As pipeline MLPs go, the combined company will remain well in the middle of the pack as far as size goes. The largest MLP is Enterprise Products Partners L.P. (NYSE: EPD), with a market cap of more than $54 billion. Crestwood, before the merger, is one of the smallest MLPs, with a market cap of just $1.22 billion.

Size really matters to a pipeline MLP. The firms need constant growth in order to fund quarterly distributions to unitholders, and mergers are a key method of growth. Building new pipelines can be an arduous undertaking (see, for example, TransCanada Corp. (NYSE: TRP) and the Keystone XL pipeline).

In addition to Enterprise Products at least six other MLPs check in with market caps above $10 billion:

• Kinder Morgan Energy Partners L.P. (NYSE: KMP), $33.26 billion
• Williams Partners L.P. (NYSE: WPZ), $20.41 billion
• Plains All American Pipeline L.P. (NYSE: PAA), $19.31 billion
• Energy Transfer Partners L.P. (NYSE: ETP), $14.31 billion
• Magellan Midstream Partners L.P. (NYSE: MMP), $11.63 billion
• Oneok Partners L.P. (NYSE: OKS), $11.34 billion

The newly merged company will be larger than some established MLPs though:

• Sunoco Logistics Partners L.P. (NYSE: SXL), $6.26 billion
• Targa Resources Partners L.P. (NYSE: NGLS)
• NuStar Energy L.P. (NYSE: NS), $3.84 billion
• Holly Energy Partners L.P. (NYSE: HEP), $2.1 billion

Prior to the announced merger, Crestwood paid a quarterly distribution of $0.51 and Inergy Midstream paid $0.395. Inergy LP paid $0.29 a quarter. The combined company won’t pay the sum of that, but it’s possible that the new company can approach the $0.67 a quarter paid out by Enterprise. Crestwood’s current distribution is already close to Plains’ $0.575.

Shares of Crestwood are up 4.8%, at $25.00 in a 52-week range of $19.90 to $29.12.

Shares of Inergy Midstream are down 4.8%, at $23.00 in a 52-week range of $18.31 to $26.01.

Shares of Inergy are up 8.5% to $23.89, after posting a new 52-week high of $24.64 earlier today. The 52-week low is $16.40.

We thought our readers would like to have the opportunity to get a look at the list of names that are the highlighted institutional portfolio stocks from Oppenheimer for April. The interesting difference, when comparing this to a typical bulge bracket list of stocks to buy, is that the usual mega cap blue chip names are missing. Institutional investors do not need another report on General Electric Co. (NYSE: GE) or Microsoft Corp. (NASDAQ: MSFT). They are looking for names with less coverage and more upside.

Most importantly, many institutions are looking for screened stock analytics and statistics that show positive breadth, alpha momentum and top quartile positioning in their respective universe. The Oppenheimer stocks exhibit all of those traits.

The following are the “favorable” institutional portfolio stocks from Oppenheimer.

Given the approaching tax deadline, H&R Block Inc. (NYSE: HRB) may be a timely name to look at. It typically does most of its business in the first half of the calendar year, the Thomson/First Call consensus price target for the stock is $28.50.

The maker of comfortable and expensive beds and cushions, Tempur-Pedic International Inc. (NYSE: TPX) is on the institutional list. In the first quarter, institutions and hedge funds bought 7 million shares of the stock, which represents almost 15% of the company’s stock float. The Wall St. consensus price target is $51.50.

With well-known, over-the-counter health products like Clear Eyes, Ludens and PediaCare in its portfolio, Prestige Brands Holdings Inc. (NYSE: PBH) is an Oppenheimer favorite. With numerous health care and household cleaning products to drive revenue, Prestige Brands could be a solid portfolio holding. The consensus estimate is $26.

Hitting 52-week highs as car sales have exploded, mega auto dealer CarMax Inc. (NYSE: KMX) grabs the right of way on the list. With sales coming from the lucrative used or “preowned” category, CarMax has excelled at generating consistent pricing to compete with branded auto dealerships. The consensus price target is $42.

