MLPs Ride Oil to Spoils

AmeriGas Partners (NYSE: APU) will report second-quarter results on May 4 after the closing bell and hold a conference call the next morning. The unit price increased 4% over the last month. Buy APU below $51.

Antero Midstream Partners (NYSE: AM) is due to report results in late May. The unit price is up 3% over the last month. Buy AM below $30.

Boardwalk Pipeline Partners (NYSE: BWP) has scheduled its first-quarter report for May 4 before the market open. The unit price rose 5% over the last month. Buy BWP below $19.

Buckeye Partners (NYSE: BPL) successfully closed a binding open season for a fuel pipeline expansion providing refined products transport from Michigan and Ohio to eastern Ohio and western Pennsylvania. The project is due to be completed in the second half of 2016. The partnership will report quarterly results on May 1 before the opening bell. The unit price is up 4% in a month. Buy BPL below $83.

Capital Products Partners (NASDAQ: CPLP) announced the acquisition of the first of five ships it’s agreed to buy from its sponsor, which promptly chartered the new products tanker for two years at a base rate plus a 50/50 profit-sharing arrangement. The other four ships, including another products tanker and three new containerships are scheduled to be delivered later this year. The containerships have already been chartered for a five-year term and the other product tanker will be chartered to the sponsor for two years. Separately, CPLP found new employment for two other vessels at higher rates than they earned previously, taking its charter coverage to 89% for 2015 and 67% for 2016.  Earnings results are due sometime in late April. The unit price has rallied 7% over the last month. Buy CPLP below $10.

Cedar Fair (NYSE: FUN) is due to report first-quarter earnings the morning of April 29. The unit price is still up 2% in the last month despite pulling back recently amid higher oil prices. Buy FUN below $58.

CVR Refining (NYSE: CVRR) will be reporting earnings in the second half of May. The unit price has advanced 5% over the last month. Buy #10 Best Buy CVRR below $26.

DCP Midstream Partners (NYSE: DPM) has scheduled its first-quarter results release for May 6 after the closing bell, followed by the conference call the next morning. The unit price has rebounded 7% in the last month, boosted by the rising price of crude off which DCP’s natural gas liquids are priced. Buy DPM below $42.

Delek Logistics Partners (NYSE: DKL) bought the next dropdown from its refiner sponsor, acquiring a crude storage tank next to its Tyler, Texas refinery and rail offloading racks serving the El Dorado, Arkansas, refinery for $61.9 million in cash. The assets  are expected to generate $6.7 million of annual EBITDA. The unit price is up less than 1% over the last month. Buy #9 Best Buy DKL below $42.

Energy Transfer Equity (NYSE: ETE) likely benefited from stronger oil prices and the buyout by Shell (NYSE: RDS-A) of its LNG partner BG Group (London: BG), covered elsewhere in this issue. The units appreciated 10% over the last month. Buy #3 Best Buy ETE below $66.

Energy Transfer Partners (NYSE: ETP) is expected to report quarterly results in the second half of May. The unit price ticked up 2% over the last month. Buy #4 Best Buy ETP below $70.

EnLink Midstream (NYSE: ENLC) held its annual analyst meeting on March 30, highlighting midstream growth opportunities tied to the sponsorship by Devon Energy (NYSE: DVN) and growing petrochemical demand for ethane in Louisiana. The unit price has rallied 12% over the last month. Buy ENLC below $44.

Enterprise Products Partners (NYSE: EPD) increased its quarterly distribution 5.6% year-over-year, for a 4.4% current annualized yield. The partnership also formally announced that its long-serving CEO will retire at the end of the year, replaced by the similarly long-tenured chief operating officer. Earnings are due April 30 before the opening bell. The unit price is up 8% over the last month. Buy #1 Best Buy EPD below $42.50.

EQT (NYSE: EQT) is due to report earnings the morning of April 23. It declared its typical quarterly dividend of three cents a share today. The stock has rallied 12% in the last month. Buy EQT below $100.

EQT Midstream Partners (NYSE: EQM) will hold its quarterly earnings conference call the morning of April 23. The unit price has recouped 9% in a month. Continue to hold EQM.

Exterran Holdings (NYSE: EXH) nominated five new directors last month in anticipation that some incumbents will resign to oversee the international operations spinoff it plans to complete later this year. Earnings aren’t due until late May. The share price has soared 21% over the last month. Buy EXH below $42.

Exterran Partners (NYSE: EXLP) unit price is up 6% in a month. Buy EXLP below $34.

GasLog Partners (NYSE: GLOP) is likely to report quarterly results in late April. Units appreciated nearly 20% in the last month as rising oil prices lifted hopes for LNG projects. Buy GLOP below $26.

Genesis Energy (NYSE: GEL) increased its quarterly distribution 10.9% year-over-year, for a current annualized yield of 5.1%. Earnings are due in the second half of May. The unit price advanced 9% over the last month. Buy GEL below $53.

Global Partners (NYSE: GLP) continued its expansion into fuel retailing by announcing the acquisition of 97 Exxon- and Mobil-branded filling stations in New York City and the Maryland suburbs of Washington. D.C., along with seven dealer supply contracts. The unit price rallied 11% in the last month. Buy #8 Best Buy GLP below $50.

Hi-Crush Partners (NYSE: HCLP) rallied 20% in a month, boosted by rising oil prices. The fracking sand supplier is almost fully booked for the next four years. Buy HCLP below $40.

Holly Energy Partners (NYSE: HEP) has scheduled its first-quarter report for May 5 after the closing bell. The unit price is up 5% in a month. Buy HEP below $40.

