CHICKASAW CAPITAL MANAGEMENT LLC recently filed their 13F report for the third quarter of 2022, which ended on 2022-09-30.
The 13F report details which stocks were in a guru’s equity portfolio at the end of the quarter, though investors should note that these filings are limited in scope, containing only a snapshot of long positions in U.S.-listed stocks and American depository receipts as of the quarter’s end. They are not required to include international holdings, short positions or other types of investments. Still, even this limited filing can provide valuable information.
Chickasaw Capital Management LLC is an investment management firm based out of Memphis, Tennessee. The company was established in 2003 by cofounders Geoffrey P. Mavar and Matthew G. Mead, both of whom are still with the company today acting as its principals. Chickasaw Capital Management serves as the investment manager for the MainGate MLP Fund and has grown from its inception to now operate with 17 employees of which 8 are investment professionals. The company’s portfolio managers have, on average, 2 decades of MLP experience. Chickasaw Capital Management conducts its research both internally and externally, utilizing a quantitative and fundamental methodology to make its investment decisions. The company invests in the public equity and fixed income markets of the U.S., focusing on Master Limited Partnerships. Chickasaw Capital Management invests almost exclusively in the energy sector, which alone makes up over 90% of its total asset allocations, and also invests in the utilities and telecommunications, information technology, consumer staples, health care, and other sectors to a lesser degree, in order of decreasing allocation. The company’s top 10 holdings make up approximately two thirds of its total asset allocations, and the company has a relatively low turnover rate of approximately 7.8%. Chickasaw Capital Management holds over $3 billion in total assets under management spread across over 500 accounts, all of which are discretionary accounts. Both of the company’s total number of accounts and total assets under management have been increasing in recent years with its total managed assets growing significantly from just over $200 million to over 15 times that amount today. Chickasaw Capital Management mainly caters to high net worth individuals, which alone makes up over two thirds of its entire client base, and also provides services to individuals, pension and profit sharing plans, charities, investment companies, pooled investment vehicles, corporations, and insurance companies.
As of the latest 13F report, the guru’s equity portfolio contained 78 stocks valued at a total of $1.96Bil. The top holdings were WES(11.23%), MPLX(10.62%), and ET(10.57%).
According to GuruFocus data, these were CHICKASAW CAPITAL MANAGEMENT LLC’s top five trades of the quarter.
Plains GP Holdings LP
CHICKASAW CAPITAL MANAGEMENT LLC reduced their investment in NAS:PAGP by 1,886,679 shares. The trade had a 1% impact on the equity portfolio. During the quarter, the stock traded for an average price of $11.46.
On 10/05/2022, Plains GP Holdings LP traded for a price of $11.975 per share and a market cap of $2.32Bil. The stock has returned 16.80% over the past year.
GuruFocus gives the company a financial strength rating of 4 out of 10 and a profitability rating of 6 out of 10.
In terms of valuation, Plains GP Holdings LP has a price-earnings ratio of 20.57, a price-book ratio of 1.53, a EV-to-Ebitda ratio of 4.71 and a price-sales ratio of 0.04.
The price-to-GF Value ratio is 0.64, earning the stock a GF Value rank of 10.
Magellan Midstream Partners LP
During the quarter, CHICKASAW CAPITAL MANAGEMENT LLC bought 227,849 shares of NYSE:MMP for a total holding of 3,254,675. The trade had a 0.55% impact on the equity portfolio. During the quarter, the stock traded for an average price of $50.18.
On 10/05/2022, Magellan Midstream Partners LP traded for a price of $48.88 per share and a market cap of $10.12Bil. The stock has returned 14.71% over the past year.
GuruFocus gives the company a financial strength rating of 3 out of 10 and a profitability rating of 8 out of 10.
In terms of valuation, Magellan Midstream Partners LP has a price-earnings ratio of 10.44, a price-book ratio of 5.77, a price-earnings-to-growth (PEG) ratio of 5.03, a EV-to-Ebitda ratio of 12.08 and a price-sales ratio of 3.58.
The price-to-GF Value ratio is 0.87, earning the stock a GF Value rank of 6.
Western Midstream Partners LP
CHICKASAW CAPITAL MANAGEMENT LLC reduced their investment in NYSE:WES by 422,175 shares. The trade had a 0.53% impact on the equity portfolio. During the quarter, the stock traded for an average price of $26.68.
On 10/05/2022, Western Midstream Partners LP traded for a price of $26.86 per share and a market cap of $10.26Bil. The stock has returned 27.30% over the past year.
GuruFocus gives the company a financial strength rating of 3 out of 10 and a profitability rating of 8 out of 10.
In terms of valuation, Western Midstream Partners LP has a price-earnings ratio of 9.91, a price-book ratio of 3.37, a EV-to-Ebitda ratio of 8.29 and a price-sales ratio of 3.49.
The price-to-GF Value ratio is 1.26, earning the stock a GF Value rank of 1.
Energy Transfer LP
CHICKASAW CAPITAL MANAGEMENT LLC reduced their investment in NYSE:ET by 991,946 shares. The trade had a 0.51% impact on the equity portfolio. During the quarter, the stock traded for an average price of $11.13.
On 10/05/2022, Energy Transfer LP traded for a price of $11.9281 per share and a market cap of $36.86Bil. The stock has returned 28.78% over the past year.
GuruFocus gives the company a financial strength rating of 4 out of 10 and a profitability rating of 7 out of 10.
In terms of valuation, Energy Transfer LP has a price-earnings ratio of 9.54, a price-book ratio of 1.14, a EV-to-Ebitda ratio of 7.37 and a price-sales ratio of 0.43.
The price-to-GF Value ratio is 1.05, earning the stock a GF Value rank of 5.
Enterprise Products Partners LP
CHICKASAW CAPITAL MANAGEMENT LLC reduced their investment in NYSE:EPD by 301,697 shares. The trade had a 0.38% impact on the equity portfolio. During the quarter, the stock traded for an average price of $25.79.
On 10/05/2022, Enterprise Products Partners LP traded for a price of $25.05 per share and a market cap of $54.40Bil. The stock has returned 16.10% over the past year.
GuruFocus gives the company a financial strength rating of 4 out of 10 and a profitability rating of 8 out of 10.
In terms of valuation, Enterprise Products Partners LP has a price-earnings ratio of 11.24, a price-book ratio of 2.10, a price-earnings-to-growth (PEG) ratio of 1.44, a EV-to-Ebitda ratio of 10.02 and a price-sales ratio of 1.06.
The price-to-GF Value ratio is 0.69, earning the stock a GF Value rank of 10.
Please note, the numbers and facts quoted are as of the writing of this article and may not factor in the latest trading data or company announcements.
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