In this article, we will take a look at the MLP Stocks List: 20 Largest MLPs.

When the price of gasoline or plastic goods goes up, it means the market is witnessing the end of a very long journey with complications that began deep underground. Master Limited Partnerships, or MLPs, are the companies that help manage the middle of that journey. They own the pipelines and storage tanks, thereby becoming a massive plumbing system for the energy industry. With benefits including tax advantages, these businesses have an infrastructure designed to pass most of their income directly to investors.

The sector’s stability is challenged when global trade takes a hit. Accordingly, on March 30, 2026, CNBC reported that a conflict in Iran and the subsequent closure of the Strait of Hormuz had triggered significant changes in oil prices. The disruption sent ripples across the world. Chinese manufacturers sounded the alarm, citing a surge in the cost of oil-based materials used in everyday items. Cameron Johnson of Tidalwave Solutions stated that if these shipping disruptions continue, industries such as the medical and automotive fields may have to compete for limited resources, effectively pointing to supply shortages. Though a ceasefire was announced on April 7, 2026, for two weeks to allow negotiations to proceed, the Financial Times said it is on shaky ground, leaving uncertainty to continue to loom over the global market.

Historically, midstream MLPs, which typically charge fees based on the volume of energy they move rather than the market price of oil, are often viewed as an effective business model for navigating such turbulent market conditions. Under existing conditions, large MLPs with a strong control over critical infrastructure can be a viable investment option.

In this regard, we have picked up the 20 largest MLPs that will help you in making informed decisions on your portfolio.

Our Methodology

We have compiled our list of the 20 largest MLPs by screening for the largest MLP market caps. We ranked these stocks by the number of hedge funds holding a stake in each. The fourth-quarter hedge fund data available in the Insider Monkey database has been used for this purpose. We limited our final selection to companies that have recently reported noteworthy developments likely to impact investor sentiment. All the pricing data are current as of market close on April 10, 2026.

Why are we interested in the stocks that hedge funds pile into? The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter’s strategy selects 14 small-cap and large-cap stocks every quarter and has returned 498.7% since May 2014, beating its benchmark by 303 percentage points (see more details here).

20. USA Compression Partners, LP (NYSE:USAC)

Number of Hedge Fund Holders: 1

USA Compression Partners, LP (NYSE:USAC) is included in our list of the 20 largest MLPs.

On March 31, 2026, USA Compression Partners, LP (NYSE:USAC), posted materials presented at a Texas Capital Securities investor event and highlighted a 2026 adjusted EBITDA guidance of $770 million to $800 million following the acquisition of J-W Power Company, which expanded the fleet to 4.4 million active horsepower. The management further highlighted their DCF Growth Formula, focusing on scaling the fleet, achieving $10 million to $20 million in cost synergies, and maintaining capital discipline through a near-term leverage target of 3.75x. Additionally, the presentation provided transparency regarding the Partnership’s transition to a shared services model in Dallas, Texas, as well as its ability to capitalize on rising natural gas demand through 2030.

Separately, on March 9, 2026, Texas Capital upgraded its rating on USA Compression Partners, LP (NYSE:USAC) from Hold to Buy with a price target of $31. The analyst believes that USA Compression Partners, LP (NYSE:USAC) is positioned for 2026 outperformance as industry capacity tightens. Additionally, according to the firm, the company has a unique geographic reach across major U.S. basins, including the Permian and Gulf Coast, making Texas Capital view the stock as attractively valued at current levels.

Founded in 1998, USA Compression Partners, LP (NYSE:USAC) is one of the largest independent providers of natural gas compression services in the U.S. Based in Texas, the company operates a high-utilization fleet of large-horsepower compression units critical for transporting natural gas through infrastructure systems.

19. Delek Logistics Partners, LP (NYSE:DKL)

Number of Hedge Fund Holders: 1

Delek Logistics Partners, LP (NYSE:DKL) is included in our list of the 20 largest MLPs.

