- Murray Stahl's Strategic Moves: Texas Pacific Land Corp Sees a -1.24% Portfolio Impact
May 15, 2026
This article first appeared on GuruFocus.
Insight into Murray Stahl (Trades, Portfolio)'s Recent 13F Filing and Investment Strategy
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Murray Stahl (Trades, Portfolio) recently submitted the 13F filing for the first quarter of 2026, providing insights into his investment moves during this period. Murray Stahl (Trades, Portfolio) is the Chief Executive Officer and Chairman of the Board of Horizon Kinetics, a firm he co-founded. With over thirty years of investing experience, he oversees the firms proprietary research and serves as the Chief Investment Officer. He chairs the Investment Committee, responsible for portfolio management decisions, and co-manages several registered investment companies, private funds, and institutional separate accounts. Additionally, he is the Chairman and CEO of FRMO Corp and serves on the boards of the Minneapolis Grain Exchange, the Bermuda Stock Exchange, and Texas Pacific Land Corporation. Prior to founding Horizon Kinetics, Stahl spent 16 years at Bankers Trust Company as a senior portfolio manager and research analyst. Horizon Kinetics LLC is known for its fundamental value, contrarian-oriented investment approach, emphasizing long-term investment horizons to harness the power of compounding.Murray Stahl's Strategic Moves: Texas Pacific Land Corp Sees a -1.24% Portfolio Impact
Summary of New Buy
Murray Stahl (Trades, Portfolio) added a total of 43 stocks, among them:
The most significant addition was Alpha Architect 1-3 Month Box ETF (BOXX), with 47,475 shares, accounting for 0.06% of the portfolio and a total value of $5.52 million. The second largest addition to the portfolio was Hubbell Inc (NYSE:HUBB), consisting of 3,532 shares, representing approximately 0.02% of the portfolio, with a total value of $1.73 million. The third largest addition was Plains All American Pipeline LP (NASDAQ:PAA), with 90,209 shares, accounting for 0.02% of the portfolio and a total value of $2.01 million.
Key Position Increases
Murray Stahl (Trades, Portfolio) also increased stakes in a total of 86 stocks, among them:
The most notable increase was Miami International Holdings Inc (NYSE:MIAX), with an additional 1,631,751 shares, bringing the total to 3,451,549 shares. This adjustment represents a significant 89.67% increase in share count, a 0.69% impact on the current portfolio, with a total value of $134.33 million. The second largest increase was Hawaiian Electric Industries Inc (NYSE:HE), with an additional 2,242,931 shares, bringing the total to 21,635,294. This adjustment represents a significant 11.57% increase in share count, with a total value of $321.07 million.
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Summary of Sold Out
Murray Stahl (Trades, Portfolio) completely exited 15 holdings in the first quarter of 2026, as detailed below:
Blackrock Munivest Fund Inc (NYSE:MVF): Murray Stahl (Trades, Portfolio) sold all 93,068 shares, resulting in a -0.01% impact on the portfolio. PotlatchDeltic Corp (PCH): Murray Stahl (Trades, Portfolio) liquidated all 23,457 shares, causing a -0.01% impact on the portfolio.
Key Position Reduces
Murray Stahl (Trades, Portfolio) also reduced positions in 151 stocks. The most significant changes include:
Reduced Texas Pacific Land Corp (NYSE:TPL) by 318,383 shares, resulting in a -3.08% decrease in shares and a -1.24% impact on the portfolio. The stock traded at an average price of $429.75 during the quarter and has returned -10.29% over the past 3 months and 35.02% year-to-date. Reduced Wheaton Precious Metals Corp (NYSE:WPM) by 731,999 shares, resulting in a -29.36% reduction in shares and a -1.16% impact on the portfolio. The stock traded at an average price of $139.07 during the quarter and has returned -11.20% over the past 3 months and 10.25% year-to-date.
