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ALPS Alerian MLP ETF (AMLP)

- NYSEARCA
  • Tue, Aug. 11, 10:25 AM
    • Credit Suisse upgrades the MLP sector to Overweight following the recent sharp selloff, saying reversion to mean yield ranges suggest a total return outlook of more than 40%.
    • The firm notes that the overwhelming majority of distributions have been made, and MLPs are tracking to 7.8% Y/Y growth (excluding upstream and coal), above last year and at the high end of its 5%-8% forecast range for this year.
    • Credit Suisse says its top picks in the group are Genesis Energy (NYSE:GEL), Tallgrass Energy Partners (NYSE:TEP) and Energy Transfer Equity (NYSE:ETE).
    • The firm also says defensive names with low commodity exposure make the most sense going forward and have held up best in the current bear market, including pipeline-oriented MLPs such as Spectra Energy (NYSE:SE) and Kinder Morgan (NYSE:KMI), and the just-upgraded ONEOK Partners (NYSE:OKS) and Magellan Midstream (NYSE:MMP).
    • Small cap Midcoast Energy Partners (NYSE:MEP) is vastly oversold, the firm says, noting it has garnered parental support for 2.5 years.
    • Also viewed favorably: WES, CNNX, ENLK, EQM, PBFX, PSXP, WNRL, VLP
    • 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
    | Tue, Aug. 11, 10:25 AM | 38 Comments
  • Mon, Jul. 27, 2:39 PM
    • It’s understandable that energy MLPs would trade lower along with the broader energy sector, but they should not fall as far as direct plays on oil and they should not be performing even worse - but by some measures, that is exactly what is happening, Barron's Amey Stone writes.
    • Raymond James analysts believe MLP's correlation with high-yield bonds in a rising rate environment is a big reason for the group's underperformance, and that the current pricing action may be an overreaction.
    • The analysts believe MLPs will trade considerably higher than current levels over the next 12-plus months, as both organic and inorganic growth in the midstream/MLP sector drives investors to allocate capital to the companies and partnerships with the most visible pathway to creating long-term value.
    • 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, MLPJ, ZMLP, GER, AMZA, SMM, MIE, DSE, ENFR, FPL, ATMP, JMLP, MLPC, MLPW, IMLP
    | Mon, Jul. 27, 2:39 PM | 16 Comments
  • Tue, May 19, 7:15 PM
    | Tue, May 19, 7:15 PM | 18 Comments
  • Wed, May 13, 10:11 AM
    • ALPS Alerian MLP ETF (NYSEARCA:AMLP) declares $0.30/share quarterly dividend, 1% increase from prior dividend of $0.29.
    • Forward yield 7.0%
    • Payable May 20; for shareholders of record May 15; ex-div May 13.
    | Wed, May 13, 10:11 AM | Comment!
  • Wed, Mar. 25, 11:36 AM
    | Wed, Mar. 25, 11:36 AM | 23 Comments
  • Wed, Feb. 11, 9:39 AM
    • Alerian MLP ETF (NYSEARCA:AMLP) declares $0.2925/share quarterly dividend, 1.2% increase from prior dividend of $0.289.
    • Forward yield 6.76%
    • Payable Feb. 19; for shareholders of record Feb. 13; ex-div Feb. 11.
    | Wed, Feb. 11, 9:39 AM | Comment!
  • Fri, Jan. 16, 6:55 PM
    • Miller Howard Investments veteran portfolio manager Roger Young has been buying energy stocks for 40 years, and he expects more bad news ahead for the sector but also sees certain MLPs providing long-term value to investors.
    • MLPs haven’t escaped the energy wreckage due to worries that lower oil prices will lead drillers to cut back on production, but Young sees MLPs as a way to invest without having to rely on “if you build it, they will come” business models popular elsewhere throughout the energy E&P and services groups.
    • With a backlog of projects just being completed or starting construction, all with contracts, “you would have growth of distributions for the next three years" even if no new projects were started, according to Young.
    • Among his favorite MLP investments: EPD, ETE, MMP.
    • ETFs: AMLP, AMJ, MLPL, YMLP, MLPI, MLPA, MLPN, EMLP, MLPG, MLPX, MLPS, MLPY, AMU, YMLI, ZMLP, AMZA, ENFR
    | Fri, Jan. 16, 6:55 PM | 2 Comments
  • Thu, Jan. 15, 11:42 AM
    • A new report from J.P. Morgan’s energy team reminds investors that despite the Q4 meltdown from declining crude oil prices, MLPs still clawed out a 5% total return in 2014, far better than the -8% total return for the overall energy sector.
    • Still, the firm is sticking with top blue chip MLPs and defensive natural gas names, tabbing six Outperform-rated stocks that can stand some volatility as part of a growth and income portfolio: EPD, KMI, PAA, BWP, DM, EQM.
    • Others are more pessimistic on the group: S&P Capital IQ's Stewart Glickman says there isn't a single E&P MLP that has healthy fundamentals, though some companies such as PAA and RGP are now cheap enough to be potentially good deals.