On March 26, 2026, Delek Logistics Partners, LP (NYSE:DKL) announced it had secured a new $1.3 billion revolving credit agreement. Led by Truist Bank, the new credit facility allows the company to effectively refinance its existing debt. The facility matures as late as March 2031 and includes an accordion feature to expand borrowing capacity further. Delek Logistics Partners, LP (NYSE:DKL) aims to use the proceeds from the credit facility for acquisitions, capital expenditures, and general corporate purposes. This restructured agreement improves the company’s financial flexibility through first-priority liens on assets. Also, the company strengthens its long-term capital structure and maintains its sturdy structural protections for its lending syndicate by replacing prior term loans.

In another event, on March 23, 2026, Truist initiated coverage of Delek Logistics Partners, LP (NYSE:DKL) with a Hold rating and a price target of $57. According to the analyst research note, the company distinguishes itself as a full-service midstream provider in the Permian. Additionally, the firm cited notable equity performance and believes that the stock is fairly valued.

Founded in 2012, Delek Logistics Partners, LP (NYSE:DKL) is a master limited partnership formed by Delek US Holdings. The company has headquarters in Tennessee and owns and operates a diverse portfolio of crude oil, refined products, and natural gas gathering and water management products.

18. Global Partners LP (NYSE:GLP)

Number of Hedge Fund Holders: 1

Global Partners LP (NYSE:GLP) is included in our list of the 20 largest MLPs.

On March 13, 2026, Global Partners LP (NYSE:GLP) improved its liquidity by exercising a $300 million accordion feature under its existing credit facility. This temporary expansion of working capital commitments is available for up to 364 days (after which it falls to zero) and provides short-term financial flexibility for operations as well as inventory management. In addition, Global Partners LP (NYSE:GLP) received lender approval to reallocate $200 million from its Aggregate Revolver Commitment to working capital. With these adjustments, the company optimizes its capital mix and improves its responsiveness to the changes in the energy and fuel markets. The core terms of the company’s December 2025 credit agreement remain unchanged.

In another development, on March 2, 2026, Stifel adjusted its price target for Global Partners LP (NYSE:GLP), raising it from $45 to $46. The firm’s analyst Selman Akyol maintained a Hold rating on the stock. Prior to this, in a separate event, Selman Akyol participated in the company’s fourth-quarter earnings call and raised questions over CapEx distribution and data analytics. According to management, an uptick in spending is expected as the company intends to expand the logistics, throughput, and physical capacity of recently acquired terminals, with plans to embed AI capabilities in modeling to drive both cost efficiencies and margin improvements.

Founded in 2005, Global Partners LP (NYSE:GLP) is a Fortune 500 midstream energy company and a leading wholesale distributor of petroleum products. Its headquarters is in Massachusetts. The company has over 1,700 retail fueling locations across the Northeast, Mid-Atlantic, and Texas.

17. TXO Partners, L.P. (NYSE:TXO)

Number of Hedge Fund Holders: 2

TXO Partners, L.P. (NYSE:TXO) is included in our list of the 20 largest MLPs.

On March 19, 2026, Raymond James raised its price target on TXO Partners, L.P. (NYSE:TXO) from $18 to $23 while maintaining a Strong Buy rating on the company’s stock. The firm has followed changes in crude prices after the conflict with Iran and adjusted its estimates for the company’s stock accordingly. It has also incorporated TXO Partners, L.P. (NYSE:TXO)’s Cross Timbers divestitures into its adjustments.

Earlier, on March 10, 2026, TXO Partners, L.P. (NYSE:TXO) announced that its joint venture, Cross Timbers Energy, is divesting nearly all oil and gas assets to various private buyers for $200 million. The deal includes a $123.5 million sale to CTOC Energy, an entity owned by the company chairman’s family members. TXO Partners, L.P. (NYSE:TXO) anticipates a completion of the deal in Q2 2026. The transaction is expected to generate approximately $100 million, and the company intends to partially use it to fund a $70 million payment for its White Rock Energy acquisition. After the divestiture, the company will focus on the Williston, San Juan, and Permian basins.

