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Week Thoughts: Grid Disabled, M&A Enabled

Feb. 20, 2021 7:44 PM ETET
Hinds Howard profile picture
Hinds Howard's Blog
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  • Midstream stocks and MLPs held up well, but underperformed energy stocks this week.
  • Texas grid outages led to 1/3rd production and 30+ processing plants going offline temporarily.
  • Enable Midstream (ENBL) announced sale to Energy Transfer (ET).

Midstream held up well this week in the face of a very public energy infrastructure failure in Texas that saw 1/3rd of U.S. production and 30+ processing plants shut down at the nadir of the crisis.

There was also chatter around rising interest rates and inflation that hurt other yield-oriented equities like utilities this week. Despite all that, midstream sector indexes were basically flat this week. Midstream stocks were helped by positive sentiment towards energy stocks generally as oil prices broke through $60/bbl.

The full subscriber version of this week’s post was sent earlier today and includes:

  • Earnings recap

  • Enable merger implications and who’s next

  • Sector leverage discussion

  • News detail, including summary of TCP investor complaint letter

Subscribe at mlpguy.substack.com to get full access.

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