NAPTP MLP Conference Recap

Earnings season has come to a close, with all the holdings in our model Portfolios having reported results for the first three months of 2012. Here’s a recap of how our favorite master limited partnerships (MLP) fared last quarter, along with our updated investment theses and buy targets. Where applicable, we also highlight key takeaways from management’s presentations at the National Association of Publicly Traded Partnerships’ (NAPTP) MLP Investor Conference.

For a quick update on key metrics for all our Portfolio holdings and our latest Safety Ratings, consult the table below.


Source: Bloomberg, Company Reports, MLP Profits

Over the past few months, we’ve warned that the stock market was overdue for a correction and suggested that investors take profits on some of the big winners in the model Portfolios. Although many names now trade below our buy targets, investors shouldn’t expend all their dry powder in one shot–there’s likely more downside to come.

In This Issue

The Stories

1. Investors who heeded our advice and took profits prior to the pullback in the broader market should lock in elevated yields on our favorite names as the correction deepens. Here’s a recap of first-quarter earnings for our Portfolio holdings, as well as our latest investment theses and updated buy targets. See Around the Portfolios.

2. With more than 50 management teams presenting at the National Association of Publicly Traded Partnerships’ MLP Investor Conference, we also learned about a handful of overlooked investment opportunities. See Other Opportunities.

The Stocks

DCP Midstream Partners LP (NYSE: DPM)–Buy < 40 in Growth Portfolio
Eagle Rock Energy Partners LP (NSDQ: EROC)–Buy < 12 in Growth Portfolio
Energy Transfer Partners LP (NYSE: ETP)–Buy < 50 in Growth Portfolio
Inergy Midstream LP (NYSE: NRGM)–Hold in Growth Portfolio
Buckeye Partners LP (NYSE: BPL)–Buy < 60 in Conservative Portfolio
El Paso Pipeline Partners LP (NYSE: EPB)–Buy < 38 in Conservative Portfolio
Enterprise Products Partners LP (NYSE: EPD)–Buy < 50 in Conservative Portfolio
Genesis Energy LP (NYSE: GEL)–Buy < 30 in Conservative Portfolio
Kinder Morgan Energy Partners LP (NYSE: KMP)–Buy < 82 in Conservative Portfolio
Magellan Midstream Partners LP (NYSE: MMP)–Buy < 60 in Conservative Portfolio
Sunoco Logistics Partners LP (NYSE: SXL)–Buy < 32 in Conservative Portfolio
Legacy Reserves LP (NSDQ: LGCY)–Buy < 32 in Aggressive Portfolio
Mid-Con Energy Partners LP (NSDQ: MCEP)–Buy < 26.50 in Aggressive Portfolio
Navios Maritime Partners LP (NYSE: NMM)–Buy < 20 in Aggresive Portfolio
Penn Virginia Resource Partners LP
(NYSE: PVR)–Buy < 29 in Aggressive Portfolio
Vanguard Natural Resources LLC(NYSE: VNR)–Buy < 30 in Aggressive Portfolio
Western Gas Partners LP (NYSE: WEP)–Buy < 48 in How They Rate
American Midstream Partners LP (NYSE: AMID)–Buy < 22 in How They Rate

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