EUROPE’S ENERGY CRISIS IS KEEPING ENERGY PRICES HIGH
America leads the world in oil and gas production. We believe midstream energy infrastructure offers predictable cash flows to investors.
Searching for Christmas
Our blog has a Search function that allows users to quickly find what they’re looking for. One of our most often read blog posts is MLP Funds Made for Uncle Sam, which is easily found by entering “Sam” in the search box. SL Advisors is a secular organization, but searching for the word “Christmas” generates […]
Pipeline Bond Investors Are More Bullish Than Equity Buyers
One of the most consistent bullish indicators for stocks has been the Equity Risk Premium (ERP) – the spread between the earnings yield on the S&P500 and the ten year treasury yield. At the end of last year, the S&P500’s 2019 earnings yield was around 7.2% (one divided the P/E ratio, which was then 13.8). […]
Tallgrass Investors Catch a Break
Yesterday Blackstone (BX) surprised Tallgrass Equity (TGE) investors by sweetening their offer for the shares they don’t own to match the price they originally paid in March. It marks a victory for Limited Partners in TGE, which retained its partnership structure even though it’s taxed at a corporation so as to avoid issuing K-1s. The […]
News on our American Energy Independence ETF (USAI)
Last week shareholders of the American Energy Independence Fund (USAI) approved its reorganization into the Pacer American Energy Independence Fund. Today, Pacer took over from SL Advisors as the fund’s advisor. We expect that this will allow Pacer Advisors to leverage its resources for and focus its marketing and distribution efforts on growing USAI’s AUM. […]
Private Equity, Private Valuations
Last week Cowen held a two day energy conference. Presenting companies included upstream and service providers, so although there were no midstream energy infrastructure companies present it provided useful background for current operating conditions. Baker Hughes (BKR) is one of three large diversified services companies supporting the sector, along with Schlumberger and Halliburton. BKR CFO […]