Who can aruge with the performance of Natural Resource Partners (NRP)?. The stock has been ripping the cover off the ball for weeks now and has been one of the leaders in the MLP rally. Well the company is buying more coal reserves which is more of the same thing they've been doing for these last many months. Crosstex Energy (XTEX) is starting up a new pipeline in Northern Louisiana. Lehman Brothers takes the stock down to market perform from outperform which puts them in line with all the other brokerage houses. (there is no one left to downgrade and the stock might actually rally on this).
Compared to others in the group the Crosstex LP chart looks like a mess as its been in a tight range for quite awhile where as the chart below of Markwest Energy (MWE) is just fabulous!
Well Wachovia says this morning that it might be time to take some chips off the table as it downgrades the stock to hold from buy.
Meawhile this morning in the pre-market Kinder Morgan Partners (KMP) is trading up nearly a dollar higher as it is getting a goose from Jim Cramer. Actually Cramer does make the point that if Iran brings about a disruption of supply it could be very good for the domestic oil and gas pipelines. Something to bear in mind. Kinder Morgan has seen some trades nearly 1 dollar higher from yesterday's close in the pre-market.
The MLP index closed higher yesterday so it sits just shy of an all time high.
Still no sign of a pullback.
This morning we have strong stock futures strong and the energy complex is lower with oil down nearly 80 cents and nat gas down some pennies. News as it breaks this morning. Eagle Rock Partners (EROC) which announced a deal yesterday also came out with earnings last night.
joseph cioffi's Source Page - Associated Content
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