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Week Thoughts: MLPs Blocked, But Gas Pipelines Flow

Mar. 28, 2021 4:42 PM ET
Hinds Howard profile picture
Hinds Howard's Blog
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Growth At A Reasonable Price, Dividend Investing

Seeking Alpha Analyst Since 2009

I serve as Portfolio Manager on the Listed Infrastructure Team at CBRE Clarion Securities, a global asset management firm based in Radnor, PA. My primary focus is on investing in Midstream companies, including Master Limited Partnerships (MLPs), as well as transportation companies (rails, airports) for larger infrastructure investment team.


  • Midstream kept pace with broad equities, MLPs underperformed.
  • Capital markets activity is picking up, market more accepting.
  • IDRs almost vanquished.

This week, midstream stocks struggled to find their footing: stumbling early in the week, bouncing back Wednesday, listless Thursday and strong again Friday. When the dust on the see-saw week cleared, midstream corporations had finished well ahead of MLPs, with notable strength among the biggest natural gas pipeline names.

With outperformance from the broader midstream indexes, YTD performance of all three midstream indexes has tightened up to 23-24%. Year-over-year, U.S. indexes (AMZ and AMUS) are well ahead of the AMNA.

The full subscriber version was sent this morning and includes:

  • Discussion of the change in sentiment related to good news

  • Discussion of the remaining IDR structures in the MLP universe

  • Winners & Losers

  • News detail, including multiple capital markets and simplification transactions

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

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

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