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Kinder Morgan Inc.'s Mega-Deal: Lower Cost Of Capital And Maximum Optionality
- KMI's consolidation of EPB, KMP and KMR shouldn't be viewed as a repudiation of the MLP structure.
- Strategic move aligns with actions taken by BWP - L, ETP - ETE and EEP - ENB to drive distribution growth and lower cost of capital.
- Consolidation removes IDR burden and maximizes KMI's options. Company can acquire assets that don't generate MLP-qualifying income or spin off assets as smaller, rapidly-growing MLP to further reduce capital costs.
NextEra Energy Partners LP: Plenty Of Steak, But Priced For Sizzle
- NEP IPO well-timed considering investors' appetite for solar power and dividend-paying equities such as MLPs.
- General partner NEE gives NEP a highly visible source of cash flow and distribution growth by virtue of its extensive renewable-energy assets.
- We like NEP's business model, but not the valuation. Investors should wait for a pullback or consider BEP.
AT&T's Tie-Up With DirecTV Is All About Scale
- Incremental cash flow from acquisition of DTV gives T more financial firepower in an industry where network investment has differentiated winners from losers.
- Increased scale gives combined company more leverage in negotiations with content providers.
- Deal approval faces fewer regulatory hurdles than expected with consolidation within U.S. wireless space.
- AT&T is a good buy on pullbacks for conservative investors seeking a steady income stream.
Exelon Corp. Peps Up With Proposed Acquisition Of Pepco
- EXC's takeover offer for POM would ensure that regulated operations cover dividend, improving safety of payout and setting stage for future growth.
- EXC will spend almost $21 billion on upgrades and expansions to its regulated asset base over next five years, driving dividend growth.
- Regulatory approval may not face as many roadblocks as some expect.
Forget T-Mobile U.S.: Telecom Is Still For Spenders
- TMUS's efforts to win subscribers have worsened margin contraction.
- Questions about stickiness of new subscribers, given importance of network quality.
- Combination of S and TMUS makes sense, but regulatory hurdles.
- Telecom industry rewards those who spend on building out their networks.
Keystone XL: Investment Opportunities Amid The Controversy
- Approval of Keystone XL won't make or break TRP.
- TRP has extensive and growing project backlog that should drive growth in coming years.
- Expect consolidation among smaller E&P companies, which will feel pain if Keystone XL isn't approved.
- Kinder Morgan Energy Partners: Still Not A House Of Cards
- Separating Turnaround Stories From The Value Traps In The MLP Space
- 5 Forecasts For Income Investors
- Pullback In US REITs Creates Buying Opportunities
- High-Yield Telecom Stocks: The Short Sellers' Dilemma
- M&A Activity Accelerates In The Utility Sector -- Who's Next?
- Do Rooftop Solar And Rising Interest Rates Pose A Credible Threat To Utility Stocks?
- What's Rate Sensitive And What's Not
- Challenges And Opportunities In Canada's Oil And Gas Industry
- My Top 3 Canadian Midstream Stocks
- Why I Prefer AT&T To Apple
- Utility Investors Keep An Eye On Washington
- Dominion Resources Catches MLP Fever
- Kinder Morgan Energy Partners LP: Not A House Of Cards
- Mortgage REITs: Risky With A Chance Of Dividend Cuts
- Verizon Communications: Best Of The Bunch And The Market Knows It
- Gauging The Safety Of Telecom Dividends
- When To Hold And When To Fold: Atlantic Power Corp. And Just Energy Group
- Refresher Course: Master Limited Partnerships And Taxes
- Rating Berkshire's Offer For NV Energy
- Navios Maritime Partners LP: Charter Expirations And Industry Fundamentals Suggest Distribution Cut Is Likely
- Atmos Energy: A Quality Company That's Overvalued
- Infrastructure Shortage Should Hasten M&A Activity In The MLP Sector
- Freeport-McMoRan's Long-Term Potential Not Blighted By Energy Acquisition
- 3 MLPs To Watch In 2013
- Major MLP Trends For The New Year