Recent weakness in the units of EnLink Midstream Partners LP (ENLK) creates an opportunity for investors seeking high current income and solid growth, suggests energy sector expert Elliott Gue, editor of Energy & Income Advisor.

The master limited partnership (MLP) offers exposure to the development plans of Devon Energy (DVN) in the Permian Basin and the emerging SCOOP and STACK plays in central Oklahoma.

Management has indicated that, at the STACK’s current rate of development, the MLP could add another 200 million cubic feet of gas-processing capacity every 12 to 18 months.

EnLink Midstream Partners has yet to resolve whether these future expansions will involve the construction of new plants or a pipeline transporting these volumes to existing processing capacity in North Texas. Management expects to make a decision on this development plan later this year.

The MLP also aims to transport NGL (natural gas liquid) volumes produced in the STACK to its Cajun-Sibon fractionation complex in Louisiana and expects this system to reach full capacity by the second quarter of 2017.

The expansion of the Gulf Coast petrochemical industry should create growth opportunities for Cajun-Sibon and associated operations in Louisiana.

For 2017, management expects volumetric growth in the Midland and Delaware Basins to offset further weakness in the Barnett Shale.

During the first quarter, EnLink Midstream Partners completed the Greater Chickadee oil-gathering system in the Midland Basin and signed three long-term contracts dedicating additional volumes to the system.

And in Oklahoma, the company inked contracts to provide midstream services to five new customers, four of which are oil and gas producers backed by private-equity outfits.

Potential upside catalysts for the stock include likely announcements of additional expansion projects in the STACK and Permian Basin as well as the potential for results at its Louisiana segment to surprise to the upside. EnLink Midstream Partners LP rates a buy up to $19 per unit.

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