Natural gas MLP Energy Transfer Partners L.P. (NYSE: ETP) is a surprise name on the Oppenheimer list. It is growing fast in the natural gas midstream, and intrastate transportation and storage businesses in the United States, and the stock pays investors a solid 7.10% quarterly distribution. The consensus price target is $52.

Entertainment content provider Netflix, Inc. (NASDAQ: NFLX) has had investors on a wild ride over the past two years. Trading above $300, falling to below $60 and back to almost $200 is the epitome of volatility. Timing and nerves of steel may be the critical components here. The consensus price target for the stock is $131. That is far below its current trading level.

Based in the Netherlands, Vistaprint N.V. (NASDAQ: VPRT) provides both businesses and customers at home with a wide variety of office products and stationery. A beneficiary of the improving economy, this solid, if not boring stock has a consensus price target of $33.50.

Controversial hero-to-zero stock BlackBerry (NASDAQ: BBRY) makes the list. With the company’s last-ditch effort to revive its smartphone business, the stock may need a transformation. The consensus estimate for this volatile name is not posted at this time.

Speaking of volatility, the final pick, light emitting diode (LED) manufacturer Cree Inc. (NASDAQ: CREE), has a seat at the Oppenheimer favorable table. It has additional revenue coming from its semiconductor materials business, and the stock often takes a hit anytime the “green” stocks are in trouble. The consensus price target for Cree is $47.82.

Read also: 19 Stocks Analysts Picked to Rise 50% to 100% — or More!

Individuals that get a look at what institutions see are not necessarily bound for investing glory. However, a glimpse into the names that have positive metrics beyond the usual earnings and anecdotal data may add value when deciding on which names fit into a personal portfolio.

The U.S. dollar index rose 0.44% today, now at 81.417. The GSCI commodity index is down 1.1% at 668.28, with commodities prices mostly lower today on the stronger dollar. WTI crude oil closed down 2.5% today, at $92.84 a barrel, following a sharp rise in crude inventory (more coverage here). Brent crude trades down 1.7% at $113.64 a barrel. Natural gas is down 1.1% today at about $3.24 per million BTUs following a brief rise following today’s storage report (more coverage here). Gold settled up fractionally today at $1,578.60 an ounce, its first rise in six days.

The unofficial closing bells put the DJIA down more than 47 points to 13,880.01 (-0.34%), the NASDAQ fell almost 33 points (-1.04%) to 3,131.49, and the S&P 500 fell -0.63% or more than 9 points to 1,502.38.

There were a several analyst upgrades and downgrades today, including Google Inc. (NASDAQ: GOOG) price target raised to $1,000 at Bernstein (more coverage here); Nike Inc. (NYSE: NKE) raised to ‘buy’ at Citigroup; BHP Billiton Ltd. (NYSE: BHP) cut to ‘neutral’ at Citigroup; Groupon Inc. (NASDAQ: GRPN) raised to ‘overweight’ and price target raised to $8.00 at Piper Jaffray; and UnitedHealth Group Inc. (NYSE: UNH) raised to ‘outperform’ at Oppenheimer.

Earnings reports since markets closed last night resulted in several price moves today, including these: Crocs Inc. (NASDAQ: CROX) is up 2% at $14.90; Energy Transfer Partners LP (NYSE: ETP) is down 0.4% at $46.67; Pan American Silver Corp. (NASDAQ: PAAS) is up 6.3% at $16.55; Tesla Motors Inc. (NASDAQ: TSLA) is down 9% at $35.06 (more coverage here); Walter Energy Inc. (NYSE: WLT) is down 7.1% at $34.16; Yamana Gold Inc. (NYSE: AUY) is up 5.2% at $15.15; Carlyle Group LP (NASDAQ: CG) is down 7.3% at $33.98; Chesapeake Energy Corp. (NYSE: CHK) is down 0.4% at $20.16 (more coverage here); Coeur d’Alene Mines Corp. (NYSE: CDE) is up 2.8% at $19.34; Ensco PLC (NYSE: ESV) is down 1.2% at $62.47; Safeway Inc. (NYSE: SWY) is up 14.3% at $23.00 after posting a new 52-week high of $23.96 earlier today (more coverage here); and Wal-Mart Stores Inc. (NYSE: WMT) is up 1.8% at $70.48 (more coverage here).

