First Trust North American Energy Infrastructure Fund

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  • Why Sunoco Logistics Has the Lowest Profit Margins
    Company & Industry Overviews

    Why Sunoco Logistics Has the Lowest Profit Margins

    Sunoco Logistics has the lowest profit margin and ROE among its peers. Its profit margin and ROE of 1.6% and 1.7%, respectively, are well below the group average.

    By Kurt Gallon
  • MLPs: How They Operate in the Midstream Energy Industry
    Company & Industry Overviews

    MLPs: How They Operate in the Midstream Energy Industry

    Most MLPs operate in the midstream energy industry. They’re mainly involved in gathering, processing, storing, and transporting energy commodities.

    By Kurt Gallon
  • uploads///Analyst Ratings
    Earnings Report

    What Do Analysts Recommend for NGL Energy?

    ~50% of analysts rate NGL Energy a “hold,” ~40% rate it a “buy,” and the remaining ~10% rate it a “sell.”

    By Kurt Gallon
  • uploads///Propane Stocks
    Macroeconomic Analysis

    Why Was Greater Propane Demand Unable to Push Prices?

    US residential propane demand is 1.5 MMbpd for the week ended December 4. This was 0.24 MMbpd more than the demand in the week ended November 27.

    By Manu Milan
  • uploads///natural gas pipelines
    Energy & Utilities

    Overview: ONEOK Partners’ natural gas pipelines segment

    ONEOK Partners’ (OKS) natural gas pipelines segment owns and operates regulated interstate and intrastate natural gas pipelines and natural gas storage facilities.

    By Keisha Bandz
  • uploads///emlp outperformed amlp
    Real Insights

    EMLP Outperformed AMLP: What Investors Should Know

    The Alerian MLP ETF (AMLP) and the First Trust North American Energy Infrastructure Fund (EMLP) are two of the largest MLP ETFs.

    By Rekha Khandelwal, CFA
  • uploads///Distribution Guidance v
    Earnings Report

    Why DCP Midstream Partners’ Coverage Ratio Could Increase

    DPM has substantial liquidity of $1.25 billion under its revolver credit facility. With a current debt-to-EBITDA ratio of 3.3x and a TTM coverage ratio of 1.1x, DPM has a cushion for raising fresh capital.

    By Kurt Gallon
  • uploads///propane inventories
    Macroeconomic Analysis

    US Propane Inventories Up, Residential Prices Down versus 2014

    In the week ended October 9, 2015, US propane inventories rose by 1.8 MMbbls (million barrels) to 102.2 MMbbls.

    By Keisha Bandz
  • uploads///TRPs pipeline network
    Energy & Utilities

    The story behind the Canadian giant—TransCanada Corp.

    TransCanada Corporation (TRP) is based in Canada. It’s one of North America’s leading natural gas pipeline network owners. TransCanada also provides natural gas storage services.

    By Keisha Bandz
  • uploads///propane stocks
    Macroeconomic Analysis

    US Propane Inventories Rose in Week Ending August 28

    Propane production is outstripping demand by a considerable margin. This explains the steady build in propane inventories.

    By Keisha Bandz
  • uploads///propane
    Macroeconomic Analysis

    Propane Inventories off the Chart: Prices Fell ~8% Last Week

    In the week ended August 21, US propane inventories rose by 1.9 MMbbls (million barrels) to 95.7 MMbbls.

    By Keisha Bandz
  • uploads///TRP asset overview
    Energy & Utilities

    An introduction to TransCanada Corp.

    TransCanada Corp. (TRP) is an energy infrastructure company. It owns a network of natural gas and crude pipelines across North America. TransCanada also provides natural gas storage.

    By Keisha Bandz
  • uploads///TCP pipelines overview
    Energy & Utilities

    TC PipeLines—TransCanada’s important subsidiary

    TC PipeLines LP (TCP) is a master limited partnership (or MLP) that owns or has ownership in six interstate natural gas pipelines. TransCanada Corp. (TRP) owns ~28.9% equity interest in TCP.

    By Keisha Bandz
  • uploads///propane
    Macroeconomic Analysis

    US Propane Inventories Slow in Some Regions, Weekly Prices Up

    In the week ended September 11, US propane inventories rose 1.1 MMbbls to 97.7 MMbbls. These levels are 20.3 MMbbls greater, or 26.2% higher, than they were in the corresponding period last year.

    By Keisha Bandz
  • uploads///propane
    Macroeconomic Analysis

    US Propane Inventories and Prices Rise in Week Ended September 4

    In the week ended September 4, US propane inventories rose 0.2 MMbbls to 96.6 MMbbls. These levels are 20.5 MMbbls greater, or 27% higher, than they were in the corresponding period last year.

    By Keisha Bandz
  • uploads///Regencys Asset Map
    Energy & Utilities

    Overview: Regency Energy Partners

    Regency Energy Partners L.P. (RGP) is a midstream operator of natural gas pipelines, gathering systems, and processing facilities.

