Published Date: January 6, 2025
Author: HANetf
November marked an eventful month for midstream energy infrastructure between the outcome of the US election and the wrap up of third quarter earnings season. The positive momentum for midstream continued to build as companies execute well and the multi-year outlook for US natural gas demand remains robust.
The underlying index for the Midstream Energy ETF, the Alerian Midstream Energy Corporation Dividend Index (AMCCD), rose 12.0% on a net-total-return basis for the month. AMCCD handily outperformed US and European energy benchmarks, as well as the S&P 500, which was up 5.9% on a total-return basis. The Energy Select Sector Index (IXE) and Stoxx Europe 600 Oil & Gas Index (SXEP) saw total returns for the month of 7.7% and 2.7%, respectively. Through the first 11 months of this year, AMCCD is outperforming broad equities and energy benchmarks, up 52.0% on a net-total-return basis.
Third quarter earnings season highlighted solid execution by energy infrastructure companies and a focus on shareholder returns. Multiple companies reported results ahead of consensus expectations and/or raised their financial guidance for 2024. Over 80% of AMCCD by weighting have increased their dividends within the last year. Three constituents in AMCCD collectively repurchased $495 million in equity during the quarter. Almost three-fourths of AMCCD by weighting has a buyback authorization.
Earnings calls also offered updates on the outlook for natural gas demand and customer interest in new or expanded natural gas infrastructure (read more). At its recent investor day, TC Energy (TRP CN, 8.8% Weight) forecasted North American natural gas demand growth of over 40 billion cubic feet per day (Bcf/d) or 30% to 2035. AMCCD components will play a critical role in transporting natural gas to demand centers, while also supporting the production growth needed to meet that demand. Approximately 70% of AMCCD by weighting is primarily focused on natural gas infrastructure.
Looking ahead to 2025, energy infrastructure companies are expected to continue enjoying the tailwinds from free cash flow generation, including dividend growth and buybacks. From a macro perspective, the overall oil outlook remains cautious given comfortable market balances, while there tends to be more optimism around US natural gas prices as new liquefied natural gas (LNG) export capacity comes online. This backdrop can be supportive for AMCCD given that companies are largely providing services for fees under long-term contracts and are less exposed to oil prices. Energy infrastructure’s defensive qualities also include a healthy yield, with AMCCD yielding 4.2% at the end of November.
Additional sources available upon request. Data as of 30/11/2024. Please remember that all performance figures are showing net data. Past performance is not indicative of future performance, and when you invest in ETFs your capital is at risk.
ONEOK (OKE, 10.5% Weight) is acquiring the remaining outstanding publicly held common shares of EnLink Midstream (ENLC, 2.3% Weight) for $4.3 billion in OKE common stock in a tax-free transaction.
Williams (WMB, 10.8% Weight) reported adjusted EBITDA for the third quarter of 2024 ahead of consensus estimates and raised its guidance for full-year adjusted EBITDA by $125 million to $7.075 billion at the midpoint.
Enbridge (ENB CN, 8.9% Weight) reported earnings for the third quarter of 2024 ahead of consensus estimates and expects to finish the year within the upper end of its previously stated guidance range.
Targa Resources (TRGP, 7.3% Weight) reported adjusted EBITDA for the third quarter of 2024 ahead of Wall Street estimates, repurchased additional $168 million in equity during the quarter, and expects to recommend a 33% increase to its dividend in 2025.
Kinetik Holdings (KNTK, 5.1% Weight) reported earnings for the third quarter of 2024 ahead of consensus estimates and announced a new pipeline in the Permian basin connecting two of its existing systems.
TC Energy (TRP CN, 8.8% Weight) guided to a compound annual growth rate for comparable EBITDA of 5-7% from 2024 to 2027 and guided to long-term dividend growth of 3-5% at its investor day.
DT Midstream (DTM, 3.2% Weight) announced the acquisition of three Midwest pipelines – Guardian Pipeline, Midwestern Gas Transmission, and Viking Gas Transmission – from ONEOK (OKE, 10.5% Weight) for $1.2 billion.
Keyera Corp. (KEY CN, 2.9% Weight) announced its first equity repurchase authorization, amounting to 2.5% of its common shares outstanding.
MMLP (Fund)AMCCDN* (Index)1M1.99%1.99%3M6.89%6.87%6M10.15%10.07%YTD31.37%31.26%12M32.83%32.71%3Y94.75%95.18%Since Inception (27/07/2020)280.93%271.68%
Please note that all performance figures are showing net data. Source: Bloomberg / HANetf. Data as of 30/11/2024 Performance before inception is based on back tested data. Back testing is the process of evaluating an investment strategy by applying it to historical data to simulate what the performance of such strategy would have been. Back tested data does not represent actual performance and should not be interpreted as an indication of actual or future performance. Past performance for the index is in USD. Past performance is not an indicator for future results and should not be the sole factor of consideration when selecting a product. Investors should read the prospectus of the Issuer (“Prospectus”) before investing and should refer to the section of the Prospectus entitled ‘Risk Factors’ for further details of risks associated with an investment in this product. When you invest in ETFs and ETCs, your capital is at risk.
*This fund changed its index on the 24th October 2024, from the Alerian Midstream Energy Dividend Index to the Alerian Midstream Energy Corporation Dividend Index. The index performance is a composite of the old index prior to this date and the new index after.
This report was written by, and is the opinion of, VettaFi, the index provider of the Alerian Midstream Energy Dividend Index, the underlying index of MMLP. VettaFi does not issue, sponsor, endorse, sell, or promote MMLP.
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