.073.7922.9323.958.6433.99
    UBS E-TRACS MLP Wells Fargo ETNMLPW29.0527.216.7626.2325.5713.6138.72
    UBS E-TRACS 2x Long Alerian MLP InfrMLPL37.0540.70-8.9735.3734.407.7071.30

    S&P 500SPY208.00125.5065.7475.42125.7565.4177.12111.4486.65101.90

    Jul 25 9:48 AM | Link | 2 Comments
  • Price Changes Since The Start Of The MLP Bear Market

    I needed to run a test to see if small caps fell more in Q4-14 while large caps 'procrastinated' their fall. It was true. And that finding made some of my advice in the article null and void. In an attempt to make up for briefly leading you astray - here is a spreadsheet with price changes since the beginning of Q4 (or price changes since 9-30-14). This data present a different picture. The 'index' numbers at the bottom of the spreadsheet have not been changed to the 9-30-14 start date. The only change is in the starting prices of the MLPs. The total return number only include two distribution payments.

     

    MLP Midstream 7-17-15

    The consensus DCF (Distributable Cash Flow) projections were last updated on 5-28-15. The CAGR (the distribution Compound Annual Growth Rate) projections were updated 6-01-15. Yields are based on the Q2-15 distribution. Under the 'year to date' header, the change in the distribution is the change since Q2-14 - or the change over the last twelve months. The change in the target, EPS and DCF is the percentage change in the consensus 2015 projection that has happened since the beginning of 2015. The Dist/DCF number is the ratio of the Q2-15 distribution to the 2015 DCF projection. The 2015 DCF projection is an adjusted average of eleven DCF projections from the major brokerages covering MLPs. The CAGR is the percentage change in my CAGR projection since the beginning of the year. The target prices and EPS projections are from Yahoo Finance. RGP has merged with ETP and that ticker was deleted.

     

    Company CurrentDistrib/Q2 DistDist/dcfYear-to-Date Percent Change
      PriceQuarterYield2015PricePr+DistTargetDCFDist*cagr

