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  • Alerian MLP ETF Finally Admits Its 8% Expense Ratio [View article]
    When Lehman failed, they had several Agriculture ETNs, which dropped significantly in value due to the principal risk related to the bank returning the principal. Prior to this event, such a risk was not priced in to the premium. While banks are in much better shape, any future liquidity concern or Watchlist placement will lead to yield expansion for ETNs
    Mar 6, 2015. 08:31 AM | Likes Like |Link to Comment
  • MLPs Are Down 10% But This MLP Closed End Fund Maintains A Premium [View article]
    It is puzzling. First Trust filed a 13D indicating they added KED to their managed funds and UIT, which expanded the premium since early Feb. The ability for the fund to invest in private investments could be a reason, but why pay the premium now for the optionality to buy distressed and likely illiquid assets
    Mar 2, 2015. 09:10 AM | Likes Like |Link to Comment
  • Tallgrass Energy Partners Has 50% Upside After Pony Express Acquisition [View article]
    aretailguy

    The TEP story is very transparent and the management team is executing as they have communicated. Some times it is that simple but the market often creates enough noise and uncertainty offering focused investors the ability to earn significant returns.
    Feb 22, 2015. 03:32 PM | Likes Like |Link to Comment
  • Antero Midstream Partners IPO Offers Investors Long-Term 20% Income Growth With Low Risk [View article]
    The 13D's are disclosures from the Fund sponsors which purchased at IPO price. The structure of the GP is similar to others like Columbia which just came public. The idea that a company would buy the GP and use AM to drop assets is a possibility, but only likely if AR is not able to fund expansion and cannot support distribution growth, and it would still be a very complicated transaction with questionable benefits. AM management guided to 25% growth, so such a scenario seems unrealistic. All of the new MLP structures are formed with the optionality to spin out the GP, which are structured to own the IDR's and LP majority interests. TEP recently announced plans to spin out the GP
    Feb 11, 2015. 09:25 AM | Likes Like |Link to Comment
  • MLPs Are Down 10% But This MLP Closed End Fund Maintains A Premium [View article]
    Papaone

    Thanks for the feedback. In our opinion, KED has been misunderstood and mispriced, which has been self correcting over the past few weeks in light of the present portfolio composition.
    Feb 10, 2015. 07:53 AM | Likes Like |Link to Comment
  • Columbia Pipeline Partners Offers MLP Investors 25% Total Return Opportunity [View article]
    CPPL has priced above range at $23.00 and we will see where it opens tomorrow. With regard to takeover, that is a possibility for the CPG/OpCo, which owns the GP and majority share of LP, and will be spun out in July. The IDR's need to reach the 50% tier, which is likely 2.5 years away, at a valuation likely near $12-13B
    Feb 5, 2015. 05:27 PM | Likes Like |Link to Comment
  • Part 1: The Lessons In The 2014 Data For Midstream Master Limited Partnership Investing [View article]
    Factoids

    As you suggested and prove in the data, the CAGR is the determinant of return, all else being above a threshold (leverage, coverage, etc). The present issue is that CAGR estimates for many units are highly subjective post 2015/early 2016 as many organic projects are now dependent upon producers who are less willing to commit to long term take or pay contracts. All this can change if crude, ngl and gas sustain higher prices, but at the moment, only those which can engineer growth by drop downs have CAGRs which are reliable, and that is why many are trading with 2% yields. The role of the analyst consensus is also being diminished by the guidance provided by MLP management teams, which leads the changes made by analysts.

    Our opinion ,is the key edge is the data collection of the CAGR's and finding the analysts for each unit who are more accurate and timely with their projections. Fund managers run their own CAGR models so their portfolio movements also provide an early indication of rate changes.
    Feb 5, 2015. 08:38 AM | 1 Like Like |Link to Comment
  • Columbia Pipeline Partners Offers MLP Investors 25% Total Return Opportunity [View article]
    The .67 distribution is the annualized MQD..will update
    Feb 4, 2015. 08:33 PM | Likes Like |Link to Comment
  • MLPs Are Down 10% But This MLP Closed End Fund Maintains A Premium [View article]
    Papone

    As of their last quarterly on 8/31, only 7.2% was in private investment, and those have been convert to restricted NRP stock. A small amount of CPLP is currently in the portfolio. It is easy to calculate their daily NAV between their reporting period given 95%+ is pubic units, which shows the premium being maintained between and after NAV reporting, which has occurred as of 12/31

    http://bit.ly/RAGvyh
    Jan 15, 2015. 04:22 PM | Likes Like |Link to Comment
  • MLPs Are Down 10% But This MLP Closed End Fund Maintains A Premium [View article]
    Agree, the Quarterly NAV is misleading to many perhaps. In this case, an investor is receiving a lower yield and worse performing NAV return that other funds from the same sponsor, and yet the premium has been maintained. The MLP CEF is a deep space with many alternatives with higher yields, even within the same fund sponsor which makes it different than PHK I believe
    Jan 14, 2015. 09:02 PM | Likes Like |Link to Comment
  • Niska Gas Storage Gets Cheap On Fears Of Boardwalk Pipeline Partners Repeat [View article]
    Look at their Quarter over Quarter Distributable Cash Flow and that should provide insight, along with managements comments about suspending the distribution

    http://bit.ly/1xeTlo6
    Nov 11, 2014. 08:17 AM | 1 Like Like |Link to Comment
  • Antero Midstream Partners IPO Offers Investors Long-Term 20% Income Growth With Low Risk [View article]
    Agree that valuation has not yet reached market equilibrium, which is likely lower, and in line with CONE, as we hit the intraday high early in the day. When Water is dropped, there will be a large equity raise which likely be a good entry point closer to $23/$24...PLR approval will be early warning
    Nov 5, 2014. 03:18 PM | Likes Like |Link to Comment
  • Antero Midstream Partners IPO Offers Investors Long-Term 20% Income Growth With Low Risk [View article]
    As expected, opened at $30 after pricing moved from $21 to $25 on strong demand. AM trading in line w Dominion Midstream's fundamentals
    Nov 5, 2014. 10:51 AM | Likes Like |Link to Comment
  • Antero Midstream Partners IPO Offers Investors Long-Term 20% Income Growth With Low Risk [View article]
    It was to price Wed, was moved to today for pricing (Tuesday) so will begin trading tomorrow (Wed).
    Nov 4, 2014. 10:08 AM | Likes Like |Link to Comment
  • Antero Midstream Partners IPO Offers Investors Long-Term 20% Income Growth With Low Risk [View article]
    Yes, it is disclosed in the S-1 and management informally comments about the EBITDA and potential transaction details in the roadshow

    http://bit.ly/10Q8kYf
    Nov 3, 2014. 10:44 PM | Likes Like |Link to Comment
COMMENTS STATS
154 Comments
215 Likes