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Energy Guru Wexford Capital’s Top Oil & Gas Picks

#3. Energy Transfer Partners LP (NYSE:ETP)

– Shares Owned by Wexford Capital (as of June 30): 774,938

– Value of The Holding (as of June  30): $29.50 Million

Moving on to Wexford Capital’s third largest equity holding, Energy Transfer Partners LP (NYSE:ETP). During the second quarter, the fund increased its position in the company by 11%. Other hedge funds that also upped their stakes in the company during that time included James Dondero‘s Highland Capital Management and Dmitry Balyasny‘s Balyasny Asset Management. Though Energy Transfer Partners LP (NYSE:ETP)’s stock has appreciated by over 12% year-to-date, it hasn’t reduced the attractiveness of the MLP’s forward yield, which currently stands at 11.02%. Earlier this month, after the U.S.  Justice Department blocked the company’s North Dakota pipeline project, Energy Transfer Partners sent a letter to its employees in which Chairman and CEO, Kelcy Warren, stated that the company remains committed to building up the pipeline. On August 15, analysts at Morgan Stanley initiated coverage on Energy Transfer Partners’ stock with a ‘Equal-Weight’ rating and $48 price target. The company saw a minor increase in its popularity during the second quarter among hedge funds covered by us with its ownership among them rising by 10% to 22 and the aggregate value of their holdings in it moving up by $11 million to $833.77 million.

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#2. EnLink Midstream Partners LP (NYSE:ENLK)

– Shares Owned by Wexford Capital (as of June 30): 2.77 Million

– Value of The Holding (as of June  30): $46.08 Million

Amid a 38.25% rise in EnLink Midstream Partners LP (NYSE:ENLK)’s stock during the second quarter, Wexford Capital hiked its stake in the company by 28%. Like the stocks of other MLPs discussed previously, EnLink Midstream Partners LP (NYSE:ENLK)’s stock also sports an attractive annual dividend yield of 8.93% and it has gained 6% so far this year. The rally in natural gas prices has helped in improving the outlook for the stock in the last few months, however, most analysts still have a neutral view on it owing to the several headwinds the company faces. For its fiscal 2016 third quarter, analysts are expecting the MLP to report EPS of $0.02 on revenue of $1.1 billion. In comparison, EnLink Midstream Partners reported a per share loss of $2.32 on revenue of $1.17 billion for the same quarter in the previous year. On September 13, analysts at Credit Suisse Group AG downgraded the stock to ‘Neutral’ from ‘Outperform’ while keeping their price target on it unchanged at $21. At the end of June, there were seven hedge funds covered by us that were long EnLink Midstream Partners with the aggregate value of their holdings in it amounting to $159.78 million.

#1. Enterprise Products Partners L.P. (NYSE:EPD)

– Shares Owned by Wexford Capital (as of June 30): 1.79 Million

– Value of The Holding (as of June  30): $52.55 Million

With Wexford Capital boosting its stake in the company by 32% during the second quarter, Enterprise Products Partners L.P. (NYSE:EPD) continued to remain the largest equity holding of the fund at the end of that period. The downward journey that Enterprise Products Partners L.P. (NYSE:EPD)’s stock started in September 2014 seems to have ended this year as it currently trades up 11.08% year-to-date. Enterprise Products Partners currently pays a quarterly distribution of $0.40 per share, which translates into a forward yield of 5.78%. Earlier this month, the MLP announced that it has withdrawn its takeover offer for rival, Williams Companies, Inc. citing lack of engagement as the reason. In August, Enterprise Products Partners had made a second, all-stock offer for Williams Companies, Inc., which was rejected by the latter. On Monday, analysts at Credit Suisse Group AG upgraded EPD’s stock to ‘Outperform’ from ‘Neutral’ and reiterated their $34 price target on it. Though the number of hedge funds covered by us that were long the stock increased only by one to 22 during the April-June period, the aggregate value of their holdings in it shot up by over 60% to $$441.02 million during that time.

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Disclosure: None

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