Founded in 2012, TXO Partners, L.P. (NYSE:TXO) is an independent MLP focused on acquiring and developing oil and gas reserves. With headquarters in Texas, the company operates primarily in the Permian and San Juan Basins.

16. Dorchester Minerals, L.P. (NASDAQ:DMLP)

Number of Hedge Fund Holders: 3

Dorchester Minerals, L.P. (NASDAQ:DMLP) is included in our list of the 20 largest MLPs.

Dorchester Minerals, L.P. (NASDAQ:DMLP) has successfully resolved a litigation over the leasehold interests in Midland County, Texas. The settlement was finalized on March 12, 2026, and announced four days later. With the agreement, the company generated $15.5 million in proceeds for the Operating Partnership. The company will integrate these funds into the April 2026 net profits interest calculation, which will likely increase the distributable income for unitholders. Additionally, by settling this dispute in a premier oil-producing region, the partnership effectively reduces legal uncertainty over a key oil-producing region and clarifies near-term cash flow. It also strengthens the company’s royalty-based business model and increases visibility into upcoming distributions.

Prior to this, on February 27, 2026, Dorchester Minerals, L.P. (NASDAQ:DMLP) restored NASDAQ compliance by receiving confirmation for the newly appointed independent manager, A. Troy Sturrock, to serve on its board of managers and Advisory Committee. The compliance required at least 3 independent audit committee members, which was down to 2 at Dorchester Minerals, L.P. (NASDAQ:DMLP) earlier due to the passing of C.W. “Bill” Russell in November 2025.

Founded in 1982, Dorchester Minerals, L.P. (NASDAQ:DMLP) is a publicly traded partnership that owns oil and gas mineral, royalty, and net profits interests. The Texas-based company operates under an asset-light, royalty-focused business model that requires no capital expenditure for drilling operations.

15. Martin Midstream Partners L.P. (NASDAQ:MMLP)

Number of Hedge Fund Holders: 3

Martin Midstream Partners L.P. (NASDAQ:MMLP) is included in our list of the 20 largest MLPs.

Martin Midstream Partners L.P. (NASDAQ:MMLP) amended its credit agreement with a Royal Bank of Canada-led syndicate on March 31, 2026, effectively reducing the company’s revolving capacity from $130 million to $115 million. The revision results in stricter financial discipline, raising the minimum interest coverage ratio to 1.65x for 2026 and to 1.75x for 2027. It also lowers the maximum leverage thresholds to 5.00x by late 2027. These tighter covenants support the partnership’s credit quality and balance sheet stability. However, they could also potentially limit future borrowing flexibility for aggressive growth.

Stifel lowered the price target on Martin Midstream Partners L.P. (NASDAQ:MMLP) from $4 to $3. A Hold rating was maintained on the company’s stock by the firm’s analyst Selman Akyol. According to the analyst, Venezuela barrels favor sulfur in the U.S. At the same time, the firm sees a decline in demand for fertilizers owing to unfavorable growing conditions for cotton in Texas.

Founded in 2002, Martin Midstream Partners L.P. (NASDAQ:MMLP) is a publicly traded limited partnership operating primarily in the U.S. Gulf Coast region. Based in Texas, the company provides terminalling, processing, storage, and land/marine transportation services for petroleum products, chemicals, and specialty products.

14. Mach Natural Resources LP (NYSE:MNR)

Number of Hedge Fund Holders: 3

Mach Natural Resources LP (NYSE:MNR) is included in our list of the 20 largest MLPs.

Mach Natural Resources LP (NYSE:MNR) closed a secondary public unit offering of 9,000,000 common units on April 8, 2026, following an underwriting agreement with Morgan Stanley, initiated on April 6, 2026. The transaction involved a secondary sale by existing unitholders. These unitholders received all the net proceeds from the transaction, and the company did not gain any new capital. Notably, Tom L. Ward, CEO of Mach Natural Resources LP (NYSE:MNR), signaled confidence by purchasing 153,256 units at the offering price, through affiliated entities. In addition to facilitating liquidity for selling stakeholders, the move also reflects the partnership’s continued access to public equity markets while maintaining its existing capital structure with the help of effective shelf registration and customary terms.

