In this article, we will list the MLP Stocks List: 5 Largest MLPs. Please visit MLP Stocks List: 20 Largest MLPs if you’d like to see the extended list and the methodology behind it.

5. Kimbell Royalty Partners, LP (NYSE:KRP)

Number of Hedge Fund Holders: 18

Kimbell Royalty Partners, LP (NYSE:KRP) is included in our list of the 20 largest MLPs.

On April 2, 2026, KeyBanc upgraded its rating on Kimbell Royalty Partners, LP (NYSE:KRP) from Sector Weight to Overweight. The firm’s analyst Tim Rezvan kept a $17 price target on the stock. The firm raised its 12-month yield projection to 13.5%, up from 10.5%, driven by a strong oil price outlook. According to the firm’s analyst, the rising oil prices will mitigate concerns regarding production declines in the lower 48 states. In addition, the firm believes that a stronger pricing environment could encourage sellers to pursue bolt-on acquisitions.

Prior to this update, on March 31, 2026, Citi adjusted its price target on Kimbell Royalty Partners, LP (NYSE:KRP), pushing it up from $17 to $19 while maintaining a Buy rating on the stock. Incorporating higher oil and gas price forecasts, the firm adjusted its small-cap exploration and production models. Alongside an intense capital discipline, the firm sees a notable focus on shareholder returns from the oil-weighted companies.

Founded in 1998, Kimbell Royalty Partners, LP (NYSE:KRP) is a premier owner of pure mineral and royalty interests across the leading basins in the U.S. Based in Texas, the company manages over 17 million gross acres across all major onshore basins, including the Permian, Eagle Ford, and Haynesville.

4. Plains GP Holdings, L.P. (NASDAQ:PAGP)

Number of Hedge Fund Holders: 20

Plains GP Holdings, L.P. (NASDAQ:PAGP) is included in our list of the 20 largest MLPs.

On March 30, 2026, Plains GP Holdings, L.P. (NASDAQ:PAGP) filed a Form S-3 registration statement to offer up to $938.9 million in Class A shares. This shelf process enables the Delaware limited partnership to periodically sell securities. The company intends to use the proceeds to fund general partnership purposes, including PAA equity investments, debt repayment, and acquisitions. With this new filing, Plains GP Holdings, L.P. (NASDAQ:PAGP) replaces previous registrations from 2016, 2019, and 2022, utilizing $115,900 in fee offsets from prior unsold shares. The filing also addresses risks regarding the pending Canadian NGL Business divestiture.

On the same day, Plains GP Holdings, L.P. (NASDAQ:PAGP) and Plains All American (PAA) provided an update regarding the expected timing of the Canadian NGL business divestiture closure. The company anticipates this NGL divestiture to Keyera to close in May 2026, pending Competition Bureau approval. As per the update, both parties are working constructively with regulators while finalizing their plans for the complete integration. Once the transaction is completed and divestiture is closed, Plains will transition to a pure-play crude oil midstream company with an integrated asset network stretching from Western Canada to the U.S. Gulf Coast.

Founded in 2013, Plains GP Holdings, L.P. (NASDAQ:PAGP) is a critical midstream energy infrastructure provider with headquarters in Texas. The company manages vast networks for the transportation, storage, and marketing of crude oil and natural gas liquids through its indirect investment in Plains All American Pipeline, L.P.

3. Hess Midstream LP (NYSE:HESM)

Number of Hedge Fund Holders: 25

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

On April 1, 2026, Morgan Stanley raised its price target on Hess Midstream LP (NYSE:HESM) from $38 to $42. The firm’s analyst Robert Kad maintained an Equal Weight rating on the company’s stock. In a midstream and renewable energy weekly update, analysts noted that investors are now focusing on potential estimate revisions for the sector. Though the midstream gained attention following the Iran conflict compared to more volatile energy subsectors, the market is now carefully re-evaluating financial estimations to refine valuation models.

In a separate event, last month, on March 3, 2026, Hess Midstream LP (NYSE:HESM) announced a $60 million accretive repurchase. The repurchase is comprised of $18 million in Class B units from sponsor Chevron (CVX) and a $42 million accelerated Class A share buyback via JPMorgan. The company will cancel the repurchased securities after the transaction, which is expected to boost distributable cash flow per share. This supports incremental distribution growth beyond the company’s 5% annual target through 2028, reinforcing Hess Midstream LP (NYSE:HESM)’s commitment to a return-of-capital framework.

Founded in 2014, Hess Midstream LP (NYSE:HESM) is a fee-based, growth-oriented midstream company that owns and operates critical infrastructure in the Bakken Shale. The Texas-based company provides gathering, processing, and terminaling services for crude oil, natural gas, and produced water, primarily supporting Hess Corporation’s production.

2. Enterprise Products Partners L.P. (NYSE:EPD)

Number of Hedge Fund Holders: 27

Enterprise Products Partners L.P. (NYSE:EPD) is included in our list of the 20 largest MLPs.

On March 31, 2026, Jefferies raised its price target on Enterprise Products Partners L.P. (NYSE:EPD) from $34 to $40. The firm’s analyst maintained a Hold rating on the shares. According to the analyst, the macro developments led by the Iran conflict improve earnings visibility, thereby strengthening the company’s position for its 2027 outlook. The firm further pointed out that the strategic value of the company’s liquids and export footprint supports its upward growth momentum amid the changes in the global energy sector.

In a similar move and prior to this update, on March 30, 2026, RBC Capital raised its price target on Enterprise Products Partners L.P. (NYSE:EPD) by $2 from $40 to $42. The firm’s analyst, Elvira Scotto, kept an Outperform rating on the company’s stock. The price target adjustment was part of the firm’s financial model update with higher estimates and valuation multiple reflecting the potential for structurally higher commodity prices. Elvira further added in the research note that, if commodity prices remain elevated for a longer period, the company may incur more significant impacts.

Founded in 1968, Enterprise Products Partners L.P. (NYSE:EPD) is a leading North American provider of midstream energy services that engages in the production and trade of natural gas and petrochemicals. Its headquarters is located in Texas.

1. Energy Transfer LP (NYSE:ET)

Number of Hedge Fund Holders: 30

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

On March 10, 2026, Morgan Stanley analyst Robert Kad raised the price target on Energy Transfer LP (NYSE:ET) from $19 to $21. The firm maintained an Equal Weight rating on the company’s stock. The update was part of Morgan Stanley’s weekly review of the North American midstream and renewable energy.

In another development, on March 23, 2026, Truist initiated coverage of Energy Transfer LP (NYSE:ET), with a Buy rating and a price target of $23. According to the firm, the company operates a premier, diversified U.S. midstream system that covers the Permian crude, NGL exports, and natural gas transmission. Energy Transfer LP (NYSE:ET) holds a strategic position in LNG feedgas and increasing power generation to meet hyperscale datacenter demand, based on the analyst’s research note. The firm further added that the company’s structural volume growth, combined with improved balance sheet discipline and new power-related demand, could potentially drive durable EBITDA expansion and a sustained market re-rating.

Founded in 1996, Energy Transfer LP (NYSE:ET) is one of North America’s largest and most diversified midstream energy companies. Based in Texas, the company owns and operates a massive network of pipelines, spanning 44 states and all major U.S. production basins.

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