- Energy MLPs open mostly higher as Plains All American Pipeline (NASDAQ:PAA +8.5%) says it is keeping its distribution stable and selling $1.5B in convertible preferred units (mostly to P-E firms) to cover its financing needs through at least this year and some of next; PAA and partner Plains GP (PAGP +2.6%) open with strong gains.
- D.A. Davidson analyst Poe Fratt thinks MLPs will begin to recover this year despite a rough start, pointing to the sector’s 9% dividend yield - well above the 20-year average - as a sign downside risk seems limited; his top two selections in the group are Enterprise Products Partners (EPD -2.6%), which raised its distribution last week, and Magellan Midstream Partners (MMP -0.2%).
- ETFs: AMLP, AMJ, KYN, MLPL, YMLP, TYG, SRV, KYE, CEM, MLPI, NML, FEN, NTG, MLPA, KMF, EMLP, FMO, MLPN, SRF, FEI, JMF, CBA, MLPG, MLPX, GMZ, EMO, MLPS, MLPY, TTP, CTR, YMLI, AMU, CEN, ZMLP, GER, AMZA, SMM, MIE, DSE, ENFR, FPL, ATMP, JMLP, MLPC, MLPW, IMLP
Plains All American keeps distribution stable, lifting MLP sector
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Symbol | Last Price | % Chg |
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PAA | - | - |
Plains All American Pipeline, L.P. Common Units |