Portfolio Overview
At the first quarter of 2026, Murray Stahl (Trades, Portfolio)'s portfolio included 352 stocks. The top holdings included 51.51% in Texas Pacific Land Corp (NYSE:TPL), 8.01% in Grayscale Bitcoin Trust (GBTC), 4.23% in LandBridge Co LLC (NYSE:LB), 3.48% in Hawaiian Electric Industries Inc (NYSE:HE), and 2.5% in Wheaton Precious Metals Corp (NYSE:WPM).Murray Stahl's Strategic Moves: Texas Pacific Land Corp Sees a -1.24% Portfolio Impact
The holdings are mainly concentrated in 11 industries: Energy, Financial Services, Basic Materials, Utilities, Consumer Cyclical, Technology, Industrials, Consumer Defensive, Real Estate, Healthcare, and Communication Services.Murray Stahl's Strategic Moves: Texas Pacific Land Corp Sees a -1.24% Portfolio Impact
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- Keyera closes deal for Plains' Canadian NGL assets despite regulatory challenge
May 12, 2026
[Three Pipeline Reflecting Blue Sky]
zorazhuang/iStock via Getty Images
Keyera (KEYUF [https://seekingalpha.com/symbol/KEYUF]) said Tuesday it closed [https://seekingalpha.com/pr/20511687-keyera-announces-closing-of-acquisition-of-plains-canadian-ngl-business] its acquisition of the Canadian natural gas liquids business of Plains All American Pipeline (PAA [https://seekingalpha.com/symbol/PAA]) (PAGP [https://seekingalpha.com/symbol/PAGP]), despite a challenge launched by Canada's federal competition regulator.
The Commissioner of Competition filed an application with the Competition Tribunal to challenge [https://seekingalpha.com/news/4585801-keyera-falls-after-canadian-antitrust-agency-challenges-deal-for-plains-unit] the deal, alleging it will likely harm energy producers and stifle investment, with the key issue being competition at Canada's main NGL processing hub in Fort Saskatchewan, Alterta.
Keyera (KEYUF [https://seekingalpha.com/symbol/KEYUF]) said it disagrees with the regulator’s assertions and characterization of the transaction and intends to respond through the Competition Tribunal process.
The company said it is confident the deal strengthens competition across the region by creating a more efficient Canadian-based competitor with expanded connectivity and market access capabilities.
MORE ON KEYERA AND PLAINS ALL AMERICAN PIPELINE
* Keyera: A Transformational Acquisition [https://seekingalpha.com/article/4868679-keyera-a-transformational-acquisition]
* Plains All American: Why I'm Downgrading This 8% Yield Despite The Oil Price Spike [https://seekingalpha.com/article/4891365-plains-all-american-downgrading-8-percent-yield-despite-oil-price-spike]
* Plains All American: The Days Of Value Creation Are Here [https://seekingalpha.com/article/4890266-plains-all-american-the-days-of-value-creation-are-here]
- Plains All American Pipeline and Plains GP Holdings Announce Completion of Canadian NGL Divestiture
May 12, 2026
Plains All American Pipeline, L.P.; Plains GP Holdings
HOUSTON, May 12, 2026 (GLOBE NEWSWIRE) -- Plains All American Pipeline, L.P. (Nasdaq: PAA) and Plains GP Holdings (Nasdaq: PAGP) (collectively, “Plains”) completed the previously announced sale of all of the issued and outstanding shares of Plains Midstream Canada ULC, the PAA subsidiary that owns substantially all of PAA’s natural gas liquids (NGL) business (the “Canadian NGL Business”) to Keyera Corp., an Alberta Corporation (“Keyera”), pursuant to the terms of a definitive Share Purchase Agreement dated as of June 17, 2025 (the “SPA”).
Net cash proceeds from the sale were approximately $3.3 billion (net of purchase price adjustments, taxes and other related costs) and will be used to repay certain outstanding indebtedness and for other general partnership purposes. Post closing, Plains expects its leverage ratio to trend toward the middle of its targeted range of 3.25 to 3.75x. As previously disclosed, Plains does not anticipate paying a special distribution following the closing as the tax liability to unitholders resulting from the NGL divestiture is expected to be mitigated by bonus depreciation from the Cactus III acquisition.
“We are excited to finalize this transaction which completes our transformation to a premier pure play crude oil midstream company. Moving forward, our business should be more durable with less commodity price volatility, and our free cash flow will be supported by reduced maintenance capital and lower corporate taxes. Our remaining crude footprint is highly competitive with integrated assets spanning from Canada to the U.S. Gulf Coast. Our asset portfolio offers customers optionality to reach multiple destinations, including Corpus Christi, which serves as the primary U.S. oil export market. We believe recent geopolitical events enhance the value of existing infrastructure in North America and Plains is well positioned to capture this value and deliver on our commitment of driving efficient growth through capital discipline, maintaining a strong balance sheet and returning capital to unitholders,” said Willie Chiang, Chairman, CEO and President.
