Aveo has no moat, as barriers to entry and pricing power are both relatively low
Encana looks to exploratory plays to help drive growth in liquids production.
Halcon contains a high degree of risk and will need to regain credibility with investors in 2014.
LNG and financial structuring prompt a fair value increase for Energy Transfer Partners.
Unitholders have few rights and little say in management decisions; they're pretty much just along for the ride.Understanding this MLP is no easy feat. We're certain Energy Transfer trades at a discount relative to peers because investors put the stock in the "too hard" bucket. While this could be
Drop-downs and future LNG potential support our fair value estimate for El Paso Pipeline.
KMP's long-term distribution growth story is murky. KMP is getting so big it must put a tremendous amount of capital to work to boost its distribution. KMI's ownership interests in KMP and KMR and the cash flows between them are complex, and the addition of El Paso and EPB has only made it more so.
Planned pipelines could adequately alleviate the bottlenecks in the Permian, resulting in a narrowing of crude discounts. Western competes with the more complex, lower-cost Gulf Coast refiners that could threaten the company's key markets.Excess domestic supply could weigh on product margins,
BWP Trust is a defensive Australian REIT offering a solid yield and modest growth
TransCanada offers a diversified business model with reasonable dividend yield.