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at CNBC.com (Thu, 3:30PM)
Nov. 26, 2013, 8:54 AM
- Open for trade from Goldman Sachs Asset Management (GS) is the GS MLP Income Opportunities Fund (GMZ), the first closed-end fund ever launched by the firm. The fund raised $826.3M in its IPO.
- MLP ETFs: AMLP, AMJ, MLPL, YMLP, MLPI, MLPA, MLPN, EMLP, MLPS, MLPG, MLPY, MLPJ, MLPX, YMLI, AMU, ATMP, MLPW, IMLP, ENFR, MLPC
- MLP CEFs: CEM, FMO, JMF, KYE, KYN, NTG, SRV, TYG, TYN, TYY
Aug. 28, 2013, 12:27 PM
- Tortoise Energy Infrastructure (TYG +1.8%) is upgraded to Buy from Hold with a $47 price target at Stifel Nicolaus following a strong quarterly report.
- TYG reported total distributable cash flow of $18.1M vs. $16.4M in the prior year, 1.11x the current payout of $0.57/share.
- The firm estimates current NAV of ~$41.82 and an adjusted NAV, which gives effect for tax deferred liability, of ~$47.18; thus the firm believes shares trade at 94.4% to its adjusted NAV.
TYG vs. ETF Alternatives
Under normal circumstances, the Company will invest at least 90% of total assets in securities of energy infrastructure companies, and will invest at least 70% of total assets in equity securities of MLPs. The Company may also invest up to 25% of total ass
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