MLP/Midstream Valuations Part 2: Examining EBITDA Multiples
The second installment of our two-part series on valuations focuses on EV/EBITDA multiples for midstream and MLPs. Current discounts in EBITDA multiples relative to historical averages distinguish...
MLP/Midstream Valuations Part 1: Focusing on Free Cash Flow
MLP and midstream valuations have historically been viewed through the lens of their relatively high dividend yields. However, as the industry has shifted towards stronger balance sheets and free cash...
Midstream at the Midpoint: Where We’ve Been and What’s Next
Despite the downturn in both energy and broader markets in the first quarter, midstream has rallied significantly in the last few months off all-time lows seen in mid-March. Today’s research note...
Decisions, Decisions: Demystifying MLP Investment Options
With interest rates near historic lows and energy equities depressed after oil’s rout, investors looking for income and value may be taking a fresh look at the MLP and energy infrastructure space. The...
Reexamining MLP/Midstream Oil Correlations
After significant declines in both WTI crude and midstream equities in March, the correlation between oil prices and energy infrastructure has come back into focus for many investors. While the nature...
1Q20 MLP/Midstream Dividend Recap: Putting Cuts in Context
Amid commodity price volatility and depressed demand related to COVID-19, what happened to midstream distributions and dividends for 1Q20? Today’s piece details 1Q20 dividend trends across midstream...