    American Midstream Partners, LP(NYSE:AMID)13.200.472514.3293.56-54.59-51.34-31.61-7.342.16-25.00
    Blueknight Energy Partners, L.P.(NASDAQ:BKEP)7.460.13957.4864.14-9.47-6.084.7129.857.31-7.69
    Buckeye Partners, L.P.(NYSE:BPL)72.691.15006.3393.88-8.73-5.841.32-0.414.550.00
    Boardwalk Pipeline Partners, LP(NYSE:BWP)13.670.10002.9324.10-26.90-25.83-1.29-6.740.000.00
    Delek Logistics Partners, LP(NYSE:DKL)45.080.53004.7060.2310.7313.3411.450.5724.71-10.00
    DCP Midstream Partners LP(NYSE:DPM)31.810.78009.8191.23-41.58-38.71-24.620.594.70-15.56
    Enable Midstream Partners(NYSE:ENBL)14.250.31258.7791.24-42.17-39.63-25.50-13.8427.03-40.00
    Enbridge Energy Partners, L.P.(NYSE:EEP)32.060.57007.11102.70-17.48-14.541.710.454.880.00
    EnLink Midstream Partners, LP(NYSE:ENLK)20.900.38007.2795.00-31.36-28.87-10.68-13.985.560.00
    Enterprise Products Partners L.P.(NYSE:EPD)29.150.37505.1573.53-27.67-25.81-6.47-6.425.63-13.85
    Energy Transfer Partners, L.P.(NYSE:ETP)52.681.01507.7183.71-17.67-14.50-12.730.008.5615.38
    EQT Midstream Partners, LP(NYSE:EQM)77.550.61003.1557.82-13.46-12.100.13-1.1724.490.00
    Exterran Partners, L.P.(NASDAQ:EXLP)23.680.56259.5081.23-19.26-15.43-9.126.544.65-33.33
    Genesis Energy LP(NYSE:GEL)44.500.59505.3583.51-15.46-13.20-2.57-5.948.180.00
    Holly Energy Partners L.P.(NYSE:HEP)32.380.53756.6490.34-11.04-8.090.58-0.425.91-18.00
    Kinder Morgan, Inc(NYSE:KMI)36.890.48005.2085.33-3.78-1.280.8610.8414.2910.59
    Midcoast Energy Partners, L.P.(NYSE:MEP)9.910.342513.82103.79-55.58-52.51-14.01-18.019.42-56.00
    Martin Midstream Partners LP(NASDAQ:MMLP)31.600.812510.2897.01-15.26-10.90-7.29-12.763.17-60.00
    Magellan Midstream Partners LP(NYSE:MMP)71.800.71754.0076.13-14.71-13.00-0.17-3.3317.14-1.11
    MPLX or Marathon LP(NYSE:MPLX)55.600.41002.9558.78-5.67-4.283.4436.1025.190.00
    MarkWest Energy Partners, L.P.(NYSE:MWE)68.300.91005.3396.30-11.09-8.723.09-9.794.600.00
    Targa Resources Partners LP(NYSE:NGLS)38.980.82008.4185.19-46.12-43.86-24.98-15.757.54-39.19
    NuStar Energy L.P.(NYSE:NS)56.411.09507.7692.60-14.45-11.136.393.500.0081.82
    Oneok Partners, L.P.(NYSE:OKS)32.950.79009.59115.75-41.12-38.30-21.75-17.776.04-45.45
    Plains All American Pipeline, L.P.(NYSE:PAA)41.270.68506.6494.48-29.88-27.56-9.12-5.238.73-10.00
    Phillips 66 Partners L.P.(NYSE:PSXP)59.140.37002.5066.37-12.45-11.3511.341.3635.040.00
    Spectra Energy Partners, LP(NYSE:SEP)45.350.58875.1983.21-14.42-12.203.29-0.355.82-3.23
    Summit Midstream Partners, LP(NYSE:SMLP)31.400.56507.2092.62-38.26-36.04-30.25-11.2717.71-25.00
    Sunoco Logistics Partners L.P.(NYSE:SXL)36.230.41904.6372.87-24.93-23.19-6.47-6.1220.582.22
    TC PipeLines, LP(NYSE:TCP)57.370.84005.8681.36-15.27-12.79-0.240.243.7011.11
    Tesoro Logistics LP(NYSE:TLLP)54.930.69505.0670.56-22.38-20.42-2.0311.6117.800.00
    Transmontaigne Partners L.P.(NYSE:TLP)36.960.66507.2073.28-10.38-7.15-2.536.760.76-10.71
    Valero Energy Partners LP(NYSE:VLP)45.450.27702.4447.761.843.0815.3536.4730.050.00
    Western Gas Partners LP(NYSE:WES)60.360.72504.8090.91-19.52-17.59-0.64-10.8916.00-1.10
    Western Refining Logistics(NYSE:WNRL)26.870.33304.9671.23-22.83-20.922.76-4.1011.74-8.00
    Williams Partners L.P.(NYSE:WPZ)48.000.85007.08100.89-24.58-21.906.63-12.0156.86-27.78

    Pipeline Average  6.5981.74-21.30-18.85-21.81-4.7512.51 
    Shipping
    Golar LNG Partners LP(NASDAQ:GMLP)23.050.577010.01114.83-33.61-30.29-2.28-25.5610.33-73.33
    Navios Maritime Partners L.P.(NYSE:NMM)11.040.442516.0397.79-38.08-33.12-20.90-1.090.000.00
    Teekay LNG Partners LP.(NYSE:TGP)29.920.70009.3696.22-31.31-28.10-5.09-9.911.19-33.33
    Teekay Offshore Partners LP.(NYSE:TOO)18.660.538411.5487.90-44.46-41.26-35.562.510.07-12.50

    Shipping Average  11.7498.49-36.87-33.19-15.96  

    MidStream Average 7.2892.76-23.45-20.81-6.02  

    The (price change only) Alerian MLP index [the ^AMZ - which includes other MLP sectors] is -15.23% year to date.
    The Alerian MLP index ETN AMJ is -15.50% and with dividends is -12.99%.
    The S&P500 index ETF SPY is 3.38% and with dividends is 3.83%.
    The Russell 2000 index ETF IWM is 5.13% and with dividend is 5.45%.
    With the 10yr Treasury @ 2.35% & the sector average yield on Q2 distributions at 7.28% - the spread is 493 bps.
    With the JNK yielding 5.88% - spread to the Lehman U.S. High Yield Index is 140 bps.
    With the HYG yielding 5.43% - the spread to the iBOXX High Yield Index is 186 bps.
    Jul 20 6:28 PM | Link | 1 Comment
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