Rebalancing Complete

|

New constituents and weightings are available now.

Track

2020 Midstream Summer Update Video

08/25/20

Thus far in 2020, the equity price performance and elevated yields for midstream and MLPs paint a different picture than what may be drawn from fundamentals. Yields remain high, yet 2Q payouts were steady. Equity prices are well below levels from early January, but forward earnings estimates have only seen modest revisions. Midstream has the potential to generate significant free cash flow, yet it feels underappreciated. Watch our brief summer recap video for an update on the space and a discussion of potential catalysts.

Related links:

Midstream at the Midpoint: Where We’ve Been and What’s Next (June 11, 2020)
Steady Midstream EBITDA Outlooks Contrast with Performance (August 18, 2020)
Midstream/MLP 2Q20 Dividends/Distributions Hold Steady (August 11, 2020)
MLP/Midstream Valuations Part 1: Focusing on Free Cash Flow (June 16, 2020)
Dominion News: Buffett Buys Gas Infrastructure, ACP Cancelled (July 6, 2020)
Revisiting Private Equity Involvement in Midstream (May 7, 2020)