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July 23, 2012

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MLP Week Thoughts: Just the Stats

MLPs are up 5 weeks in a row, a total of 10.5% during that streak.  The last time the MLP Index was up at least 5 weeks in a row was the streak of 8 weeks that ended October 15, 2010.  Positive streaks of 5 or more weeks have happened 19 times since 2000, with a high of 11 straight weeks (ending July 2005) and an average of 6.5 weeks.
MLPs were up 2.2% this week.  As shown below they were buoyed this week by a benign market, no equity issuance, 10-year treasury rates at the lowest level ever, all energy commodities popping higher, and solid MLP distribution announcements ahead of more earnings next week.

I don’t have much to say this week on account of the beautiful weather here in Austin and my wonderful kids, so will just pass along the stats and the news with limited commentary.

Winners & Losers

AMID led all MLPs with an 8% bounce this week, while ARP dropped 5.6% to lead the losers, both on no company-specific news.

No change in the bottom 5 year to date, but RRMS replaced ARP in the top 5.

News of the (MLP) World

There wasn’t much company news this week in MLP land.  KMI/KMP/EPB earnings were released, which were disappointing to most.  EPB’s distribution surprised to the upside on lowered distribution coverage, as planned.  KMP raised distribution, maintaining a coverage ratio of almost 1.0x.

One MLP hit the road this week, Northern Tier Energy, while another stepped up to replace it in the MLP IPO queue (SunCoke has approved the filing of an MLP registration for interests in 2 cokemaking facilities, with IDRs to be owned by SunCoke).  The MLP IPO pipeline is now 14 MLPs, the largest queue ever.

In MLP derivative product news, another MLP ETN stepped up to replace the recently capped AMJ.  AMU tracks the Alerian MLP Index and carries slightly lower fees than AMJ.  Also, Steelpath was purchased by Oppenheimer Funds, good for Gabe Hammond, who launched the firm in 2004 as Alerian.

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