    • Renaissance Capital's Nick Einhorn thinks a better alternative is to invest in funds that own groups of the MLPs.
    • ETFs: AMLP, AMJ, MLPL, YMLP, MLPI, MLPA, MLPN, EMLP, MLPG, MLPX, MLPS, MLPY, AMU, YMLI, ZMLP, AMZA, ENFR, ATMP, MLPC, MLPW, IMLP, OSMS, YGRO, MLPO
    | Thu, Jan. 15, 11:42 AM | 13 Comments
  • Dec. 4, 2014, 5:40 PM
    • MLPs approach 2015 facing challenges including lower oil prices that could pressure smaller entities, but Wunderlich says North American E&P companies continue to become more efficient, balance sheets are generally in solid shape and capital remains available.
    • Wunderlich sees MLPs building on the uptick in M&A activity seen this year, with E&P-sponsored MLPs - particularly in the refining and downstream sectors - as acquirers, and the most sought-after targets those with access to waterborne and international markets (dock space, export terminals, pipeline connections to Mexico, etc.).
    • The firm prefers names that are substantially hedged, with EnLink Midstream (NYSE:ENLK), Western Gas Equity Partners (NYSE:WGP), Western Gas Partners (NYSE:WES) and DCP Midstream (NYSE:DPM) offering the most attractive total returns.
    • ETFs: AMLP, AMJ, MLPL, MLPI, MLPA, MLPN, EMLP, MLPG, MLPX, MLPS, MLPY, AMU, MLPJ, AMZA, ENFR, ATMP, MLPW, MLPC, IMLP
    | Dec. 4, 2014, 5:40 PM | 2 Comments
  • Nov. 11, 2014, 3:21 PM
    • Prospects for energy MLPs remain bright despite lower crude oil prices, Credit Suisse’s John Edwards says, as Q3 distribution growth in the sector has averaged ~11% Y/Y and direct cash flow per unit rose 20% Y/Y on average.
    • The analyst says he saw little change in capex plans from energy MLPs in Q3 reports: Kinder Morgan (KMI, KMP) said it had seen no impact to business, Enterprise Products Partners (NYSE:EPD) continues to expect to invest $3.7B-$4.2B for 2015 and 2016 - the same as indicated before the oil price pullback - and Spectra Energy Partners (NYSE:SEP) remains on track in its drive to a $35B program.
    • Credit Suisse upgrades Midcoast Energy Partners (NYSE:MEP), ONEOK Partners (NYSE:OKS), Targa Resources Partners (NYSE:NGLS) and Western Gas Partners (NYSE:WES) to Outperform from Neutral, while reducing Magellan Midstream Partners (NYSE:MMP) to Neutral from Outperform.
    • ETFs: AMLP, AMJ, MLPL, YMLP, MLPI, MLPA, MLPN, EMLP, MLPG, MLPX, MLPS, MLPY
    | Nov. 11, 2014, 3:21 PM | 7 Comments
  • Oct. 31, 2014, 6:50 PM
    • The recent wild behavior in the energy MLP sector - tumbling nearly 3x more than the S&P 500 during the first 10 trading days of October before rallying this week, with an assist from Shell Midstream Partners (NYSE:SHLX), which went public in a $1.1B offering and gained 46% - should not weaken the investment case for those who are choosy and hold for the long term, analysts say.
    • Investors worry that some E&P companies won’t be able to make money in a low oil price environment, and MLPs in the same business face tough times, but those upstream MLPs make up only ~5% of the total value of the sector, perhaps suggesting that the across-the-board decline was too extreme.
    • MLPs may remain expensive relative to their own history, but their average distribution of 5.5% in annual income - which should grow at ~7%/year in the next few years to 12%-plus - is plenty attractive relative to everything else.
    • To steer clear of the risk that lower energy prices will crimp profits, analysts advise concentrating on midstream operators; among the most stable are ETP, ETE, EQM, MMP, PAA, PAGP and SXL.
    • ETFs: AMLP, AMJ, MLPL, YMLP, MLPI, MLPA, MLPN, EMLP, MLPG, MLPX, MLPS, MLPY
    | Oct. 31, 2014, 6:50 PM | 25 Comments
  • Oct. 15, 2014, 3:18 PM
    • MLPs have been crushed this week, and today Citi warns that the rapid drop in oil prices has created a "negative feedback loop on spending” and that a 15% drop in oil-directed drilling activity would result in a 50% drop in oil production growth.
    • It Brent oil prices stabilize at $85-$90, Citi thinks the MLPs exposed mostly to oil and natural gas liquids would rebound modestly as a new equilibrium is developed between producers and midstream companies on spending; if crude continues to slide, Citi says MLPs exposed to natural gas would outperform.
    • Miller Howard, a money manager specializing in income-producing stocks, is blaming newbie investors who don't fully understand MLPs and are "in it for the yield."
    • Most MLP contracts are very long term, meaning that a temporary change in the oil price has no effect on those sources of revenue, Howard says, adding that "there is far from enough infrastructure to serve the domestic energy industry, even if it slows a bit."
