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MLP Midsteam Update 6/20/17

|Includes: AM, DM, EQM, Phillips 66 Partners LP (PSXP), SHLX

Two issues:

(1) My source for data has been Yahoo Finance - because they can be used for links to multi-ticker data. Such data displays allows for much faster data retrieval and data entry. The page I used to retrieve the pricing data in this update can be found here.

I no longer have a working 'Multi-ticker' URL for price targets or EPS projections at Yahoo. If you know of one - I NEED IT!

(2) Think about doing some trading NOW! I could capture some tax losses on investments made about three years ago. (I would not trade out long held holdings.) I am not a tax guy - so I am not the best source of advice on this topic. (Your Feedback is welcomed here.) But I could sell one high CAGR stock like PSXP or SHLX and buy another high CAGR stock like AM, DM or EQM - and capture a (potential) tax loss while picking up a stock with a very good distribution future.

I have not yet done the ETP-SXL data switch. Data for MEP along with bad data for ETP and SXL went into the sector average data. There is some danger that I have some stale data in what follows.

The data:

MLP Midstream 06-20-17

The consensus Distributable Cash Flow or DCF projections were last updated on 3-28-17. The distribution Compound Annual Growth Rate or CAGR projections were updated 3-28-17. Yields are based on the Q1-17 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 2017 projection that has happened since the beginning of 2017. The Dist/DCF number is the ratio of the Q1-17 distribution to the 2017 DCF projection. The 2017 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. The target prices and EPS projections are from Yahoo Finance. EXLP is now APLP. AMID, APLP, MMLP and PAA had 2016 distribution cuts while KMI, TGP and TOO have late 2015 distribution cuts. CPPL no longer trades since 2-17-17 merger with CGP.

Company   Current Distrib/ Q2 Dist Dist/dcf Dist/dcf Year-to-Date Percent Change
    Price Quarter Yield 2017 2018 Price Pr+Dist EPS Target DCF Dist* cagr
Antero Midstream Partners LP (NYSE:AM) 30.19 0.3000 3.97 63.16 50.00 -2.23 -1.26 -3.01 16.49 -9.52 27.66 0.00
American Midstream Partners, LP (NYSE:AMID) 11.70 0.4125 14.10 87.30 80.49 -35.71 -33.45 -72.67 -4.78 -20.25 0.00 0.00
Blueknight Energy Partners, L.P. (NASDAQ:BKEP) 6.60 0.1450 8.79 59.18 69.88 -3.65 -1.53 -72.22 1.22 0.00 0.00 0.00
Buckeye Partners, L.P. (NYSE:BPL) 60.38 1.2500 8.28 88.65 85.32 -8.74 -6.85 -7.29 -1.20 3.30 4.17 0.00
Boardwalk Pipeline Partners, LP (NYSE:BWP) 16.79 0.1000 2.38 18.87 17.39 -3.28 -2.71 6.25 9.22 0.00 0.00 0.00
Cone Midstream Partners LP (CNNX) 18.37 0.2820 6.14 70.94 64.09 -22.00 -20.80 -2.86 4.81 4.61 15.10 0.00
Cheniere Energy Partners (NYSEMKT:CQP) 30.71 0.4250 5.54 68.83 82.13 6.56 8.03 -41.52 1.74 0.00 0.00 0.00
Delek Logistics Partners, LP (NYSE:DKL) 30.90 0.6900 8.93 86.25 84.40 8.23 10.65 8.37 17.29 1.59 13.11 0.00
Dominion Midstream Partners (NYSE:DM) 26.60 0.2740 4.12 64.09 59.24 -9.98 -9.06 -8.00 7.51 17.93 22.05 0.00
DCP Midstream Partners LP (NYSE:DCP) 30.50 0.7800 10.23 98.73 91.50 -20.53 -18.50 -38.28 18.73 1.94 0.00 0.00
Enable Midstream Partners (NYSE:ENBL) 14.01 0.3180 9.08 93.53 87.12 -10.93 -8.91 4.94 8.13 2.26 0.00 66.67
Enbridge Energy Partners, L.P. (NYSE:EEP) 14.97 0.3500 9.35 73.30 67.63 -41.25 -39.87 1.32 -20.73 -14.73 -39.97 -80.00
EnLink Midstream Partners, LP (NYSE:ENLK) 15.49 0.3900 10.07 94.55 89.14 -15.91 -13.79 -44.44 5.65 -8.33 0.00 0.00
Enterprise Products Partners L.P. (NYSE:EPD) 26.11 0.4150 6.36 81.77 74.44 -3.44 -1.90 0.00 3.39 -2.87 5.06 -5.66
                           
EQT Midstream Partners, LP (NYSE:EQM) 71.68 0.8900 4.97 70.63 67.94 -6.52 -5.36 5.11 1.58 0.80 19.46 0.00
Exterran/Archrock (NASDAQ:APLP) 13.57 0.2850 8.40 44.19 43.51 -15.40 -13.62 -43.75 11.43 -0.77 0.00 0.00
Genesis Energy LP (NYSE:GEL) 28.55 0.7200 10.09 77.84 77.01 -20.74 -18.74 -39.47 -7.89 0.54 7.46 0.00
Holly Energy Partners L.P. (NYSE:HEP) 30.96 0.6200 8.01 86.41 84.07 -3.43 -1.50 -15.74 -1.83 1.06 7.83 62.50
Kinder Morgan, Inc (NYSE:KMI) 18.52 0.1250 2.70 22.42 20.66 -10.57 -9.97 -5.63 0.16 -1.33 0.00 0.00
                           