Prior to this, on March 24, 2026, Truist initiated coverage of Mach Natural Resources LP (NYSE:MNR) with a Hold rating and set a price target of $14 on the stock. According to the firm, the company is a strong acquirer with low reinvestment rates. The analyst further pointed out in the research note that the company is currently fairly valued across EBITDA and NAV metrics.

Founded in 2017, Mach Natural Resources LP (NYSE:MNR) is an independent upstream MLP focused on the acquisition and development of oil and gas reserves. The Oklahoma-based company operates primarily in the Anadarko Basin across Western Oklahoma, Southern Kansas, and the Texas Panhandle.

13. Genesis Energy, L.P. (NYSE:GEL)

Number of Hedge Fund Holders: 5

Genesis Energy, L.P. (NYSE:GEL) is included in our list of the 20 largest MLPs.

On March 4, 2026, Genesis Energy, L.P. (NYSE:GEL) entered into a new $900 million senior secured revolving credit facility, expandable to $1.3 billion. The new facility, with a maturity in March 2031, replaces the previous agreement and provides a long-term capital backstop. Featuring variable pricing based on leverage ratios, the new agreement is secured by substantial asset liens. With this agreement, Genesis Energy, L.P. (NYSE:GEL) also improves its financial capabilities for future investment by extending its debt tenor and securing flexible borrowing options. This further ensures a stable access to bank funding.

Previously, on February 18, 2026, Genesis Energy, L.P. (NYSE:GEL) announced entering into an agreement for a registered public offering of $750 million of 6.750% senior unsecured notes. The notes, due 2034, were expected to generate net proceeds of approximately $737 million. Genesis Energy, L.P. (NYSE:GEL) intended to use the proceeds for purchasing or redeeming its outstanding 7.75% senior notes due 2028, as well as to meet the debt obligations under its senior secured credit facility. The move was expected to extend the company’s debt maturity profile as well as subtly reduce its coupon costs.

Founded in 1996, Genesis Energy, L.P. (NYSE:GEL) is a diversified midstream energy MLP with headquarters in Texas. The company specializes in managing offshore pipelines in the Gulf of Mexico, onshore transportation systems, marine vessels, and specialty sulfur services.

12. Sunoco LP (NYSE:SUN)

Number of Hedge Fund Holders: 5

Sunoco LP (NYSE:SUN) is included in our list of the 20 largest MLPs.

On March 24, 2026, JPMorgan raised its price target on Sunoco LP (NYSE:SUN) to $73 from $66. The firm’s analyst, Jeremy Tonet, maintained an Overweight rating on the stock. Following the fourth-quarter report, the firm has revised its model.

In another development, Sunoco LP (NYSE:SUN) announced earlier last month the completion of a $1.2 billion private offering of senior unsecured notes. The issuance included $600 million in 5.375% notes due 2031 and $600 million in 5.625% notes due 2034. The company intends to utilize the net proceeds of approximately $1.19 billion from the notes to redeem higher-coupon debt from NuStar Logistics and its own 6.000% notes due 2027. With this completion, Sunoco LP (NYSE:SUN) also aims to secure lower interest rates in addition to extended maturities, which in turn reduces near-term refinancing pressures as well as improves the company’s financial flexibility for general corporate purposes.

Founded in 1886, Sunoco LP (NYSE:SUN) is one of the largest independent fuel distributors in the U.S. Headquartered in Texas, the company operates a high-margin MLP model, wholesaling motor fuel to thousands of convenience stores, independent dealers, and commercial customers across the country and the globe.

11. Plains All American Pipeline, L.P. (NASDAQ:PAA)

Number of Hedge Fund Holders: 5

Plains All American Pipeline, L.P. (NASDAQ:PAA) is included in our list of the 20 largest MLPs.

