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MLP Midstream Stats 10/31/16

MLP Midstream 10-31-16

The consensus Distributable Cash Flow or DCF projections were last updated on 5-30-16. The distribution Compound Annual Growth Rate or CAGR projections were updated 5-30-16. Yields are based on the Q4-16 distribution. Under the 'year to date' header, the change in the distribution is the change since Q4-15 - or the change over the last twelve months. The change in the target, EPS and DCF is the percentage change in the consensus 2016 projection that has happened since the beginning of 2016. The Dist/DCF number is the ratio of the Q4-16 distribution to the 2016 DCF projection. The 2016 DCF projection is an adjusted average of eleven DCF projections from the major brokerages covering MLPs. The CAGR is intended to be the percentage change in my CAGR projection since the beginning of the year - but I lack confidence that I have the timing of this stat right. The target prices and EPS projections are from Yahoo Finance. EXLP is now APLP. AMID, APLP, MMLP, PAA have 2016 distribution cuts while KMI, TGP and TOO have late 2015 distribution cuts.


Company   Current Distrib/ Q4 Dist Dist/dcf Dist/dcf Year-to-Date Percent Change
    Price Quarter Yield 2016 2017 Price Pr+Dist EPS Target DCF Dist* cagr

Antero Midstream Partners LP (NYSE:AM) 29.14 0.2650 3.64 73.10 67.95 27.70 31.18 -6.40 9.52 2.11 29.27 -1.41
American Midstream Partners, LP (NYSE:AMID) 13.60 0.4125 12.13 78.95 73.01 68.11 83.41 -35.90 18.36 4.50 -12.70 -80.00
Blueknight Energy Partners, L.P. (NASDAQ:BKEP) 5.85 0.1450 9.91 63.74 61.70 4.09 11.83 -84.38 -0.41 7.06 0.00 -38.60
Buckeye Partners, L.P. (NYSE:BPL) 64.54 1.2250 7.59 91.76 89.09 -2.15 3.42 0.72 2.49 1.33 4.26 0.00
Boardwalk Pipeline Partners, LP (NYSE:BWP) 17.21 0.1000 2.32 22.22 19.90 32.59 34.90 16.00 3.14 1.69 0.00 400.00
Cone Midstream Partners LP (CNNX) 21.11 0.2630 4.98 72.55 70.13 114.31 122.32 15.67 18.58 14.17 15.35 0.00
Columbia Pipeline Partners LP (NYSE:CPPL) 16.00 0.1975 4.94 83.16 71.82 -8.47 -5.08 -15.69 -19.02 5.56 14.49 -14.29
Delek Logistics Partners, LP (NYSE:DKL) 24.80 0.6550 10.56 84.79 81.88 -30.51 -25.01 -25.91 -21.61 -8.04 14.91 -18.75
Dominion Midstream Partners (NYSE:DM) 23.60 0.2475 4.19 84.62 68.75 -23.03 -20.61 -6.56 -8.91 0.00 23.75 -0.71
DCP Midstream Partners LP (DPM) 33.35 0.7800 9.36 95.41 98.11 35.18 44.67 -51.90 3.18 -2.10 0.00 -95.00
Enable Midstream Partners (NYSE:ENBL) 14.72 0.3180 8.64 97.85 95.64 60.00 70.37 -14.63 21.23 -6.47 0.00 -97.50
Enbridge Energy Partners, L.P. (NYSE:EEP) 24.65 0.5830 9.46 105.52 104.11 6.85 14.43 -37.82 -17.44 -3.07 0.00 -86.84
EnLink Midstream Partners, LP (NYSE:ENLK) 16.59 0.3900 9.40 90.70 86.67 0.06 7.12 -91.80 -14.33 -4.97 0.00 -50.00
Enterprise Products Partners L.P. (NYSE:EPD) 25.24 0.4050 6.42 80.60 77.51 -1.33 3.42 -15.75 -4.91 -3.83 5.19 -3.64
Energy Transfer Partners, L.P. (ETP) 34.98 1.0550 12.06 110.18 92.95 3.71 13.09 -61.73 -7.97 -20.37 0.00 -66.10
EQT Midstream Partners, LP (NYSE:EQM) 74.87 0.8150 4.35 69.96 66.40 -0.78 2.46 12.83 -2.13 -5.86 20.74 35.42
Exterran/Archrock (NASDAQ:APLP) 14.43 0.2850 7.90 47.30 44.53 17.22 24.17 -14.29 -30.19 -8.71 -50.22 -16.67
Genesis Energy LP (NYSE:GEL) 34.93 0.7000 8.02 80.69 76.09 -4.93 0.79 -40.85 -18.31 -13.25 9.37 -22.22
Holly Energy Partners L.P. (NYSE:HEP) 30.55 0.5950 7.79 88.48 80.95 -1.89 3.84 9.66 10.32 1.51 7.21 0.00
Kinder Morgan, Inc (NYSE:KMI) 20.43 0.1250 2.45 23.81 21.83 36.93 39.44 -14.67 14.77 -7.89 0.00 0.00
Midcoast Energy Partners, L.P. (NYSE:MEP) 7.75 0.3575 18.45 141.58 190.67 -20.27 -9.23 0.00 -43.23 -18.55 0.00 0.00
Martin Midstream Partners LP (NASDAQ:MMLP) 19.55 0.5000 10.23 65.57 68.49 -9.91 -3.00 -62.50 -32.40 -9.23 -38.46 -50.00
Magellan Midstream Partners LP (NYSE:MMP) 67.23 0.8375 4.98 83.75 76.14 -1.05 2.65 -3.52 1.06 0.76 9.84 -10.11
MPLX or Marathon LP (NYSE:MPLX) 34.02 0.5100 6.00 84.30 77.57 -13.50 -9.61 -94.44 -33.98 -10.37 8.51 -23.08
NuStar Energy L.P. (NYSE:NS) 47.19 1.0950 9.28 92.80 92.02 17.68 25.87 -3.56 4.17 -4.07 0.00 -42.86
Oneok Partners, L.P. (OKS) 39.74 0.7900 7.95 99.06 96.05 31.90 39.76 16.24 28.14 4.59 0.00 50.00
Plains All American Pipeline, L.P. (NYSE:PAA) 30.36 0.5500 7.25 102.33 86.61 31.43 38.57 -45.56 -4.84 -20.07 -21.43 -96.67
Phillips 66 Partners L.P. (NYSE:PSXP) 44.20 0.5310 4.81 77.52 59.16 -28.01 -25.42 -15.38 -16.90 -1.79 24.07 -10.00
Spectra Energy Partners, LP (NYSE:SEP) 42.64 0.6510 6.11 85.38 77.27 -10.61 -6.51 1.60 -0.11 8.16 3.94 7.69
Shell Midstream Partners, LP (NYSE:SHLX) 27.13 0.2638 3.89 69.42 59.28 -43.12 -41.46 -11.04 -12.90 -5.00 28.68 0.00
Summit Midstream Partners, LP (NYSE:SMLP) 22.20 0.5750 10.36 83.64 75.16 18.53 27.74 -87.95 -53.11 3.00 0.00 0.00
Sunoco Logistics Partners L.P. (NYSE:SXL) 25.64 0.5100 7.96 92.73 78.16 -0.23 5.72 -27.91 37.43 -4.76 11.35 -2.11
TC PipeLines, LP (NYSE:TCP) 52.16 0.9400 7.21 85.07 81.56 4.93 10.60 11.34 47.77 -2.64 5.62 -10.00
Tallgrass Energy Partners, LP (TEP) 45.23 0.7950 7.03 84.13 71.95 9.75 15.54 8.16 -8.28 7.39 37.07 10.00
Tesoro Logistics LP (TLLP) 47.74 0.8750 7.33 85.16 80.28 -5.13 0.09 -10.96 -9.32 -5.52 16.67 0.00
Transmontaigne Partners L.P. (NYSE:TLP) 39.02 0.7000 7.18 76.71 71.98 45.81 53.66 -18.10 45.31 0.27 5.26 11.11
Valero Energy Partners LP (NYSE:VLP) 40.73 0.3850 3.78 52.38 47.53 -21.08 -18.84 8.86 -5.64 0.34 25.20 -4.67
Western Gas Partners LP (NYSE:WES) 55.15 0.8450 6.13 88.48 80.29 16.03 21.37 10.56 -12.89 4.09 9.03 -2.86
Western Refining Logistics (NYSE:WNRL) 22.80 0.4225 7.41 88.02 75.78 -7.05 -1.89 -31.16 -8.72 -13.51 10.46 -4.76
Williams Partners L.P. (NYSE:WPZ) 35.82 0.8500 9.49 86.96 81.15 28.62 37.77 -48.65 0.00 1.82 0.00 -33.33

