Published Date: October 25, 2024
Author: HANetf
North American energy infrastructure companies closed the third quarter with company-level tailwinds from free cash flow generation intact. Midstream’s fee-based business models have been supportive of stable cash flow generation in a volatile commodity price environment. Companies have continued to prioritize shareholder returns with excess cash allocated to dividend growth or opportunistic equity repurchases. These tailwinds are set to continue.
The underlying index for the Midstream Energy Dividend ETF, AEDW, saw strong performance again in September, posting a 0.89% gain on a net-total-return basis, outperforming the Energy Select Sector Index (IXE) and the Stoxx Europe 600 Oil & Gas Index (SXEP), which fell -2.9% and -5.2%, respectively, on a total-return basis. The US oil benchmark fell -7.3% in September, while natural gas prices rebounded by 37.4% to $2.92 per million British thermal unit.
Year-to-date, AEDW is up 24.1% on a net-total-return basis, outperforming the 7.4% total return for the IXE. Meanwhile the SXEP is down -2.1% on a total-return basis. Notably, so far this year, AEDW is also outperforming the 22.1% total return for the S&P 500. Companies focused on the pipeline transportation of natural gas have led performance.
With companies in MMLP’s underlying index set to begin reporting third quarter earnings results in October, the coming weeks should provide more examples of dividend growth based on company commentary. Some names may raise financial guidance for 2024, and some may preview their expectations for 2025.
Alongside earnings, the market will also be looking for updates on natural gas opportunities resulting from growing power demand, including for data centers. Long-term growth in US natural gas demand from liquefied natural gas (LNG) exports, power generation, coal plant retirements, and industrial reshoring should support production growth and drive more volumes for midstream companies. Almost 70% of MMLP’s underlying index by weighting is primarily focused on natural gas infrastructure.
With the US Federal Reserve’s rate cut in September, North American midstream yields are increasingly attractive to income investors (read more). The long-term outlook for midstream/MLPs remains constructive given ongoing free cash flow generation and a focus on shareholder returns. In addition to the natural gas demand tailwinds expected, growth opportunities are also being driven by natural gas liquids (specifically propane, butane, and ethane) and rising US exports. Midstream has continued to show that providing transportation, processing, and storage services that support the production, distribution, and export of energy commodities under long-term, fee-based contracts provide consistent advantages.
Additional sources available upon request. Data as of 30/09/2024. 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.
Energy Transfer (ET, 9.5% Weight) selected KTJV, a joint venture between KBR (KBR) and Technip Energies), to provide engineering, procurement, and construction services for its Lake Charles LNG project in Louisiana.
Pembina Pipeline Corporation (PPL CN, 3.9% Weight) agreed to acquire, through a subsidiary co-owned by KKR, midstream assets from Veren Inc. for $400 million CAD ($240 million CAD net to Pembina).
Gibson Energy (GEI CN, 0.6% Weight) renewed its equity repurchase authorization, enabling the company to repurchase up to 7.5% of its publicly traded common shares.
Hess Midstream (HESM, 0.6% Weight) repurchased $100 million of Class B units from sponsors Hess Corporation (HES) and Global Infrastructure Partners.
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 30/09/2024
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 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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