Elliott Gue and Roger Conrad’s Complete Guide to

Energy & Income Investing

Over 50 years of combined experience in analyzing the energy markets!


The Upcycle Resumes: Energy Stocks’ Next Leg Up

March 27, 2024|

› Please join us Thursday, March 28 starting at 2 pm for our live webchat. Thanks for reading.—EG, RC. The S&P 500 Energy Index is now 11.3 percent higher than where it began the year—and up 16.7 percent since hitting a six-month low in mid-January. The midstream focused Alerian MLP Index is on a similar trajectory, up 12.3 percent year to date. Even the Philadelphia Oil Service Sector Index is up 7.4 percent, despite the fact producers are getting more done with fewer rigs and related services. And our Model Portfolio and High Yield Energy List recommendations—which draw from all three sectors—are ahead a bit less than 10 percent. That’s a much brighter picture than just a month ago, when most energy stocks appeared to be stuck in a tight trading range. And for the first time in quite a while, it’s a far superior performance to the broader stock market. The S&P 500, for example, is up 9.5 percent year to date. That’s a solid return and it’s ahead of where the Index was a month ago. But for the first time since 2022, those gains are despite the performance of the biggest technology stocks rather than because of...

Live Chat

with Elliott Gue and Roger Conrad

On 04/30/2024

Live Chat with Elliott Gue and Roger Conrad

Portfolio Strategy: Good News from Our Last Reporters

By |March 27, 2024|

Q4 and full year financial filings are always far more complex than quarterly results. Smaller companies especially need more time to complete them. So it’s no surprise the data we receive as investors is always stretched out, with CrossAmerica Partners LP (NYSE: CAPL) and ONEOK Inc (NYSE: OKE) the last two Model Portfolio and High Yield Energy List members to report this time. The good news is both had the solid numbers and guidance needed to remain recommended companies. For investors in High Yield Energy list member CrossAmerica, the high dividend is the primary driver of returns. And with no increases...

Endangered Dividends List

By |March 27, 2024|

Endangered Dividends List companies are vulnerable for one or more of the following reasons: Cash flow coverage of distributions is inadequate. Elevated debt levels with imminent refinancing needs. Revenue pressure triggered by weakness for at least one key asset. Inability to access the equity market on favorable terms to fund capital spending, forcing management to utilize more internally generated cash flow. Exposure to volatility in commodity margins from either rising or falling prices of raw materials. Aggressive general partners anxious to buy in limited partners’ cash flows at discounted prices. Regulatory reversals. Expiring contracts with little hope for renewals at...

Producers Buying Midstream–What It Means for Energy M&A

By |March 27, 2024|

Since the peak of the previous energy price cycle in 2013-14, there have been 61 acquisitions of publicly traded North American midstream companies. That’s in addition to dozens of deals involving private capital and consolidation from ownership of assets changing hands, including this week’s purchase of Utica Shale midstream assets by MPLX LP (NYSE: MPLX from Summit Midstream Partners (NYSE: SMLP). At this time, two more purchases of whole midstream companies are pending and likely to close the next few months. Energy Transfer LP (NYSE: ET) affiliate Sunoco LP (NYSE: SUN) is buying NuStar LP (NYSE: NS), and EQT Corp...

Meet Our Editors

Elliott H. Gue

Founder and Chief Analyst

Since earning his bachelor’s and master’s degrees from the University of London, Elliott has dedicated himself to learning the ins and outs of this dynamic sector, scouring trade magazines, attending industry conferences, touring facilities and meeting with management teams.

Roger S. Conrad

Founder and Chief Analyst

Roger S. Conrad has successfully advised income investors since the 1980s, with a nationally acclaimed sector specialty in utilities, telecommunications and energy. He’s a managing partner of Capitalist Times author of Power Hungry, independent director of NYSE-listed Miller Howard High Income Equity Fund and contributing editor to Forbes.com.

Go to Top