MLP Stocks
Top 10 of 14 AMLP holdings, updated
As of 12 October 2026, MLP stocks are losing ground: still ahead of the S&P 500 over the longer run, but behind over the past month. AMLP trails the S&P 500 by 7.8 points over one month and ranks #91 of 115 groups Zensei tracks. 4 of the 11 MLP stocks Zensei prices in AMLP beat the fund this month.
Where MLP stocks stand now
As of 12 October 2026, Master Limited Partnerships (AMLP) ranks #91 of the 115 groups Zensei tracks by one-month return against the S&P 500. It is losing its lead. It built a 4.1-point advantage over the S&P 500 across the longer, time-shifted window, but over the past month it has slipped 7.8 points behind the market — the Cooling quadrant of the rotation map.
On the shorter tape, AMLP's momentum is weakening: the intraday trend that carried the move is cooling across the shorter windows. AMLP's relative-strength line has broken below its long-term average — the long-term outperformance trend is no longer intact. Both signals point the same direction here: the market is not rewarding this group on either horizon.
The exposure comes via Alerian MLP ETF, whose 14 tracked holdings are led by Sunoco LP, Mplx LP Partnership Units and Plains All American Pipeline LP. Weighted by portfolio, the fund's holdings trade at roughly 14.4× earnings. The thing to watch from here is whether this is a pause or a handoff: cooling groups sometimes reset and reclaim leadership, but a deepening one-month deficit usually means rotation has moved on.
Top MLP stocks right now
The largest MLP stocks by weight in AMLP, and the strongest over the past month. Size and recent return are measurements, not recommendations.
Largest by fund weight
Share of AMLP
- 1Sunoco LP13.5%
- 2Mplx LP Partnership UnitsMPLX13.3%
- 3Plains All American Pipeline LPPAA13.0%
- 4Western Midstream Partners LPWES13.0%
- 5Energy Transfer LP12.8%
Strongest this month
1-month return, holdings Zensei prices
- 1Suburban Propane Partners LPSPH+0.5%
- 2Delek Logistics Partners LPDKL−0.9%
- 3Mplx LP Partnership UnitsMPLX−5.0%
- 4Waterbridge Infrastructure LLCWBI−5.0%
- 5Plains All American Pipeline LPPAA−6.1%
MLP Stocks vs the S&P 500
Over the week to 12 October 2026, AMLP fell 0.5% while the S&P 500 rose 0.4%. AMLP and SPY (the S&P 500) over every window Zensei tracks. The spread is the difference: positive means AMLP won that window.
Prices as of · computed from daily adjusted closes · how we measure
Master Limited Partnerships on the rotation map, against the 11 broad S&P 500 sectors. Vertical: 1-month spread vs the S&P 500. Horizontal: the longer, time-shifted window.
Are MLP stocks expensive?
The price-to-earnings ratio of AMLP as a whole: the total price of its holdings over their total earnings, weighted by share of the fund. Holdings that lose money are left out.
AMLP holdings: the MLP stocks inside
As of 12 October 2026, 4 of the 11 MLP stocks Zensei prices in AMLP beat the fund over the past month. 0 of them beat the S&P 500. The strongest is Suburban Propane Partners LP (SPH); the weakest is Hess Midstream LP (HESM). Inside the fund, the holdings move close to the sector.
| # | Holding | Weight | 1M | 3M | vs fund 1M | Momentum | RS health |
|---|---|---|---|---|---|---|---|
| 1 | Sunoco LP | 13.5% | — | — | No price data | ||
| 2 | MPLXMplx LP Partnership Units | 13.3% | −5.0% | +1.2% | +0.7 pts | Pulling back | Fading |
| 3 | PAAPlains All American Pipeline LP | 13.0% | −6.1% | +5.8% | −0.4 pts | Weak | Strong |
| 4 | WESWestern Midstream Partners LP | 13.0% | −7.6% | +1.0% | −1.9 pts | Weak | Broken |
| 5 | Energy Transfer LP | 12.8% | — | — | No price data | ||
| 6 | EPDEnterprise Products Partners LP | 12.8% | −7.7% | −4.9% | |||
| 7 | HESMHess Midstream LP | 8.9% | −19.0% | −15.8% | |||
| 8 | CQPCheniere Energy Partners LP | 4.5% | −6.2% | +0.3% | |||
| 9 | USA Compression Partners LP | 4.2% | — | — | No price data | ||
| 10 | GELGenesis Energy LP | 2.8% | −7.8% | −0.6% | |||
All 14 AMLP holdings by weight: Sunoco LP 13.5%, Mplx LP Partnership Units (MPLX) 13.3%, Plains All American Pipeline LP (PAA) 13.0%, Western Midstream Partners LP (WES) 13.0%, Energy Transfer LP 12.8%, Enterprise Products Partners LP (EPD) 12.8%, Hess Midstream LP (HESM) 8.9%, Cheniere Energy Partners LP (CQP) 4.5%, USA Compression Partners LP 4.2%, Genesis Energy LP (GEL) 2.8%, Waterbridge Infrastructure LLC (WBI) 2.7%, Delek Logistics Partners LP (DKL) 2.4%, Global Partners LP (GLP) 2.2%, Suburban Propane Partners LP (SPH) 2.0%.
MLP Stocks: common questions
What are the top 3 MLP stocks?
As of 12 October 2026, the three largest MLP stocks in AMLP by fund weight are Sunoco LP (13.5%), Mplx LP Partnership Units (MPLX) (13.3%) and Plains All American Pipeline LP (PAA) (13.0%). Fund weight shows size inside the fund, not a recommendation.
Which MLP stocks are beating the sector?
As of 12 October 2026, 4 of the 11 MLP stocks Zensei prices in AMLP beat the fund over the past month. The strongest over the past month is Suburban Propane Partners LP (SPH). The list above shows every holding with its weight and returns.
Are MLP stocks outperforming the S&P 500?
No. As of 12 October 2026, AMLP trails the S&P 500 by 7.8 points over the past month.
Is it a good time to invest in MLP stocks?
Zensei does not give investment advice, but it measures the trend. As of 12 October 2026, MLP stocks are ahead of the S&P 500 over the longer window but behind over the past month, a fading lead. The rotation map and the read on this page show whether that trend is building or fading.
What is AMLP?
AMLP is Alerian MLP ETF. Zensei uses it to measure MLP stocks against the S&P 500 (SPY).
What stocks does AMLP own?
As of 12 October 2026, the largest of the 14 positions Zensei tracks in AMLP are Sunoco LP, Mplx LP Partnership Units, Plains All American Pipeline LP, Western Midstream Partners LP, Energy Transfer LP. Each position measured against the fund, with momentum and relative strength, is part of Zensei Premium.
What quadrant is master limited partnerships in right now?
As of 12 October 2026, master limited partnerships is in the Cooling quadrant — still ahead over the longer window, but behind the market over the past month. The Zensei methodology page explains the quadrants.
Recent changes
- ·First tracked: losing ground
Related sectors
Track master limited partnerships against the whole market
Zensei Edge maps 100+ sectors and themes against the S&P 500 — with the stocks inside each one, rotation history and alerts when leadership changes hands.