After markets close today and before they open tomorrow morning we are scheduled to hear from Agrium Inc. (NYSE: AGU), American International Group Inc. (NYSE: AIG), Frontier Communications Inc. (NYSE: FTR), Hewlett-Packard Co. (NYSE: HPQ), Marvell Technology Group Inc. (NASDAQ: MRVL), Newmont Mining Corp. (NYSE: NEM), Nordstrom Inc. (NYSE: JWN), Abercrombie & Fitch Co. (NYSE: ANF), and Eldorado Gold Corp. (NYSE: EGO).

Some standouts from today include the following stocks:

VeriFone Systems Inc. (NYSE: PAY) is down 43.3% at $18.09 after posting a new 52-week low of $17.93 earlier today. The payment systems maker cut its guidance sharply. More coverage here.

ParkerVision Inc. (NASDAQ: PRKR) is up 72.4% at $4.19 after posting a new 52-week high of $4.24 earlier today. The RF technology provider got a favorable court ruling in its patent infringement case against Qualcomm Inc. (NASDAQ: QCOM). More coverage here.

Repros Therapeutics Inc. (NASDAQ: RPRX) is up 26.6% at $12.89. The development stage biopharma company got FDA approval for study on its testosterone drug. More coverage here.

Stay tuned for Friday. Fed Governor Jerome Powell and Boston Fed President Eric Rosengren are giving speeches. No data releases are scheduled for tomorrow.

The U.S. dollar index rose 0.75% today, now at 81.065. The GSCI commodity index is down 0.5% at 675.63, with commodities prices higher today. WTI March crude oil closed down 2.2% today, at $94.46 a barrel. The April contract closed down 1.9% at 95.22 and will be the source of the WTI quote for the next month. Brent crude trades down at 1.7% at $115.52 a barrel. Natural gas is up 0.4% today at about $3.28 per million BTUs. Gold settled down 1.6% today at $1,578.00 an ounce.

The unofficial closing bells put the DJIA down more than 109 points to 13,926.47 (-0.78%), the NASDAQ fell about 49 points (-1.53%) to 3,164.41, and the S&P 500 fell -1.24% or about 19 points to 1,511.90.

There were a several analyst upgrades and downgrades today, including Windstream Corp. (NASDAQ: WIN) cut to ‘sell’ at UBS; Lowe’s Companies (NYSE: LOW) reiterated as ‘buy’ and price target raised to $44 at Argus; Baidu Inc. (NASDAQ: BIDU) cut to ‘underperform’ at CLSA; Barclays PLC (NYSE: BCS) cut to ‘neutral’ at Goldman Sachs; and Green Mountain Coffee Roasters Inc. (NASDAQ: GMCR) reiterated as ‘buy’ and price target raised to $54 at Argus.

Earnings reports since markets closed last night resulted in several price moves today, including these: Analog Devices Inc. (NASDAQ: ADI) is down 2.2% at $45.98; CF Industries Holdings Inc. (NYSE: CF) is down 5.3% at $206.88; Dell Inc. (NASDAQ: DELL) is up 0.25% at $XX (more coverage here); Herbalife Ltd. (NYSE: HLF) is down 5% at $37.77 (more coverage here); Avista Corp. (NYSE: AVA) is down 0.2% at $26.15; Clean Harbors Inc. (NYSE: CLH) is up 6.1% at $53.37; Dish Network Corp. (NASDAQ: DISH) is down 0.25% at $36.00; Leap Wireless International Inc. (NASDAQ: LEAP) is down 8.3% at $5.61; MGM Resorts International (NYSE: MGM) is down 1.5% at $12.55; Sodastream International Ltd. (NASDAQ: SODA) is down 6.8% at $48.90 (more coverage here); and Toll Brothers Inc. (NYSE: TOL) is down 8.7% at $33.71 (more coverage here).

