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Still some upside left in MLPs, DA Davidson analyst says

  • Energy MLPs hardly would seem a bargain after posting one of their best-ever quarters, but DA Davidson analyst Poe Fratt thinks there's still some room to run for the group, citing the average yield in the past five and 20 years, plus improving sentiment.
  • Fratt feels the group’s above average yield of 7.07% and yield spread of 548 bps compare favorably with the average yield of 6.3% and average spread of 415 bps over the past five years, as well as the long-term median yield of 6.8% and median spread of 370 bps since 1996.
  • The analyst says his best current ideas are Enterprise Products Partners (NYSE:EPD), which he says “remains well positioned in the current environment,” Magellan Midstream Partners (NYSE:MMP) and Spectra Energy Partners (NYSE:SEP).
  • Wells Fargo also recommends MLPs in a new strategy report for their diversification benefits, but it also warns that the sector is a “highly volatile income option."
  • ETFs: AMLP, AMJ, KYN, TYG, KYE, SRV, CEM, MLPI, NML, FEN, NTG, KMF, MLPA, EMLP, FMO, AMZA, FEI, JMF, SRF, CBA, MLPN, GMZ, MLPX, GER, EMO, TTP, CTR, MLPS

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Enterprise Products Partners L.P. Common Units