Forward-Looking Statements
Except for the historical information contained herein, the matters discussed in this release consist of forward-looking statements including, but not limited to, statements regarding the anticipated operational, financial and strategic benefits resulting from the sale of Plains’ NGL business to Keyera Corp. There are a number of risks and uncertainties that could cause actual results or outcomes to differ materially from results or outcomes anticipated in the forward-looking statements. These risks and uncertainties include, among other things: changes in or disruptions to economic, market or business conditions; substantial declines in commodity prices or demand for crude oil; third-party constraints; legal constraints (including the impact of governmental regulations, orders or policies); and other factors and uncertainties inherent in transactions of the type discussed herein or in our business as discussed in PAA’s and PAGP’s filings with the Securities and Exchange Commission.
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About Plains
PAA is a publicly traded master limited partnership that owns and operates midstream energy infrastructure and provides logistics services for crude oil. PAA owns an extensive network of pipeline gathering and transportation systems, in addition to terminalling, storage, and other infrastructure assets serving key producing basins, transportation corridors and major market hubs and export outlets in the United States and Canada.
PAGP is a publicly traded entity that owns an indirect, non-economic controlling general partner interest in PAA and an indirect limited partner interest in PAA, one of the largest energy infrastructure and logistics companies in North America.
PAA and PAGP are headquartered in Houston, Texas. More information is available at www.plains.com.
Investor Relations Contacts:
Blake Fernandez
Ross Hovde
PlainsIR@plains.com
(866) 809-1291
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- Plains All American Pipeline and Plains GP Holdings Announce Completion of Canadian NGL Divestiture
May 12, 2026 · globenewswire.com
HOUSTON, May 12, 2026 (GLOBE NEWSWIRE) -- Plains All American Pipeline, L.P. (Nasdaq: PAA) and Plains GP Holdings (Nasdaq: PAGP) (collectively, “Plains”) completed the previously announced sale of all of the issued and outstanding shares of Plains Midstream Canada ULC, the PAA subsidiary that owns substantially all of PAA's natural gas liquids (NGL) business (the “Canadian NGL Business”) to Keyera Corp., an Alberta Corporation (“Keyera”), pursuant to the terms of a definitive Share Purchase Agreement dated as of June 17, 2025 (the “SPA”).
- PLAINS ALL AMERICAN PIPELINE AND PLAINS GP HOLDINGS ANNOUNCE COMPLETION OF CANADIAN NGL DIVESTITURE
May 12, 2026
HOUSTON, MAY 12, 2026 (GLOBE NEWSWIRE) -- PLAINS ALL AMERICAN PIPELINE, L.P. (NASDAQ: PAA) AND PLAINS GP HOLDINGS (NASDAQ: PAGP) (COLLECTIVELY, “PLAINS”) COMPLETED THE PREVIOUSLY ANNOUNCED SALE OF ALL OF THE ISSUED AND OUTSTANDING SHARES OF PLAINS MIDSTREAM CANADA ULC, THE PAA SUBSIDIARY THAT OWNS SUBSTANTIALLY ALL OF PAA'S NATURAL GAS LIQUIDS (NGL) BUSINESS (THE “CANADIAN NGL BUSINESS”) TO KEYERA CORP., AN ALBERTA CORPORATION (“KEYERA”), PURSUANT TO THE TERMS OF A DEFINITIVE SHARE PURCHASE AGREEMENT DATED AS OF JUNE 17, 2025 (THE “SPA”).
- Plains All American Pipeline, L.P. and Plains GP Holdings Announce Appointment of New Board Member
May 11, 2026
Plains All American Pipeline, L.P.; Plains GP Holdings
HOUSTON, May 11, 2026 (GLOBE NEWSWIRE) -- Plains All American Pipeline, L.P. (Nasdaq: PAA) and Plains GP Holdings (Nasdaq: PAGP) today announced that Cynthia B. Taylor has been appointed as an independent member of the Board of Directors of PAA GP Holdings LLC (“GP Holdings”) serving in Class III. Ms. Taylor will also serve as a member of the Compensation Committee and the Health, Safety, Environmental and Sustainability Committee. The GP Holdings Board has responsibility for managing the business and affairs of PAA and PAGP.
