25 Master Limited Partnerships for Your Watchlist

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Here’s a quick look at some of the more prominent publicly traded Master Limited Parternships (MLPs).  A Master limited partnership is a limited partnership that is publicly traded on a securities exchange.  US law limits these legal structures to certain businesses, mostly pertaining to natural resources such as natural gas and oil transportation.  Some private equity companies such as Blackstone Group (NYSE:BX) and Fortress Investment Group (NYSE:FIG) are also structured as MLPs, but most are energy-related.  The Alerian MLP Index contains the 50 most-prominent energy-related MLPs.

MLPs typically pay out most of their cash flow from operations (CFO) in the form of dividends to their shareholders, and they aim to increase these dividend payments (in absolute dollar terms) over time.  Accordingly, one of the better measures of value for an MLP is its dividend yield.  Dividend yield is typically calculated as (Dividends paid to common shareholders) / (Price per common share).  A company that pays out $100 per share with a price of $50 per share would have a dividend yield of 200%: $100 / $50 = 200%.  Obviously, if the price per share stays flat or declines, and the dividends paid increase, the dividend yield increases.  If the stock price increases at a rate greater than the growth rate of dividend payments, the dividend yield declines, and the stock becomes relatively less attractive from a valuation standpoint.  In other words, yield moves inversely to price.

Following is some information about these 25 companies for you to peruse:

