MLPs Jump As Cramer Remains Bullish On Enterprise Products (EPD, XTEX, EEP, ETP, KMP, OKS, CLMT, TNH)
Shares of Enterprise Products Partners (EPD), the largest U.S. master limited partnership (MLP) are up 1% after “Mad Money” host Jim Cramer once again endorsed the stock, saying that this is an environment where investors need growth and safety and that’s why he continues to favor Enterprise Products. Cramer’s endorsement of one MLP is helping the MLPs Index to a gain of half a percent today.
Cramer noted that MLPs such as Enterprise Products are not dependent on oil and gas prices to drive their profits. Rather, as pipeline operators, they make money regardless of how commodities prices are acting. Oil and gas pipelines are in high demand due to the boom in North American shale plays such as Bakken, Eagleford and Marcellus, Cramer said.
Shares of Crosstex Energy (XTEX) are up 2% after the Texas-based midstrean natural gas company said it will raise its quarterly distribution 7% to 31 cents per unit. The new dividend will be payable on Aug. 12 to shareholders of record on Aug. 1.
Crosstex operates approximately 3,300 miles of pipeline, nine processing plants and three fractionators and currently provides services for 3.2 billion cubic feet of natural gas per day, or approximately six percent of marketed U.S. daily production, according to a statement.
Enbridge Energy (EEP), Energy Transfer Partners (ETP) and Kinder Morgan Energy Partners (KMP) are all up 1% while ONEOK Partners (OKS) is fractionally lower on the day. Calumet Specialty Prods (CLMT) and Terra Nitrogen Company (TNH) are both higher by 2%.
Investors can track the MLPs Index for performance trends and a suite of other metrics at tickerspy.com.
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