“We are pleased to welcome Cindy to our Board,” said CEO Willie Chiang. “With over 30 years of experience in the energy sector, including 19 years as CEO and President of Oil States International, Inc., a globally diversified manufacturing and energy services provider based in Houston, Texas, Cindy has a wealth of operational, financial, strategic planning and executive leadership expertise. We believe that her public company executive leadership skills and her strategic, operational and financial background in the energy industry will bring a valuable perspective to the Board. We look forward to working with Cindy on our Board.”
Ms. Taylor has over 30 years of energy industry experience, most recently serving as Chief Executive Officer and President of Oil States International, Inc. and as a member of the Oil States Board of Directors. She held these positions from May 2007 until her retirement from Oil States in May 2026. From May 2006 until May 2007, Ms. Taylor served as President and Chief Operating Officer of Oil States and served as Senior Vice President—Chief Financial Officer and Treasurer prior to that. From August 1999 to May 2000, Ms. Taylor was the Chief Financial Officer of L.E. Simmons & Associates, Incorporated. Ms. Taylor served as the Vice President—Controller of Cliffs Drilling Company from July 1992 to August 1999 and held various management positions with Ernst & Young LLP, a public accounting firm, from January 1984 to July 1992. Ms. Taylor was a director of the Federal Reserve Bank of Dallas from January 2020 through December 31, 2025 and served as a director of the Federal Reserve Bank's Houston Branch from 2018 to 2019. She has also served as a director of AT&T Inc. since 2013 and serves as chair of the AT&T audit committee. She received a B.B.A. in Accounting from Texas A&M University and is a Certified Public Accountant.
PAA is a publicly traded master limited partnership that owns and operates midstream energy infrastructure and provides logistics services for crude oil and natural gas liquids ("NGL"). PAA owns an extensive network of pipeline gathering and transportation systems, in addition to terminalling, storage, processing, fractionation and other infrastructure assets serving key producing basins, transportation corridors and major market hubs and export outlets in the United States and Canada. On average, PAA handles more than nine million barrels per day of crude oil and NGL.
Story Continues
PAGP is a publicly traded entity that owns an indirect, non-economic controlling general partner interest in PAA and an indirect limited partner interest in PAA, one of the largest energy infrastructure and logistics companies in North America.
PAA and PAGP are headquartered in Houston, Texas. For more information, please visit www.plains.com.
Investor Relations Contacts:
Blake Fernandez
Ross Hovde
PlainsIR@plains.com
(866) 809-1291
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- Is Plains All American Pipeline (PAA) Still Attractive After Strong Multi Year Share Gains
May 11, 2026
Find your next quality investment with Simply Wall St's easy and powerful screener, trusted by over 7 million individual investors worldwide.
Wondering if Plains All American Pipeline is still offering value at around US$21.72, or if the easy gains are already behind it? This article walks through what the current price may be implying. The stock has pulled back around 4.1% over the past week and is roughly flat over the past month. It is still up 19.3% year to date and 37.8% over the last year, with a very large 5 year return that is a little more than triple the starting point. Recent coverage around Plains All American Pipeline has focused on the stock's strong multi year share price performance and how investors are reassessing midstream energy businesses in the context of capital discipline and cash flow generation. This backdrop helps explain why some investors are now more focused on what they are paying for those cash flows today rather than just recent returns. Plains All American Pipeline currently holds a 4 out of 6 valuation score, which suggests some areas look attractively priced while others are more mixed. The next sections will compare different valuation methods before finishing with a way to tie them together into a clearer view of what the stock may be worth.
Find out why Plains All American Pipeline's 37.8% return over the last year is lagging behind its peers.
Approach 1: Plains All American Pipeline Discounted Cash Flow (DCF) Analysis
A Discounted Cash Flow, or DCF, model takes estimates of the cash a company might generate in the future and discounts those cash flows back to what they could be worth today.
For Plains All American Pipeline, the model uses last twelve month free cash flow of about $2.1b and a two stage Free Cash Flow to Equity approach. Analysts supply explicit forecasts out to 2030, with projected free cash flow of $1.7b in that year. Beyond the first few years, Simply Wall St extends those forecasts using its own growth assumptions, as shown in the ten year projection table.
Pulling all those discounted cash flows together, the DCF model points to an estimated intrinsic value of about $53.14 per unit. Compared with the recent unit price of roughly $21.72, this output implies the units are trading at a 59.1% discount to the model’s estimate of fair value. This indicates that the stock screens as materially undervalued on this measure.
Result: UNDERVALUED
Our Discounted Cash Flow (DCF) analysis suggests Plains All American Pipeline is undervalued by 59.1%. Track this in your watchlist or portfolio, or discover 49 more high quality undervalued stocks.
