Seeking Alpha: Oneok Partners Still Looking At Significant Growth Opportunities

Growth capex is one of the major trends in the energy MLP space, and ONEOK Partners, L.P. (OKS) is no exception. Already a top player in gas gathering and processing and NGL fractionation in the Mid-Continent and Rockies, ONEOK still has over $2.5 billion of growth projects on the docket as well as up to $4 billion in unannounced projects - much of which will go towards gathering and processing the growing output of the Williston and Powder River basins.

ONEOK Partners offers good distribution coverage and double-digit cash flow growth potential, though actual distribution growth is likely to be more in the mid-to-high single digits as the general partner ONEOK Inc (OKE) takes a sizable cut and the partnership issues additional units to fund its growth targets. ONEOK Partners still offers some upside in a somewhat expensive MLP space, but it's no longer notably cheap.

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Oneok Partners Still Looking At Significant Growth Opportunities

Seeking Alpha: Can Magellan Find A Route To An Even Higher Multiple?

Magellan Midstream Partners, LP (MMP) stands out in the MLP crowd for a lot of positive reasons. The company is a large player in refined product distribution, and is expanding its crude oil transportation business. The company's fee-based business model generates consistent performance, and the company's decision years ago to acquire its GP units and unwind the incentive distribution rights gives it a simpler structure and much lower cost of capital. Add in growth-oriented capital projects and a respectable balance sheet, and there's a lot to like.

Unfortunately, I think the Street likes it a little too much. I would definitely not bet against this company, but the valuation seems to imply either a level of distributable cash flow growth that I find improbable, or a discount rate that I find unpalatable for equity investments. Other readers may not be bothered by the low discount rate given the many good qualities of this business, but I just don't see enough upside for my own investment purposes.

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Can Magellan Find A Route To An Even Higher Multiple?

Seeking Alpha: Plains All American Almost Makes It Look Easy

With crude oil production increasing across North America and differentials going both wide and volatile, these are pretty interesting times to own pipeline, storage, and terminal facilities. As one of the best in the business, Plains All American (PAA) continues to reap the benefits of the network it already has, while also putting even more money into its expansion plans.

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Plains All American Almost Makes It Look Easy

Investopedia: Can Tortoise Energy Win The Race?

Investors don't suffer for lack of choice in the energy investment space. In addition to a host of master limited partnerships (MLPs), investors can select from a range of mutual funds, exchange-traded funds (ETFs) and closed-end funds.

Investors may want to pause and give a little time and attention to Tortoise Energy (NYSE:TYY). With management on the look-out for quality dividend-paying MLP companies and holding the freedom to adjust the portfolio (and add or subtract leverage) as they see fit, investors may be able to outperform investment options more committed to follow indexes. For related reading, see The History Of The Modern Portfolio.

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Investopedia: Kirby Not Just Floating Along

Investors who don't live near major waterways probably never give a thought to the inland barge industry, but Kirby (NYSE:KEX) has built quite a business for itself in this market. Better yet, this company has taken the cash from this lucrative transportation business and reinvested it in growth opportunities, like diesel engine servicing. Although the stock has done exceptionally well this year, investors may want to keep an eye on this name, in the hopes of pouncing on a pullback.

Floating On 

Kirby is far and away the largest player in the U.S. barge market, holding more than one-quarter share of the inland market and more than 20% of the harbor/coastal market. In fact, not only is Kirby the only publicly-traded pure play on barge transport, it's difficult to find any publicly-traded companies that are involved in this market at all; Enterprise Products Partners (NYSE:EPD) and Overseas Shipholding (NYSE:OSG) both have very small businesses in these markets.

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