Baird issues six MLP downgrades: NGL, NSLP, PAGP, SMLP, TEP, WHZ

|By:, SA News Editor

Robert W. Baird refreshes its outlook for master limited partnerships with six downgrades: five high-growth partnerships that now look fairly valued - NGL Energy Partners (NGL -1.8%), New Source Energy (NSLP -4%), Plains GP Holdings (PAGP -0.3%), Summit Midstream Partners (SMLP -0.6%) and Tallgrass Energy Partners (TEP -2.7%) - and are cut to Neutral from Outperform, and a reduction for Whiting USA Trust II (WHZ -0.7%) to Underperform from Neutral on elevated commodity risk.

The firm recommends recycling capital into its top investment ideas: ONEOK Partners (OKS -1.2%), Plains All American Pipeline (PAA +0.9%), Rose Rock Midstream (RRMS +0.2%) and Crosstex Energy LP (XTEX -1.5%)

Despite downgrading multiple high-quality MLPs, Baird says its long-term bullish view on the sector remains unchanged (Briefing.com).