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PAA Discounted Cash Flow as at May 2026
Head to the Valuation section of our Company Report for more details on how we arrive at this Fair Value for Plains All American Pipeline.
Approach 2: Plains All American Pipeline Price vs Earnings
For profitable companies, the P/E ratio is a useful shorthand for what investors are currently willing to pay for each dollar of earnings. A higher or lower P/E often reflects how the market is weighing growth prospects, business quality and risk.
In general, stronger growth or lower perceived risk tends to support a higher P/E, while slower growth or higher risk usually means a lower, more conservative multiple is seen as fair. For Plains All American Pipeline, the current P/E is around 20.9x. That is above the Oil and Gas industry average of about 14.2x, but below the broader peer group average of roughly 23.3x.
Simply Wall St also calculates a Fair Ratio of 28.9x for Plains All American Pipeline. This is a proprietary estimate of what the P/E could be based on factors such as the company’s earnings growth profile, margins, industry, market cap and risk characteristics. Because it blends these company specific inputs, the Fair Ratio can give a more tailored reference point than a simple comparison with peers or the industry.
Comparing the Fair Ratio of 28.9x with the actual P/E of 20.9x suggests the stock is trading below this model based reference point.
Result: UNDERVALUEDNasdaqGS:PAA P/E Ratio as at May 2026
P/E ratios tell one story, but what if the real opportunity lies elsewhere? Start investing in legacies, not executives. Discover our 19 top founder-led companies.
Upgrade Your Decision Making: Choose your Plains All American Pipeline Narrative
Earlier it was mentioned that there is an even better way to understand valuation. Meet Narratives, a simple framework on Simply Wall St’s Community page that lets you connect your view of Plains All American Pipeline’s story to specific forecasts for revenue, earnings and margins. These then roll up into a fair value that you can compare with today’s price to decide whether the stock looks appealing or not.
Instead of only relying on ratios, you set out your assumptions in a clear story, and the platform turns that into numbers that update automatically when fresh news or earnings arrive. This helps your fair value view stay current.
For example, one Plains All American Pipeline Narrative could align with the higher analyst expectations that point to earnings of US$1.9b by about April 2029 and a higher fair value. Another could reflect the more cautious end of the range at US$662.2m. By comparing those fair values with the current price you can see which story, and which set of assumptions, fits your own outlook best.
Do you think there's more to the story for Plains All American Pipeline? Head over to our Community to see what others are saying!NasdaqGS:PAA 1-Year Stock Price Chart
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
Companies discussed in this article include PAA.
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
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- Plains All American Pipeline, L.P. and Plains GP Holdings Announce Appointment of New Board Member
May 11, 2026 · globenewswire.com
HOUSTON, May 11, 2026 (GLOBE NEWSWIRE) -- Plains All American Pipeline, L.P. (Nasdaq: PAA ) and Plains GP Holdings (Nasdaq: PAGP ) today announced that Cynthia B. Taylor has been appointed as an independent member of the Board of Directors of PAA GP Holdings LLC (“GP Holdings”) serving in Class III. Ms. Taylor will also serve as a member of the Compensation Committee and the Health, Safety, Environmental and Sustainability Committee. The GP Holdings Board has responsibility for managing the business and affairs of PAA and PAGP.
- PLAINS ALL AMERICAN PIPELINE, L.P. AND PLAINS GP HOLDINGS ANNOUNCE APPOINTMENT OF NEW BOARD MEMBER
May 11, 2026
HOUSTON, MAY 11, 2026 (GLOBE NEWSWIRE) -- PLAINS ALL AMERICAN PIPELINE, L.P. (NASDAQ: PAA ) AND PLAINS GP HOLDINGS (NASDAQ: PAGP ) TODAY ANNOUNCED THAT CYNTHIA B. TAYLOR HAS BEEN APPOINTED AS AN INDEPENDENT MEMBER OF THE BOARD OF DIRECTORS OF PAA GP HOLDINGS LLC (“GP HOLDINGS”) SERVING IN CLASS III. MS. TAYLOR WILL ALSO SERVE AS A MEMBER OF THE COMPENSATION COMMITTEE AND THE HEALTH, SAFETY, ENVIRONMENTAL AND SUSTAINABILITY COMMITTEE. THE GP HOLDINGS BOARD HAS RESPONSIBILITY FOR MANAGING THE BUSINESS AND AFFAIRS OF PAA AND PAGP.
