There is a significant discount of LINE to the corporate format which is fundamentally the same value.
This does suggest that LINE is selling at a discount as the LNCO has a broader market of investors. Also more institutional and fund money.
Most on the analysts do have recommendations which put line in as undervalued.
If management can show a stable DCF coverage ration around 1.2 that should put individual investors in a comfort zone and get the partnership units up. All the acquisitions while accretive but provide no solid base line to measure operational progress.
So I think the catalysts for an upside move will be solid contribution oil contribution from Granite Wash and BRY. Move DCF and put future bear raids off by maintaining a solid coverage ratio.
The real pay off in line is long term with natural gas prices going up to at least the marginal cost of production and eventually some relationship to world prices. It will happen but how long it takes depends on how passively aggressive Progressives remain to natural gas production.
Hey the distribution rate is 8% with the promised increase from the BRY acquisition. Enough in and of it self.