The overall tape has the feel that we're mounting some sort of intraday bottom. Jury still out but if its real we could gain a head of steam in the afternoon. Meanwhile we are higher on the MLP index by just under 1 point.
There is some pain on the tape. Constellation Energy Partners (CEP) traded down to 19.30 this morning and its now back over 20; down 1.60. Breitburn is down 1.70 probably on yesterday's news that Provident Energy Trust will be selling out its stake. That is another one that is down from 36...love those 40 to 50% haircuts. Constellation is down from 50 bucks.. Other losers are shedding fractions like Atlas Pipeline Partners (APL) Inergy Holdings (NRGY) Atlas Energy Resource (ATN) Targa Resources (NGLS) and DCP Midstream (DPM).
Winners include Penn Virginia Holdings (PVG) up 1 and change. Fractional winners include Oneok LP (OKS) Alliance Resource (ARLP) Kinder Morgan Partners (KMP) and Sunoco Logistics. (SXL).
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About Me
- joewxman
- a meteorologist with a knack for trading and investing in MLPS! I also like horse racing, enjoy cigars and a good port wine.
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7 comments:
I've been making money buying new,heavily discounted (hi yield) closed-end funds specializing in MLP's. Check out QELP and SRV. Also looking at VNR. Any blog or analyst coverqage on these? Hard to research newbies like these.
I have traded SRV a few times. I usually wait until the discount gets deep to pick it up, when it tightens back in I sell it. I think Merrill covers a few of the closed end funds.
Another day in the MLP slaughterhouse. This is pathetic. I guess we need the fed to cut another 125bps before we get traction.
Someone is flushing their MLP turds down the toilet here.
MARKWEST??? Is there any value here. Doesn't the fact the they are merging with the GP mean their cost of capital drops, they no longer pay IDR's and they have freedom to do alot more??? They have a large slate of projects, growing the distribution and good fundies. What am I missing? Overhang???
There is a major disconnect going on right now between MLP's, market yields, credit fears, recession fears and the facts. I have been a buyer the last two months while the fomc has cut rates, distributions have generally increased, reported MLP earnings have exceeded expectations all the while MLP's have gone down.
Let's discuss.
DS
merger arb fund selling in MWE ... see the comment on the Yahoo board
I can't say this applies to all MLPS's but I was on a NRGY conference call and it it was stated again and again that conservation was a big issue going forward with repect to propane , other energy use. The high cost of these commodities has given the markets/investment community concern that conservation will lower earnings for mlps going forward. any thoughts? LF
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