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Midstream/MLP Earnings So Far: M&A, Dividends, Buyback And ESG

Published Wed, 04 Nov 2020 08:00:14 -0500 on Seeking Alpha

Seeking AlphaCommodities  | Market OutlookMidstream/MLP Earnings So Far: M&A, Dividends, Buyback And ESGNov. 4, 2020 8:00 AM ET|| Includes: AMJ, AMLP, AMNA, AMTR, AMU, AMUB, AMZA, ATMP, BMLP, CBA, CEM, CEN, CEQP, COP, CTR, CVE, CVX, CXO, DSE, DVN, EMLP, EMO, ENFR, EPD, ET, FEI, FEN, FMO, FPL, GER, GMZ, HUSKF, IMLP, JMF, JMLP, KMF, KMI, KYN, MIE, MLPA, MLPB, MLPI, MLPO, MLPS, MLPX, MMP, MPLX, NGL, NML, NTG, OKE, PAA, PE, PSXP, PXD, SMM, SRF, SRV, TTP, TYG, WPXby: AlerianAlerian Master limited partnerships, Oil & Gas, energy, natural resourcesAlerian Insights.cls-1{fill:#024999;}SummaryMidstream companies have largely been positive on upstream consolidations, as the combined entities result in stronger customers, but management commentary on midstream consolidation has varied.
As of the end of October, 34 of the 39 dividend-paying names in the Alerian Midstream Energy Index have declared their 3Q payouts, with 29 maintaining, 3 growing, and 2 cutting sequentially.
Discussion of the energy transition and opportunities in renewables have shifted from the Q&A portion of 2Q20 calls to the prepared remarks for 3Q20.

Despite broader market headwinds and oil price weakness weighing on recent performance, midstream earnings season has been mostly positive thus far with only a few negative headlines, namely in the form of two MLP distribution cuts. Results have largely exceeded consensus expectations. Aside from operational updates, performance during the quarter, and comments on recovering demand and production trends, company earnings calls have typically included discussions of consolidation and opportunities around renewables and the energy transition. Capital allocation has also been in focus, including the high hurdle rates for investing growth capital in the current environment and thoughts around returning excess cash to shareholders for those not needing to reduce leverage. This note highlights some of the key takeaways from earnings calls and... Read more

Stock name Last trade   P/E Earnings/Share Dividend/Share Dividend yield
FIDUCIARY/CLAYMORE MLP OPPORTUNITY FUND 8.91   0.0 0.00 0.00 14.36
TORTOISE MLP FUND 12.38   0.0 0.00 0.00 13.55
TORTOISE ENERGY INFRASTRUCTURE 20.77   0.0 0.00 2.62 12.48
NGL ENERGY PARTNERS LP 12.93   5.0 2.57 1.56 12.04
NUVEEN ENERGY MLP TOTAL RETURN FUND 8.59   0.0 0.00 0.00 11.52
ENERGY INCOME AND GROWTH FUND 21.37   0.0 0.00 0.00 10.84
CUSHING MLP TOTAL RETURN FUND 10.20   18.6 0.55 0.00 10.84
FIRST TRUST MLP AND ENERGY INCOME FUND 11.38   36.7 0.31 0.00 10.50
CLEARBRIDGE ENERGY MLP OPPORTUNITY FUND 8.71   0.0 0.00 0.00 10.49
KAYNE ANDERSON MLP INVESTMENT 14.71   0.0 0.00 0.00 9.76
MPLX LP 28.61   12.4 2.30 2.67 9.28
SALIENT MIDSTREAM & MLP FUND 7.87   0.0 0.00 0.00 8.60
KAYNE ANDERSON MIDSTREAM/ENERGY FUND 10.86   0.0 0.00 0.00 8.23
PLAINS ALL AM. PIPELINE 21.20   5.3 3.99 1.44 6.75
CRESTWOOD EQUITY PARTNERS 36.99   13.5 2.74 2.40 6.47
MAGELLAN MIDSTREAM PARTNERS 65.61   11.0 5.99 4.05 6.20
ENTERPRISE PRODUCTS 28.68   12.4 2.31 1.76 6.13
KINDER MORGAN 20.42   20.6 0.99 1.00 4.94
ONEOK 73.93   24.6 3.01 3.56 4.84
CHEVRON 121.42   15.7 7.72 4.76 3.91
CONOCOPHILLIPS 56.35   9.1 6.20 1.22 2.17
CENOVUS ENERGY 9.50   59.4 0.16 0.15 1.58
DEVON ENERGY 24.56   3.0 8.07 0.36 1.47
PIONEER NATURAL RESOURCES 130.35   24.5 5.33 0.88 0.47
HUSKY ENERGY 7.07   0.0 0.00 0.00 0.00
JPMORGAN ALERIAN MLP INDEX ETN  

FIDUCIARY/CLAYMORE MLP OPPORTUNITY FUND - FMO
FIDUCIARY/CLAYMORE MLP OPPORTUNITY FUND - FMO  


Older articles featuring Fiduciary/claymore Mlp Opportunity Fund (FMO):
High MLP/Midstream Yields But Ample Coverage, Payout Ratios
Framing Current Midstream/MLP Yields With Stress Tests
Examining Midstream C-Corp Dividends As Yields Rival Historical MLP Yields
2020 Vision: What's The Outlook For Midstream/MLP Dividends This Year?
Income Investing And The Changing Yield Curve
The Highest Yield Left In The Market
Closed-End Funds: 12 Funds In The 10%+ Yield Club At A Discount
Do Dividend-Paying Stocks Make Better Investments?
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You Were Warned: MLPs And 'I Bought It For The Dividend'

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