    By Keisha Bandz
  • uploads///Analyst Ratings
    Earnings Report

    Should You Include Kinder Morgan in Your Portfolio?

    We’ll look at what Wall Street analysts recommend for Kinder Morgan (KMI). At a broader level, ~52.6% of analysts rate Kinder Morgan a “buy,” ~42.1% rate it a “hold,” and ~5.3% rate it a “sell.”

    By Kurt Gallon
  • uploads///propane stocks
    Macroeconomic Analysis

    Propane Stocks Continued Skyward in Week Ended August 14

    US propane production fell from 1.651 MMbpd (million barrels per day) in the week ended August 7 to ~1.620 MMbpd in the week ended August 14.

    By Keisha Bandz
  • uploads///propane inv
    Macroeconomic Analysis

    US Propane Inventories Rise along with Weekly Prices

    In the week ended October 30, 2015, US propane inventories rose by 0.8 MMbbls to 102.4 MMbbls. This is 27.8% greater than in the corresponding period last year.

    By Keisha Bandz
  • uploads///organizational structure
    Energy & Utilities

    Must-know: Why ONEOK restructured its business, creating ONE Gas

    Earlier this year, ONEOK (OKE) created a new stand-alone publicly traded company called ONE Gas (OGS), separating its natural gas distribution business into a separate dedicated company. The company believes that by having two separate companies, each of the companies will have a greater focus on its individual strategy, financial strength, and growth potential.

    By Keisha Bandz
  • uploads///RGPs Distribution Growth
    Energy & Utilities

    Growth oriented acquisitions: Good for RGP’s distribution growth

    On April 28, Regency announced a cash distribution of 48 cents or $0.48 per outstanding common unit for the first quarter ended March 31, 2014.

    By Keisha Bandz
  • uploads///natural gas liquids
    Energy & Utilities

    Overview: ONEOK Partners’ natural gas liquids segment

    ONEOK Partners’ (OKS) natural gas liquids segment provides natural gas liquid gathering, fractionation, transportation, marketing, and storage services to its producers.

    By Keisha Bandz
  • Overview: Plains All American Pipeline’s gas storage services
    Energy & Utilities

    Overview: Plains All American Pipeline’s gas storage services

    PAA’s storage facility falls under its supply and logistics segment, which is primarily a margin based segment, which makes it more volatile.

    By Keisha Bandz
  • uploads///differences
    Energy & Utilities

    A closer look at the difference between ETFs and mutual funds

    Before moving to inverse and leveraged ETFs in the next part of this series, we’d like to quickly discuss the differences between ETFs and mutual funds.

    By Mike Sonnenberg
  • uploads///Comps
    Energy & Utilities

    Why the Energy Transfer and Targa merger talk ended for now

    Leading up to the rumor of the possible acquisition, the share prices of NGLS and TRGP jumped up by 17.7% and 20.4% on June 19, respectively.

    By Alex Chamberlin
  • uploads///Magellan Midstreams Asset Map
    Energy & Utilities

    Overview: Magellan Midstream Partners L.P.

    Magellan Midstream Partners L.P. (MMP), is a master limited partnership (or MLP) that owns and operates a diversified portfolio of energy infrastructure assets.

    By Keisha Bandz
  • uploads///mlp funds
    Energy & Utilities

    Top MLP Funds Recorded Net Inflows in October

    The top MLP funds saw net inflows in October. The Alerian MLP ETF (AMLP) had net inflows of $105.7 million for the month.

    By Rekha Khandelwal, CFA
  • uploads///institutional
    Company & Industry Overviews

    Enbridge’s Top Institutional Investors

    Capital International Investors is the largest institutional investor in Enbridge stock. The company holds 5.3% of Enbridge’s outstanding shares.

    By Rekha Khandelwal, CFA
  • uploads///winter _
    Energy & Utilities

    Fund Flows into Top MLP ETFs Fell in the Third Quarter

    Fund flows into top MLP ETFs fell significantly in the third quarter.

    By Rekha Khandelwal, CFA
  • uploads///stock trading monitor desk
    Energy & Utilities

    Top MLP ETFs: Analyzing Fund Flows in 1Q18

    The top five MLP ETFs recorded a net outflow of $285 million in 1Q18. The Alerian MLP ETF (AMLP) had a net outflow of $558 million.

    By Rekha Khandelwal, CFA
  • uploads///performance comparison top mlp etfs
    Energy & Utilities

    EMLP Generated the Highest Total Returns among the Top MLP ETFs

    The First Trust North American Energy Infrastructure Fund (EMLP) generated total returns of 42% over a five-year period, the highest among the top five MLP ETFs that we are discussing in this series.

    By Rekha Khandelwal, CFA
  • uploads///weekly fund flows in amlp
    Miscellaneous

    Take a Look at Fund Flows in MLP ETFs Last Week

    After three weeks of negative flows, the Alerian MLP ETF (AMLP) witnessed a net inflow of $5.6 million for the week ended June 23, 2017.