- AMZA jumped 158% in two years, but the math behind those $0.34 checks is fragile
May 11, 2026
Quick Read
InfraCap MLP ETF (AMZA) — raised monthly payout to $0.34, but leverage and 2.75% fees carry structural risks. AMZA uses 1.25x leverage and covered calls to generate 7.5-8% yield, making payouts sensitive to oil, rates, and volatility. Oil near $110 barrel and strong AI-driven energy demand support distributions through next 12-24 months, though cycle downturn poses long-term risk. The analyst who called NVIDIA in 2010 just named his top 10 stocks and InfraCap Active MLP ETF wasn't one of them. Get them here FREE.
If you own the InfraCap MLP ETF (NYSEARCA:AMZA) for income, the question is simple: can the fund keep cutting those $0.34 monthly checks? AMZA pays a roughly 7.5% to 8% distribution yield from a concentrated, leveraged basket of energy midstream Master Limited Partnerships, and management just raised the monthly payout from $0.29 in 2025 to $0.34 in 2026. The next 12 to 24 months look well covered, but the structure carries real long-term risk that holders should understand before relying on AMZA as a retirement paycheck.
How AMZA generates its yield
AMZA is an actively managed fund holding 25 to 50 MLPs tied to U.S. pipelines and energy infrastructure. Income comes from three layers. First, the underlying MLPs (Energy Transfer, MPLX, Enterprise Products Partners, Plains All American, Kinder Morgan) pay distributions funded by long-term, fee-based "toll collector" contracts on moving and storing hydrocarbons. Second, InfraCap applies 1.25x leverage, borrowing to buy more units and amplify cash flowing back to shareholders. Third, a covered-call overlay sells options on holdings to harvest premium income.
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That stack is why the yield exceeds AMLP's, but distributions are more sensitive to oil prices, interest rates, and volatility. The fund issues a 1099 instead of a K-1, which is why many retirees pick it over individual MLPs.
The cash flow picture
Conditions for the underlying MLPs are strong. WTI crude is almost $110 a barrel, in the 98th percentile of the past year, after recovering from a December low near $55. High prices alone do not guarantee MLP cash flow (these are volume businesses), but they keep producers drilling and pipelines full. Surging power demand from AI data centers and LNG exports means toll collectors are running at strong utilization.
Monthly payouts have stepped up every year since 2022: $0.22, then $0.24, $0.26, $0.29, and now $0.34. Coverage looks credible enough that InfraCap raised the rate by roughly 17% heading into 2026, and four consecutive months at $0.34 have already been declared and paid.
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Where the risk lives
Three issues deserve weight. The expense ratio is 2.75%, more than three times the 0.85% charged by the Alerian MLP ETF (NYSEARCA:AMLP). On a six-figure position, that gap compounds into thousands of dollars a year of lost yield.
Leverage cuts both ways. The same 1.25x that boosts distributions makes AMZA's NAV swing harder when energy rolls over, and borrowing costs rise with the 10-year Treasury. The fund's tax accounting is lumpy: in April 2026 InfraCap booked a $6.6 million deferred tax liability reduction worth about $0.68 per share, after an August 2025 accrual of roughly $0.14 per share. Those revisions move NAV unpredictably because they rely on delayed MLP reporting.
Total return reality
Yield without price context can mislead. AMZA shares are at about $46, up 22% over one year and 158% over five years. AMLP, the unleveraged peer, is up 20% over one year and 131% over five. AMZA has earned its higher fee in this cycle. Over ten years, AMZA is up 77% versus AMLP's 106%, a reminder that leverage and decay erode total return when the cycle turns.
The verdict
The $0.34 monthly payout looks safe through the next handful of quarters. Underlying MLP cash flows are healthy, oil is firm, AI-driven energy demand keeps hydrocarbon volumes elevated, and management is raising rather than trimming. The danger is structural: a sustained drop below $70 oil, a spike in financing costs, or another tax adjustment can pressure NAV faster than distributions. AMZA fits an income investor who wants 1099 simplicity and accepts leverage and a 2.75% fee. Cost-conscious holders who want the same midstream thesis with less drag should weigh AMLP instead.
The analyst who called NVIDIA in 2010 just named his top 10 AI stocks
This analyst's 2025 picks are up 106% on average. He just named his top 10 stocks to buy in 2026. Get them here FREE.
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