Pipeline Average     7.47 81.76 76.90 9.46 15.59 -21.68 -3.05 6.21 5.44  
Shipping
Golar LNG Partners LP (NASDAQ:GMLP) 20.56 0.5775 11.24 78.04 62.43 53.66 66.61 -18.51 -2.25 35.78 0.00 0.00
Navios Maritime Partners L.P. (NYSE:NMM) 1.28 0.0000 0.00 0.00 0.00 -57.62 -57.62 -81.48 -81.92 -23.20 -100.00 0.00
Teekay LNG Partners LP. (NYSE:TGP) 14.80 0.1400 3.78 17.78 18.67 12.55 15.74 -32.23 -46.13 1.61 0.00 -50.00
Teekay Offshore Partners LP. (NYSE:TOO) 5.98 0.1100 7.36 19.82 16.30 -7.72 -2.62 -22.92 -48.08 -11.90 0.00 -71.43

Shipping Average     5.59 28.91   0.22 5.53 -38.78 -44.60    

MidStream Average   7.30 76.95 72.13 8.62 14.67 -23.24 -6.83    

The (price change only) Alerian MLP index [the ^AMZ - which includes other MLP sectors] is 3.26% year to date.
The Alerian MLP index ETN AMJ is 4.04% and with dividends is 9.49%.
The S&P500 index ETF SPY is 4.26% and with dividends is 5.83%.
The Russell 2000 index ETF IWM is 5.22% and with dividend is 6.37%.
With the 10yr Treasury @ 1.81% & the sector average yield on Q4 distributions at 7.3% - the spread is 549 bps.
With the JNK yielding 6.20% - spread to the Lehman U.S. High Yield Index is 110 bps.
With the HYG yielding 5.50% - the spread to the iBOXX High Yield Index is 181 bps.