    • Some big MLPs have turned higher even as most stocks plunge: KMI +1.8%, KMP +1.5%, EPD +4.8%, PAA +3.7%, ETP +4%, ETE +8.6%, RGP +7.2%, CQP +6.6%, TEP +5.2%, PSXP +4.1%, MMP +7.1%, PAGP +4.9%, EEP +2.1%.
    • ETFs: AMLP, AMJ, MLPL, MLPI, MLPA, MLPN, EMLP, MLPX, MLPS, AMU, ENFR, ATMP, MLPW, AMZA, IMLP, OSMS
    | Oct. 15, 2014, 3:18 PM | 15 Comments
  • Oct. 14, 2014, 12:33 PM
    • MLPs have been brutalized lately, with the benchmark Alerian MLP Index (AMJ +0.5%) plunging 13% in the past week and down another 3% earlier today, but at least some in the group have been trying to bounce back in the past hour or so.
    • J.P. Morgan strategists are sticking with their bullish central thesis on MLPs, saying prolific production from unconventional energy plays will keep demand high for new energy infrastructure; the firm believes most core acreage in leading shale plays continues to be economic at current commodity prices, which should drive strong long-term growth prospects for MLPs.
    • JPM favors MLPs owning high-quality, diversified assets with strong management teams and proven track records, naming Kinder Morgan (KMI -1.5%), Enterprise Products Partners (EPD +2.5%) and Plains All American Pipeline (PAA -1%).
    • ETP +3.7% and OKS +2.5%, LINE +1.4%, but EROC -5.3%, CQP -4.5%, BBEP -2.5%, MMP -2.5%, TEP -2.1%, PSXP -2%, WPZ -1.1%, ACMP -0.5%.
    • ETFs: AMLP, AMJ, MLPL, MLPI, MLPA, MLPN, EMLP, MLPX, MLPS, AMU, ENFR, ATMP, MLPW, IMLP, AMZA, OSMS
    | Oct. 14, 2014, 12:33 PM | 8 Comments
  • Oct. 11, 2014, 8:25 AM
    • Energy MLPs have been subject to indiscriminate selling this week as crude oil prices plunge, and while RBC Capital analyst John Ragozzino would not step into the sector in a big way right now, he thinks investors already in the group should ride out the storm - depending on their oil price exposure.
    • Many energy MLPs, especially pipelines, are less correlated to commodity prices than other energy investments, but more MLPs with cyclical oil and gas price exposure are now part of the mix, and some investors have been selling without regard for the relative quality of specific stocks, Ragozzino says.
    • The analyst believes there is minimal risk to reduction in 2015 distributions; with commodity price hedging, he thinks MLPs on average will feel some pain, but can handle oil prices as low as $80/bbl.
    • Ragozzino says the MLPs most highly levered to a sustained drop in crude prices are MidCon Energy Partners (NASDAQ:MCEP), LRR Energy (NYSE:LRE) and Legacy Reserves (NASDAQ:LGCY); names least exposed include Atlas Resource Partners (NYSE:ARP), Vanguard Natural Resources (NASDAQ:VNR) and EV Energy Partners (NASDAQ:EVEP).
    • ETFs: AMLP, AMJ, MLPL, MLPI, MLPA, MLPN, EMLP, MLPX, MLPS, AMU, ENFR, ATMP, MLPW, IMLP
    | Oct. 11, 2014, 8:25 AM | 16 Comments
  • Oct. 10, 2014, 10:55 AM
    | Oct. 10, 2014, 10:55 AM | 36 Comments
  • Oct. 6, 2014, 1:20 PM
    • The InfraCap MLP ETF (NYSEARCA:AMZA) is the first actively-managed ETF offering pure master limited partnership (MLP) exposure.
    • Infrastructure Capital Advisors, an investment advisor specializing in energy, MLPs, and other key infrastructure sectors, debut ETF seeks capital appreciation, high current income and steady income growth through investments in high-quality, midstream energy MLPs.
    • "We believe that investing in companies with tangible assets that produce free cash flow creates stable, intrinsic value and is likely to produce reliable income to investors over time," said fund manager, Jay D. Hatfield, in a press release.
    • Other MLP ETFs: AMLP, AMJ, MLPL, MLPI, MLPA, MLPN, EMLP, MLPX, MLPS, AMU, ENFR, ATMP, MLPW, IMLP, OSMS
    | Oct. 6, 2014, 1:20 PM | Comment!
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AMLP Description
The Fund seeks investment results that correspond (before fees and expenses) generally to the price and yield performance of its underlying index, the Alerian MLP Infrastructure Index (the "Index").

Fund Strategy

The Fund employs a "passive management" - or indexing - investment approach designed to track the performance of the Index. The Index is a rules based, modified capitalization weighted, float adjusted index intended to give investors a means of tracking the overall performance of the United States energy infrastructure Master Limited Partnership ("MLP") asset class.

MLPs are publicly traded partnerships engaged in the transportation, storage and processing of minerals and natural resources. By confining their operations to these specific activities, their interests, or units, are able to trade on public securities exchanges exactly like the shares of a corporation, without entity level taxation.
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