Kinder Morgan (NYSE: KMI) will be reporting quarterly results April 15 after the closing bell. It recently announced a 50/50 joint venture with Canada’s Keyera (TSX: KEY) to build a 4.8 million barrel crude storage terminal in Edmonton, Alberta. Kinder Morgan could invest more than $400 million (Canadian) in the project, which would come on line in late 2017. The stock is up 6% in a month. Buy KMI below $45.

Magellan Midstream Partners (NYSE: MMP) will report quarterly results the morning of May 5. It recently announced an agreement with TransCanada (NYSE: TRP) to link up their respective terminals in Houston. The unit price is up 6% over the last month. Buy #2 Best Buy MMP below $90.

MarkWest Energy Partners (NYSE: MWE) is set to report first-quarter earnings before the opening bell on May 6, followed by a noon conference call that day. The unit price has climbed 14% in a month. Buy MWE below $77.

Navios Maritime Partners (NYSE: NMM) is likely to report quarterly results in early May. The unit price is up 16% in the last month, rebounding from a longtime nadir reached early in the period. Buy NMM below $17.70.

NuStar Energy (NYSE: NS) has scheduled its quarterly report for the morning of April 22. It recently launched a binding open season for the latest phase of its crude pipeline expansions in the Eagle Ford, and has also negotiated an expanded naphtha storage and shipping service with the midstream affiliate of Mexico’s Pemex. The unit price has rallied 7% in the last month. Buy NS below $70.

NuStar GP Holdings (NYSE: NSH) is also due to report early on April 22. The unit price ticked up 3% over the last month. Buy NSH below $45.

Oaktree Capital Mgmt (NYSE: OAK) reports before the April 30 opening bell. The unit price slipped 2% in the last month. Buy OAK below $52.

PBF Logistics (NYSE: PBFX) results are due April 30 before the morning bell. The unit price is up 3% in the last month. Buy below $28.

Plains All American Pipeline (NYSE: PAA) announced a distribution increase of 8.7% year-over-year but just 1.5% from February’s payout, in line with the slower growth forecast as a result of low oil prices.   Earnings results are due May 5 after the closing bell, followed by the conference call the next morning. Units regained 8% over the last month. Buy PAA below $58.

Plains GP Holdings (NYSE: PAGP) increased its quarterly distribution 30.2% year-over-year and 9.4% sequentially. Plains All American’s general partner will report quarterly results the evening of May 5. The unit price rose 5% in a month. Buy PAGP below $30.              

Regency Energy Partners (NYSE: RGP) is living out its last days as a separate entity ahead of the expected closing of its merger with Energy Transfer Partners (NYSE: ETP) following unitholder votes on April 28. The unit price gained 3% over a month. Hold RGP until the end.

Scorpio Tankers (NYSE: STNG) announced the delivery of three more newbuilds as it continues to dramatically expand its products tanker fleet. The stock rose 10% over the last month. Buy STNG below $9.50.

SemGroup (NYSE: SEMG) announced a deal to build three short new pipelines linking up Motiva refineries in coastal Louisiana. It will invest $500 million backed by long-term shipping commitments in the project, which is expected to come online in late 2016. The stock is up 12% in a month. Buy SEMG below $82.

Shell Midstream Partners (NYSE: SHLX) quarterly results are due in late May. The unit price is up not quite 1% in a month. Hold SHLX.

Spectra Energy (NYSE: SE) is set to report quarterly results before the May 6 market open. The share price has rallied 12% in a month. Buy SE below $42.

Spectra Energy Partners (NYSE: SEP) is set to report on May 6 just like its sponsor. Units have appreciated 3% over the last month. Buy SEP below $64.

Sunoco Logistics Partners (NYSE: SXL) earnings are expected in the back half of May. The unit price is up 3% in a month. Buy SXL below $55.

Targa Resources (NYSE: TRGP) is likely to report quarterly results in mid-May. The stock has rallied 20% in a month, including the 5% intraday gain by midday on April 15. Buy #6 Best Buy TRGP below $135.

Targa Resources Partners (NYSE: NGLS) The unit price climbed 18% over the last month. Hold NGLS.

Teekay Tankers (NYSE: TNK) declared its customary modest dividend of three cents a share earlier this month, for a 1.9% annualized yield despite recent cash flows that would likely support a double-digit one. Shares have steamed 17% higher in a month. Buy TNK below $7.50.

TransCanada (NYSE: TRP) will report quarterly results on May 1. The Canadian pipelines giant recently canceled plans to build a Quebec marine and terminal as part of its big Energy East project, over opposition citing potential harm to endangered Beluga whales. This and other project changes have pushed out the expected completion date into 2020. The stock is up 7% in a month. Buy TRP below $52.

UBS E-TRACS 2x Monthly Leveraged Long Alerian MLP Index (NYSE: MLPL) appreciated 12% in the last month, leveraging recent MLP strength. Buy MLPL below $58.

UGI (NYSE: UGI) will; report earnings after the May 4 close and hold a conference call the next morning. The share price has rebounded 9% in a month, aided by a decline in interest rates. Buy UGI below $45.

Western Refining’s (NYSE: WNR) share price is down 10% over the last month on worries about recent crack spreads. It remains a long-term bargain that’s already performed for us. Buy WNR below $57.

Williams (NYSE: WMB) reports quarterly results after the market close on April 29 and will hold its conference call the next morning. On April 6, its MLP affiliate Williams Partners agreed to increase its stake in a Utica processing venture in Ohio from 49% to 70% in exchange for some temporary incentive waivers from its parent. On March 31, Williams sought regulatory approval for its Atlantic Sunrise expansion project aiming to supply 1.7 billon cubic feet of natural gas a day from the Marcellus and the Utica to customers in the Mid-Atlantic and Southeast regions. The stock advanced 11% over the last month. Buy #5 Best Buy WMB below $59.

 

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