PCM Portfolio Managers recently led a roundtable event, MLPs After the Crash, Jewels in the Rubble for a handful of investors and consultants.
Global oil prices have been on a roller coaster ride the last 24 months. After falling 75% from their highs, oil prices have nearly doubled in the prior 4 months. These swings went far beyond any forecasters' expectation during this time period. Yet, history tells us that low oil prices are usually the cure for low oil prices. Amidst this environment, we continue to have many conversations about the investment case for midstream MLPs as they provide attractive current yields, consistent dividend growth and offer the opportunity for price appreciation.