  • Alliance Holdings GP LP (NASDAQ:AHGP): Alliance Holding GP LP owns and controls Alliance Resource Management GP, LLC, the managing general partner of Alliance Resource Partners, L.P.  ARLP produces and markets coal for United States utilities and industrial users.  The shares recently traded at $56.80, its market cap is $3,400,218,354, its price-to-earnings ratio is 19.5, and its earnings per share is $2.91.
  • AmeriGas Partners LP (NYSE:APU): AmeriGas Partners, L.P. is a retail marketer of propane.  The Company serves residential, commercial, industrial, motor fuel, and agricultural customers in the United States.  AmeriGas operates an extensive storage and distribution network, using pipelines, barges, rail cars, and tanker trucks to transport propane to local-market distribution locations.  The shares recently traded at $47.00, its market cap is $2,684,027,590, its price-to-earnings ratio is 17.77, and its earnings per share is $2.64.
  • Alliance Resource Partners LP (NASDAQ:ARLP): Alliance Resource Partners, L.P. produces and markets coal to United States utilities and industrial users.  The Company operates its facilities in Kentucky, Illinois, and Maryland.  The shares recently traded at $82.09, its market cap is $3,018,920,362, its price-to-earnings ratio is 12.28, and its earnings per share is $6.68.
  • Buckeye Partners LP (NYSE:BPL): Buckeye Partners, L.P. is an independent pipeline common carrier of refined petroleum products.  The Company receives petroleum products from refineries, connecting pipelines, and marine terminals and transports these products to other locations.  The shares recently traded at $64.00, its market cap is $5,577,040,640, its price-to-earnings ratio is 38.82, and its earnings per share is $1.65.
  • Boardwalk Pipeline Partners LP (NYSE:BWP): Boardwalk Pipeline Partners, L.P. transports, gathers, and stores natural gas.  The Company owns and operates interstate pipeline systems that either serve customers directly or indirectly throughout the northeastern and southeastern United States.  The shares recently traded at $32.84, its market cap is $6,324,609,653, its price-to-earnings ratio is 23.92, and its earnings per share is $1.37.
  • Chesapeake Midstream Partners LP (NYSE:CHKM): Chesapeake Midstream Partners LP owns, operates, develops, and acquires natural gas gathering systems and other midstream energy assets.  The Company is principally focused on natural gas gathering, the first segment of midstream energy infrastructure that connects natural gas produced at the wellhead to third-party takeaway pipelines.  The shares recently traded at $28.78, its market cap is $4,057,407,375, its price-to-earnings ratio is 37.09, and its earnings per share is $0.78.
  • Calumet Specialty Products Partners LP (NASDAQ:CLMT): Calumet Specialty Products Partners, L.P. produces specialty hyrdocarbon products for domestic and international customers.  The Company processes crude oil into a variety of customized lubricating oils, solvents, and waxes.  Calumet also processes crude oil into a variety of fuel and fuel-related products, including unleaded gasoline, diesel fuel, and jet fuel.  The shares recently traded at $21.27, its market cap is $846,115,939, its price-to-earnings ratio is 45.95, and its earnings per share is $0.46.
  • Copano Energy LLC (NASDAQ:CPNO): Copano Energy LLC is an aggregator of natural gas and provides services to natural gas producers and purchasers of natural gas and natural gas liquids.  The company operates a network of pipelines and a natural gas processing plant, and services provided include natural gas gathering, transportation, compression, dehydration, treating, conditioning and processing of natural gas.  The shares recently traded at $35.25, its market cap is $2,326,585,658, its price-to-earnings ratio is N/A, and its earnings per share is ($0.37).
  • Duncan Energy Partners LP (NYSE:DEP): Duncan Energy Partners L.P. gathers, transports, markets and stores natural gas, natural gas liquids and petrochemicals.  The shares recently traded at $40.25, its market cap is $2,324,403,690, its price-to-earnings ratio is 25.95, and its earnings per share is $1.55.
  • DCP Midstream Energy Partners LP (NYSE:DPM): DCP Midstream Partners, LP owns and operates a diversified portfolio of midstream energy assets consisting of two business segments, Natural Gas Services and Natural Gas Liquids Logistics.  The shares recently traded at $40.48, its market cap is $1,768,440,834, its price-to-earnings ratio is 43.84, and its earnings per share is $0.92.
  • Enbridge Energy Partners LP (NYSE:EEP): Enbridge Energy Partners, L.P. is a master limited partnership that transports and stores hydrocarbon energy.  The Company transports crude oil and natural gas liquids to refineries in the midwestern United States and eastern Canada.  The shares recently traded at $64.42, its market cap is $8,143,222,455, its price-to-earnings ratio is N/A, and its earnings per share is ($2.15).
  • Encore Energy Partners LP (NYSE:ENP): Encore Energy Partners LP explores for and produces oil and natural gas in the United States.  The shares recently traded at $23.29, its market cap is $1,056,005,906, its price-to-earnings ratio is 33.28, and its earnings per share is $0.70.
  • El Paso Pipeline Partners LP (NYSE:EPB): El Paso Pipeline Partners, LP, owns and operates natural gas transportation pipelines, storage and other midstream assets.  The shares recently traded at $35.99, its market cap is $6,808,153,039, its price-to-earnings ratio is 19.14, and its earnings per share is $1.88.
  • Enterprise Products Partners LP (NYSE:EPD): Enterprise Products Partners L.P. provides processing and transportation services to producers and consumers of natural gas liquids.  The Company generally processes products that are ultimately used as feedstocks in petrochemical manufacturing, in the production of motor gasoline, and as fuel for residential and commercial heating.  The shares recently traded at $42.79, its market cap is $36,294,256,269, its price-to-earnings ratio is 37.23, and its earnings per share is $1.15.
  • Energy Transfer Equity LP (NYSE:ETE): Energy Transfer Equity, L.P., owns equity interests in Energy Transfer Partners, a limited partnership involved in the natural gas midstream, transportation, and storage business, as well as a retail propane business.  The shares recently traded at $43.85, its market cap is $9,776,037,055, its price-to-earnings ratio is 50.61, and its earnings per share is $0.87.
  • Energy Transfer Partners LP (NYSE:ETP): Energy Transfer Partners, L.P. owns and operates a diversified portfolio of energy assets.  The Company’s operations include natural gas gathering and transportation pipelines, with natural gas treating and processing assets located in Texas, Oklahoma, and Louisiana.  Energy Transfer markets propane from retail locations in various states across the United States.  The shares recently traded at $53.13, its market cap is $10,295,133,132, its price-to-earnings ratio is 45.04, and its earnings per share is $1.18.
  • EV Energy Partners LP (NASDAQ:EVEP): EV Energy Partner LP explores for oil and natural gas.  The shares recently traded at $51.09, its market cap is $1,722,941,284, its price-to-earnings ratio is 14.6, and its earnings per share is $3.50.
  • Exterran Partners LP (NYSE:EXH): Exterran Holdings, Inc. is a holding company.  The Company, through its subsidiaries, provides natural gas compression services as well as provides service, fabrication and equipment for oil and natural gas production, processing and transportation applications.  The shares recently traded at $23.76, its market cap is $1,502,196,314, its price-to-earnings ratio is N/A, and its earnings per share is ($2.37).
  • Ferrellgas Partners LP (NYSE:FGP): Ferrellgas Partners, L.P. sells, distributes, markets, and trades propane and other natural gas liquids.  The Partnership serves residential, industrial/commercial, portable tank exchange, agricultural, wholesale and other customers throughout the United States, the District of Columbia, and Puerto Rico.  The shares recently traded at $25.90, its market cap is $1,948,398,955, its price-to-earnings ratio is N/A, and its earnings per share is ($0.26).
  • Genesis Energy LP (NYSE:GEL): Genesis Energy, L.P. owns and operates crude oil gathering, marketing, and pipeline operations.  The Company purchases and aggregates crude oil at the wellhead and at pipeline and terminal facilities for resale to refineries and other customers.  Genesis Energy operates principally in Texas, Louisiana, New Mexico, Florida, Mississippi, Kansas, and Oklahoma.  The shares recently traded at $28.08, its market cap is $1,813,267,680, its price-to-earnings ratio is 56.04, and its earnings per share is $0.50.
  • Holly Energy Partners LP (NYSE:HEP): Holly Energy Partners, L.P. operates a system of refined product pipelines and distribution terminals primarily in West Texas, New Mexico, Utah, and Arizona.  The Company’s services include transporting products through its pipeline, terminalling refined products and other hydrocarbons, and storing and providing other services at its terminals.  The shares recently traded at $56.14, its market cap is $1,239,487,538, its price-to-earnings ratio is 26.53, and its earnings per share is $2.12.
  • Kinder Morgan Energy Partners LP (NYSE:KMP): Kinder Morgan Energy Partners, L.P., is a pipeline transportation and energy storage company.  The Company operates pipelines and terminals.  The piplines transport natural gas, gasoline, crude oil, carbon dioxide and other products; and its terminals store petroleum products and chemicals, and handle bulk materials like coal and petroleum coke.  The shares recently traded at $73.79, its market cap is $23,333,490,382, its price-to-earnings ratio is 52.78, and its earnings per share is $1.40.
  • Kinder Morgan Management LLC (NYSE:KMR): Kinder Morgan Management, LLC, is a limited partner in Kinder Morgan Energy Partners, L.P., and manages and controls its business and affairs.  The shares recently traded at $64.77, its market cap is $5,952,879,556, its price-to-earnings ratio is 76.64, and its earnings per share is $0.85.
  • Legacy Reserves LP (NASDAQ:LGCY): Legacy Reserves acquires and explores for oil and natural gas properties in the United States.  The shares recently traded at $31.73, its market cap is $1,383,823,970, its price-to-earnings ratio is 44.74, and its earnings per share is $0.71.
  • Linn Energy LLC (NASDAQ:LINE): Linn Energy LLC is a natural gas exploration and production company.  The shares recently traded at $39.26, its market cap is $6,284,300,819, its price-to-earnings ratio is N/A, and its earnings per share is ($0.70).

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