What a difference a year makes. Last year at this time, the Alerian MLP Index was up 11% higher than it currently is, and investors were giddy at the annual NAPTP conference, which is the largest master limited partnership (MLP) conference. This year while sentiment is improving, caution still remains and stock selection will be the key going forward as the sector continues to heal.

A new research report from Deutsche Bank offers a synopsis of the conference, and one interesting item was that some of the biggest players in the industry did not attend this year. Key talking points were valuations, how the marketplace will respond to recovery, and private letter rulings or guidelines.

Here are the four top pick MLPs to buy according to Deutsche Bank. Investors need to remember that MLP distributions may contain return on capital.

Energy Transfer Equity

Energy Transfer Equity L.P. (NYSE: ETE) had a director step up to the plate near the end of last year and make a gigantic insider purchase. Kelcy Warren bought a total of 1,178,567 shares of the company stock at prices ranging from $49.01 to $53.55.

The company currently owns and operates approximately 35,000 miles of natural gas and natural gas liquids pipelines. ETP also owns 100% of Panhandle Eastern Pipe Line (the successor of Southern Union Company) and a 70% interest in Lone Star NGL, a joint venture that owns and operates natural gas liquids storage, fractionation and transportation assets.

Sunoco, an affiliate of the company, recently purchased eight Pico convenience stores in South Central Texas. Sunoco is the MLP that mainly supplies motor fuel to independent dealers, stores, distributors and commercial customers. Apart from its distribution business, the partnership also involves in the operation of retail fuel units and 150 convenience stores.

Energy Transfer unitholders are paid a 2.8% distribution. The Deutsche Bank price target is $95. The Thomson/First Call consensus price target is lower at $82.67. Shares closed Tuesday at $69.17.

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Kinder Morgan

No longer technically an MLP, this is still a top stock pick at Deutsche Bank for clients to buy now, and it is also one of the most recommended in the sector on Wall Street. Kinder Morgan Inc. (NYSE: KMI) announced last fall the acquisition of all of Kinder Morgan Energy Partners, Kinder Morgan Management and El Paso Pipeline Partners in a series of transactions. The merger plan was comprised of $40 billion in parent-company equity, $4 billion in cash and $27 billion in assumed debt. It was a move some shareholders were opposed to, but many on Wall Street saw it as a brilliant move. Also, 24/7 Wall St. just recently named Kinder Morgan as an alternative choice to its 10 Stocks to Own for the Next Decade.

In a recent interview, Richard Kinder, the respected leader of the company, said that mergers and acquisitions could be in store as prices have become increasingly opportunistic. He said the MLP giant would not be making any foolish buys, but that tremendous opportunity could lie in Mexico in the pipeline system there, where the company already has one pipeline.

Kinder Morgan surprisingly was one of the big companies that did not attend the NAPTP conference, and the Deutsche Bank team felt that affected some of the overall tone and takeaways from the event.

Kinder Morgan shareholders are paid a solid 4.5% dividend. The Deutsche Bank price target for the iconic industry giant is $49, and the consensus target is $47.76. Kinder Morgan closed Tuesday at $42.09 per share.

MarkWest Energy Partners

This is a solid MLP to buy, and it has been a recent candidate in the buyout chatter around Wall Street. MarkWest Energy Partners L.P. (NYSE: MWE) owns and operates midstream services related businesses. It has a leading presence in many natural gas resource plays, including the Marcellus Shale, Utica Shale, Huron/Berea Shale, Haynesville Shale, Woodford Shale and Granite Wash formation, where it provides midstream services to its producer customers.

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MarkWest Energy Partners reported lower-than-expected first-quarter 2015 results due to lower natural gas liquid (NGL) sales volumes in the Gulf Coast and fractionated volumes in the Northeast region. The negatives are partially offset by increased natural gas gathering and processing volumes in the Marcellus area.

The Deutsche Bank team acknowledges that commodity pricing and equity issuance could pressure the company near term, but they also point out that the company has outstanding interconnectivity to takeaway capacity, very solid regional expertise and strong producer relationships. They, like others, think the stock is a buyout candidate as well.

MarkWest unitholders are paid a 5.5% distribution. The Deutsche Bank’s price objective is $76, and the consensus is at $74.93. Shares closed Tuesday at $65.01.

Phillips 66 Partners

Phillips 66 Partners L.P. (NYSE: PSXP) is a growth-oriented MLP formed by Phillips 66 to own, operate, develop and acquire primarily fee-based crude oil, refined petroleum product and NGL pipelines and terminals and other transportation and midstream assets.

A hot IPO in the summer of 2013, the company recently announced an increase in the cash distribution from $0.34 a share to $0.37. Earnings increased 50% to 86% over the past six quarters. Revenue grew 36% to 117% in the same period.

Phillips 66 Partners unitholders are paid a 2% distribution. The Deutsche Bank price target for the company is a staggering $102, while the consensus is much lower at $83.90. Shares closed Tuesday at $71.03.

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The Deutsche Bank analysts think that growth in oil and gas production creates a “massive need” for energy infrastructure, giving the industry a long-term secular tailwind. The analysts forecast that the crude logistics, NGL infrastructure and large cap diversified names will be the main beneficiaries of this tailwind.

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