On March 23, 2026, Truist initiated coverage of Plains All American Pipeline, L.P. (NASDAQ:PAA) with a Buy rating. The price target on the stock is set at $23. As of March 2026, Truist has initiated coverage on a few Master Limited Partnerships (MLPs) and energy infrastructure companies, primarily favoring those with a specific regional focus, and according to the firm’s analyst, Plains All American Pipeline, L.P. (NASDAQ:PAA) is one of the largest transporters and gatherers of crude. The analyst further described the company as a leading egress provider from the Permian Basin and added that the Permian is certainly not a bad place to be.

Prior to this, in a separate event, Morgan Stanley raised the price target on Plains All American Pipeline, L.P. (NASDAQ:PAA) from $21 to $23 on March 18, 2026. The firm’s analyst Robert Kad kept an Equal Weight rating on the stock. The adjustment was part of Morgan Stanley’s weekly update of its North American midstream and renewable energy infrastructure.

Founded in 1998, Plains All American Pipeline, L.P. (NASDAQ:PAA) is an established leader in the midstream energy sector. The Texas-based company owns and operates an extensive network of pipeline transportation, terminaling, storage, and gathering assets for crude oil and natural gas liquids.

10. Cheniere Energy Partners, L.P. (NYSE:CQP)

Number of Hedge Fund Holders: 5

Cheniere Energy Partners, L.P. (NYSE:CQP) is included in our list of the 20 largest MLPs.

On April 2, 2026, Citi raised its price target on Cheniere Energy Partners, L.P. (NYSE:CQP) from $49 to $55. Despite the positive price target adjustment, the firm’s analyst Spiro Dounis maintained the Sell rating on the stock. According to the analyst’s research note, the conflict in the Middle East could have an enduring effect on the global market that benefits U.S. liquefied natural gas in the long-term.

Separately, on March 27, 2026, JPMorgan raised its price target on Cheniere Energy Partners, L.P. (NYSE:CQP) from $57 to $63 while maintaining an Underweight rating on the stock. The firm adjusted Cheniere Energy Partners, L.P. (NYSE:CQP)’s financial model to incorporate the current strip pricing.

Prior to this, on March 26, 2026, UBS also raised its price target on Cheniere Energy Partners, L.P. (NYSE:CQP) by $13, from $62 to $75. The analyst maintains a Neutral rating on the company’s stock.

Founded in 2006, Cheniere Energy Partners, L.P. (NYSE:CQP) is an international energy company with headquarters in Texas that provides liquefied natural gas (LNG) to integrated energy companies, utilities, and energy trading companies around the world through its subsidiaries.

9. Black Stone Minerals, L.P. (NYSE:BSM)

Number of Hedge Fund Holders: 6

Black Stone Minerals, L.P. (NYSE:BSM) is included in our list of the 20 largest MLPs.

On March 5, 2026, Piper Sandler raised its price target on Black Stone Minerals, L.P. (NYSE:BSM) from $13 to $14 while maintaining a Neutral rating on the company’s stock. The firm noted that the conflict with Iran has heavily impacted the rotation trade, effectively raising the risk for about 20% of the global oil, product, and gas supply. Although the fourth-quarter results and the 2026 outlooks are affected by the war in the Middle East, the firm anticipates stability from American operators, with minimal changes.

Separately, in its Q4 2025 earnings call on February 24, 2026, Black Stone Minerals, L.P. (NYSE:BSM) highlighted securing development agreements with Revenant and Caturus Energy, placing 500,000 acres under drilling commitments. It also noted strategic investments in large-scale seismic surveys and expansion into Western Haynesville with the aim of capitalizing on the growth in Gulf Coast gas demand. Additionally, the management will increase the 2026 administrative expenses to support and manage this operational ramp.

Founded in 1876, Black Stone Minerals, L.P. (NYSE:BSM) is one of the largest oil and gas mineral and royalty owners in the U.S. The company is based in Texas and manages over 20 million mineral acres across 41 states.

8. Brookfield Infrastructure Partners L.P. (NYSE:BIP)

Number of Hedge Fund Holders: 7

Brookfield Infrastructure Partners L.P. (NYSE:BIP) is included in our list of the 20 largest MLPs.