    By Rekha Khandelwal, CFA
  • uploads///weekly fund flows
    Miscellaneous

    Analyzing Fund Flows into MLP ETFs Last Week

    The Alerian MLP ETF (AMLP), a top MLP ETF, witnessed a net outflow of $9.5 million for the week ending June 16, 2017.

    By Rekha Khandelwal, CFA
  • uploads///U
    Macroeconomic Analysis

    NOOA Forecasts Mild Weather, but Will Propane Demand Slide Further?

    US residential propane demand was at 1.03 MMbpd for the week ending January 15. Propane demand was 0.39 MMbpd less than the prior week’s demand.

    By Manu Milan
  • uploads///PAAs EBITDA by segment
    Company & Industry Overviews

    Market Dynamics Impact Plains All American’s Supply and Logistics Segment

    The contribution of its Supply and Logistics segment to Plains All American Pipeline’s EBITDA fell from 27% in 3Q14 to 19% in 3Q15.

    By Rekha Khandelwal, CFA
  • uploads///U
    Macroeconomic Analysis

    Propane Inventories and Production Moved in Opposite Directions

    As of the week ended December 11, propane inventories were at 98.9 MMbbls. These levels were 26.2% more than they were in the corresponding period last year.

    By Manu Milan
  • uploads///SEPs segmental EBITDA
    Company & Industry Overviews

    Must-Know: How Spectra Energy Partners’ Segments Are Performing

    Spectra Energy Partners manages its business through its US Transmission and Liquids segments. Its US Transmission segment contributes nearly 85% of EBITDA.

    By Rekha Khandelwal, CFA
  • uploads///se natural gas wti cad
    Company & Industry Overviews

    Key Drivers of Spectra Energy’s Stock Price

    One factor impacting Spectra Energy’s stock price is the value of the Canadian dollar. Nearly 60% of SE’s 2014 revenues came from its Canadian operations.

    By Rekha Khandelwal, CFA
  • uploads///OKS quarterly distributions and coverage ratio
    Earnings Report

    ONEOK Partners Reports Distribution Coverage Missed 2Q15 Target

    Generally, MLPs with stable earnings target a distribution coverage ratio in the range of 1 to 1.1 times the distributable cash flow.

    By Rekha Khandelwal, CFA
  • uploads///Weekly AMLP yr treasury yield spread
    Macroeconomic Analysis

    10-Year Treasury and MLP Yields Diverged Last Week

    The Alerian MLP ETF (AMLP) traded at a yield of 8.3% at the end of the week ending August 21. The yield rose during the week from 8.00% at the end of the previous week.

    By Rekha Khandelwal, CFA
  • uploads///weekly us crude oil supply and demand
    Macroeconomic Analysis

    Crude Oil Inventories in the Second Week of August Affect MLPs

    According to data released on August 19, US crude oil inventories rose 0.6% in the week ending August 14 compared to the previous week.

    By Rekha Khandelwal, CFA
  • uploads///MLP market v e
    Company & Industry Overviews

    What Investors Need to Know about MLPs

    MLPs are engaged in the production, transportation, storage, and processing of natural resources like oil, natural gas, and NGLs. They’re public companies.

    By Kurt Gallon
  • uploads///propane stock
    Macroeconomic Analysis

    Key update on propane inventories – prices are lower and steadier

    In the week ending February 13, US propane inventories decreased by 3.5 MMbbls to 61.5 MMbbls. They were ~130% than the same period last year.

    By Keisha Bandz
  • uploads///sweeny to pasadena
    Company & Industry Overviews

    Phillips 66 Partners: The Sweeny to Pasadena products system

    The Sweeny to Pasadena products system is strategically located to transport petroleum products from Texas to major third-party interstate pipeline systems.

    By Keisha Bandz
  • uploads///clifton ridge
    Company & Industry Overviews

    Phillips 66 Partners: The Clifton Ridge crude system

    The Clifton Ridge crude system is made up of three pipelines and two terminals. It supports the Lake Charles refinery in Westlake, Louisiana.

    By Keisha Bandz
  • uploads///PAA earnings by segment
    Energy & Utilities

    Must-know: Plains All American Pipeline’s segment-wise earnings

    This article discusses Plains All American Pipeline, L.P.’s (PAA) profits by segment—transportation, facilities, and supply and logistics. For the transportation segment, adjusted segment profit was $229 million—~37% higher YoY (or year-over-year)—and approximately $24 million above the midpoint of PAA’s guidance.

    By Keisha Bandz
  • uploads///differences
    Energy & Utilities

    Overview: Key difference between ETFs and mutual funds

    While actively managed ETFs are more expensive than passively managed ETFs, they tend to be less expensive than mutual funds due to structural differences between these two products. In the case of mutual funds, the investor interacts with the company while buying and selling mutual fund units.

    By Mike Sonnenberg
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