Face it, if you are an energy investor, especially in the master limited partnerships (MLPs), this has been a very cruel summer. The Alerian MLP index is off a stunning 14% since June 1. All the chatter from the financial talking heads is negative, oil prices have plummeted, there is blood in the streets. That is exactly when it is time to consider a little buying.

A new research report from Jefferies acknowledges that things have been grim, and uncertain commodity pricing looking out the rest of this year and into 2016 is still a jump ball. However, the firm has totally reviewed the analysts’ thesis and models for the companies they cover and feels that the last half of 2015 and next year should be at least modestly constructive.

We screened the Jefferies universe for high-quality companies that are rated Buy. We also looked for companies in which the Jefferies team did not lower the price targets. Four jumped out at us.

Enterprise Products Partners

This company is one of the largest publicly traded partnerships and a leading North American provider of midstream energy services to producers and consumers. Enterprise Products Partners L.P. (NYSE: EPD) once again, despite the energy slump, just raised its distribution by 1%. It maintains a very good long-term position in the market, and provides many of its services on the basis of long-term, fixed-fee contracts, insulating against some of the wilder swings of the commodities that it trades in.

ALSO READ: 5 Long-Term Opportunities Forming in MLPs

Enterprise investors are paid very solid 5.55% distribution. The Jefferies price target is $36. The Thomson First Call consensus target is higher at $39.83. Shares closed Thursday at $27.41.
Plains All American Pipeline

This is another top stock on Wall Street that has had the power to withstand the downturn and come back. Plains All American Pipeline L.P. (NYSE: PAA) owns and operates midstream energy infrastructure and provides logistics services for crude oil, natural gas liquids (NGLs), natural gas and refined products. The company owns an extensive network of pipeline transportation, terminalling, storage and gathering assets in key crude oil and NGL-producing basins and transportation corridors and at major market hubs in the United States and Canada.

The company also has one of the largest storage asset bases, with over 120 million barrels of liquids storage capacity at the three major hubs in Cushing, Okla.; Midland, Texas; and Patoka, Ill.

Investors are paid a very sizable 7.04% distribution. The Jefferies price target is posted at $54, and the consensus target is slightly higher at $56.30. Shares closed Thursday at $39.56.

ALSO READ: 3 Oil and Gas Stocks Analysts Want You to Buy Now

Sunoco Logistics Partners

This company just raised the distribution 5% for the 13th consecutive quarter. Sunoco Logistics Partners L.P. (NYSE: SXL) owns and operates a logistics business consisting of a geographically diverse portfolio of complementary crude oil, refined products and NGLs pipeline, terminalling and acquisition and marketing assets, which are used to facilitate the purchase and sale of crude oil, refined products and NGLs. The company’s general partner is a consolidated subsidiary of Energy Transfer Partners.

Investors are paid a 4.83% distribution. The Jefferies price objective is $46, and the consensus target is $50. The shares closed Thursday at $34.72.

Targa Resources Partners

The company was formed in October 2006 by its parent, Targa Resources, to own, operate, acquire and develop a diversified portfolio of complementary midstream energy assets. Targa Resources Partners L.P. (NYSE: NGLS) is a leading provider of midstream natural gas and NGLs services in the United States, with a growing presence in crude oil gathering and petroleum terminalling. The MLP is engaged in the business of gathering, compressing, treating, processing and selling natural gas; storing, fractionating, treating, transporting and selling NGLs and NGL products, including services to liquefied petroleum gas exporters; gathering, storing and terminalling crude oil; and storing, terminalling and selling refined petroleum products.

Shareholders are paid a monster 8.74% distribution. The Jefferies price objective is $45, but the consensus target is $50. The shares closed most recently at $37.56.

ALSO READ: With Natural Gas Demand Growing, 4 Preferred Stocks to Buy

It is important to remember that MLP distributions can contain return of capital. You have to buy when sentiment is bad; you are almost forced to add a little when it is this bad. We recently had a look at some additional MLP opportunities.

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