On March 23, 2026, Morgan Stanley upgraded Brookfield Infrastructure Partners L.P. (NYSE:BIP) from Equal Weight to Overweight. The firm’s analyst, Robert Kad, maintained a price target of $45. According to the analyst’s research note, the company’s shares have not incorporated its upward growth momentum. Robert Kad further cited the partners’ accelerating growth as a premier data center developer for the upgrade, while projecting a 28% total return on its units over the next year.

In another event, RBC Capital reiterated a Buy rating on Brookfield Infrastructure Partners L.P. (NYSE:BIP) in a report released on April 1, 2026. The firm’s analyst Maurice Choy maintained a price target of $41 on the company’s stock. Meanwhile, as of April 10, 2026, 85% of the 13 analysts following Brookfield Infrastructure Partners L.P. (NYSE:BIP) have also maintained a Buy rating on the stock, according to CNN. In a period of 1 year, the analysts anticipate an average upside of 17.27% on the stock.

Founded in 2008, Brookfield Infrastructure Partners L.P. (NYSE:BIP) is one of the world’s largest owners and operators of critical global infrastructure. Headquartered in Canada, the company manages a diversified portfolio of long-life assets across the utilities, transport, midstream, and data sectors.

7. Western Midstream Partners, LP (NYSE:WES)

Number of Hedge Fund Holders: 8

Western Midstream Partners, LP (NYSE:WES) is included in our list of the 20 largest MLPs.

On March 12, 2026, JPMorgan lowered its price target on Western Midstream Partners, LP (NYSE:WES) from $44 to $43 and kept a Neutral rating on the stock. The adjustment to the company’s financial model follows its fourth-quarter report.

In its fourth-quarter earnings call in February 2026, Western Midstream Partners, LP (NYSE:WES) responded to JPMorgan analyst Jeremy Tonet’s questions and projected steady expansion. Oscar Brown, the company’s Chief Executive Officer, anticipates a long-term EBITDA growth of 2% to 3%, with the water business as a primary driver, potentially outpacing the oil and gas segments. Brown also noted that Western Midstream Partners, LP (NYSE:WES)’s dominance in water infrastructure enables large-scale projects unmatched by its competitors. The management further emphasized that the company’s $25 billion enterprise value provides sufficient scale to remain competitive. Moving forward, the management intends to prioritize executing gathering and processing projects over pursuing growth for growth’s sake.

Founded in 2008, Western Midstream Partners, LP (NYSE:WES) is a master limited partnership that acquires, owns, develops, and operates midstream assets. Headquartered in Texas, the company provides gathering, processing, and transportation services for natural gas, NGLs, crude oil, and produced water, primarily in the Delaware Basin.

6. MPLX LP (NYSE:MPLX)

Number of Hedge Fund Holders: 16

MPLX LP (NYSE:MPLX) is included in our list of the 20 largest MLPs.

On April 7, 2026, Truist analyst Gabe Daoud lowered the price target on MPLX LP (NYSE:MPLX) by $1 to $66 and maintained a Buy rating on the stock. In addition to the near-term headwinds in the Natural Gas and NGL Services segment, the firm cited commodity price shifts during the quarter for reducing its first-quarter estimates. The analyst further added that the updated estimates incorporate production impacts from Winter Storm Fern and a one-time FERC regulatory benefit. Notably, Truist initiated coverage of MPLX LP (NYSE:MPLX) on March 23, 2026, with a price target of $67 while citing the company’s expansion of its G&P presence in the Permian and Marcellus as its core basins, as well as a timely divestiture of its Rockies assets that are not optimally utilized.

Similar to this adjustment, earlier on March 16, 2026, UBS raised its price target on MPLX LP (NYSE:MPLX) from $64 to $73. The firm’s analyst kept a Buy rating on the stock.

Founded in 2012, MPLX LP (NYSE:MPLX) is a leading midstream energy infrastructure provider that operates a diversified portfolio of gathering, processing, and fractionation assets, alongside a dominant crude oil and refined products pipeline network. Its headquarters is located in Ohio.

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