Martin Midstream Partners LP (NASDAQ:MMLP) 16.85 0.5000 11.87 81.97 80.32 -8.17 -5.45 -45.78 -0.33 -11.27 -38.46 0.00
Magellan Midstream Partners LP (NYSE:MMP) 67.97 0.8725 5.13 78.96 74.10 -10.13 -8.97 2.64 5.73 0.45 8.72 -6.25
MPLX or Marathon LP (NYSE:MPLX) 31.76 0.5400 6.80 80.00 65.85 -8.26 -6.70 -16.07 8.61 2.66 6.93 0.00
NuStar Energy L.P. (NYSE:NS) 42.88 1.0950 10.21 93.39 90.87 -13.90 -11.70 -21.10 4.96 3.30 0.00 -33.33
Oneok Partners, L.P. (OKS) 46.62 0.7900 6.78 94.61 89.27 8.39 10.23 0.00 17.67 -1.47 0.00 -66.67
Plains All American Pipeline, L.P. (NYSE:PAA) 23.45 0.5500 9.38 94.02 86.96 -27.38 -25.67 -4.07 -2.13 -7.87 -21.43 1400.00
Phillips 66 Partners L.P. (NYSE:PSXP) 45.60 0.5860 5.14 65.66 57.88 -6.25 -5.05 -6.31 6.30 -0.56 21.83 -3.70
Spectra Energy Partners, LP (NYSE:SEP) 41.20 0.7010 6.81 84.46 79.21 -10.12 -8.59 -4.97 -2.50 -1.48 7.68 -7.14
Shell Midstream Partners, LP (NYSE:SHLX) 27.96 0.2910 4.16 72.30 61.91 -3.88 -2.88 -6.37 6.07 -2.42 23.83 0.00
Summit Midstream Partners, LP (NYSE:SMLP) 21.70 0.5750 10.60 79.31 75.41 -13.72 -11.43 -32.43 3.99 -5.23 0.00 -11.11
                           
TC PipeLines, LP (NYSE:TCP) 52.27 0.9400 7.19 83.74 79.83 -11.17 -9.57 0.63 7.01 -1.75 5.62 0.00
Tallgrass Energy Partners, LP (TEP) 45.72 0.8350 7.31 64.60 64.98 -3.65 -1.89 25.47 12.01 20.23 18.44 0.00
Tesoro Logistics LP (TLLP) 46.89 0.9400 8.02 84.30 78.66 -7.72 -5.86 -12.70 9.01 0.22 16.05 0.00
Transmontaigne Partners L.P. (NYSE:TLP) 40.56 0.7250 7.15 73.98 60.17 -8.38 -6.74 -8.30 9.41 0.77 6.62 0.00
Valero Energy Partners LP (NYSE:VLP) 43.00 0.4275 3.98 53.77 49.14 -2.87 -1.90 4.30 4.13 0.95 25.74 0.00
Western Gas Partners LP (NYSE:WES) 52.78 0.8600 6.52 83.50 81.52 -10.18 -8.71 -26.77 7.84 -3.06 5.52 0.00
Western Refining Logistics (NYSE:WNRL) 24.60 0.4375 7.11 80.28 73.22 15.22 17.27 -0.67 0.38 -2.24 8.70 0.00
Williams Partners L.P. (NYSE:WPZ) 36.82 0.8750 9.51 110.06 101.16 -3.18 -0.88 -42.42 0.00 -18.46 2.94 12.50
Pipeline Average     7.91 79.82 74.37 -8.90 -7.11 -15.48 5.06 4.92 4.75  
Shipping
Golar LNG Partners LP (NASDAQ:GMLP) 18.97 0.5775 12.18 92.77 92.40 -21.09 -18.69 -12.59 1.34 -32.70 0.00 0.00
Navios Maritime Partners L.P. (NYSE:NMM) 1.58 0.0000 0.00 0.00 0.00 12.06 12.06 0.00 99.29 -56.92 na 0.00
Teekay LNG Partners LP. (NYSE:TGP) 14.20 0.1400 3.94 18.24 18.06 -1.73 -0.76 -8.06 20.84 2.33 0.00 0.00
Teekay Offshore Partners LP. (NYSE:TOO) 1.76 0.1100 25.00 19.82 19.13 -65.22 -63.04 -14.81 -0.78 -17.78 0.00 0.00
Shipping Average     10.28 32.71   -19.00 -17.61 -8.87 30.17    
MidStream Average   8.13 75.53 70.55 -9.82 -8.07 -14.88 7.34    
The (price change only) Alerian MLP index [the ^AMZ - which includes other MLP sectors] is -11.89% year to date.
The Alerian MLP index ETN AMJ is -11.99% and with dividends is -10.53%.
The S&P500 index ETF SPY is 8.71% and with dividends is 9.18%.
The Russell 2000 index ETF IWM is 3.67% and with dividend is 3.96%.
With the 10yr Treasury @ 2.149% & the sector average yield on Q2 distributions at 8.13% - the spread is 598 bps.
With the JNK yielding 5.58% - spread to the Lehman U.S. High Yield Index is 254 bps.
With the HYG yielding 5.14% - the spread to the iBOXX High Yield Index is 299 bps.

Disclosure: I am/we are long EPD, GEL, MPLX, MMP, PSXP, SHLX, TLLP, WES.