After markets close today and before they open tomorrow morning we are scheduled to hear from Crocs Inc. (NASDAQ: CROX), Energy Transfer Partners LP (NYSE: ETP), Pan American Silver Corp. (NASDAQ: PAAS), Tesla Motors Inc. (NASDAQ: TSLA), Walter Energy Inc. (NYSE: WLT), Yamana Gold Inc. (NYSE: AUY), Carlyle Group LP (NASDAQ: CG), Chesapeake Energy Corp. (NYSE: CHK) (more coverage here), Coeur d’Alene Mines Corp. (NYSE: CDE), Ensco PLC (NYSE: ESV), Safeway Inc. (NYSE: SWY), and Wal-Mart Stores Inc. (NYSE: WMT).

Some standouts from today include the following stocks:

OfficeMax Inc. (NYSE: OMX) is down 11.8% at $11.47 after posting a new 52-week high of $14.92 earlier today. The office supply retailer and Office Depot Inc. (NYSE: ODP) finally pulled the trigger on their merger after one false start this morning. Office Depot shares are down 22.1% at $3.91. More coverage here.

Netspend Holdings Inc. (NASDAQ: NTSP) is up 28.6% at $15.80 after posting a new 52-week high of $15.96 earlier today. The pre-paid credit card provider has agreed to be acquired by Total System Services Inc. (NYSE: TSS) for about $1.4 billion in cash ($16 a share).

Harvest Natural Resources Inc. (NYSE: HNR) is down 40% at $5.50. The oil & gas junior said today that a planned sale to Indonesia’s Pertamina has been cancelled. More coverage here.

Stay tuned for Thursday. St. Louis Fed President James Bullard, San Francisco Fed President John Williams, and Dallas Fed President Richard Fisher are giving speeches. We have also noted the following events on Tuesday’s schedule (all times Eastern):

8:30 a.m. – Consumer price index
8:30 a.m. – New claims for unemployment benefits
8:58 a.m. – Flash PMI manufacturing index
10:00 a.m. – Existing home sales
10:00 a.m. – Philadelphia Fed survey
10:00 a.m. – Leading indicators
10:30 a.m. – EIA weekly natural gas storage report
11:00 a.m. – EIA weekly petroleum status report
1:00 p.m. – 30-year Treasury Inflation-Protected securities (TIPS) auction
4:30 p.m. – Fed balance sheet and money supply

The project is a 50/50 joint venture, with Enbridge owning 50% and the Energy Transfer entities owning the other 50%. Enbridge already holds a 50% stake in the recently opened 400,000 barrel a day Seaway Pipeline, in which it is partners with Enterprise Products Partners L.P. (NYSE: EPD).

The pipeline, part of Energy Transfer’s Trunkline system, is expected to be in service by 2015 and is expected to have the capacity to transport 420,000 to 660,000 barrels a day down its 700-mile length. The proposed pipeline will be the first with the capability to carry Western Canadian and Bakken crude oil to the eastern Gulf Coast.

The proposed pipeline requires approval from the Federal Energy Regulatory Commission (FERC), and Enbridge’s participation is contingent upon commitments from shippers and completion of due diligence.

If the Keystone XL pipeline proposed by TransCanada Corp. (NYSE: TRP) and the proposed Enbridge/Energy Transfer line are approved, more than 1.5 million barrels of crude a day could flow between the Alberta oil sands in North Dakota and the Gulf Coast.

USA Compression provides natural gas compression services to upstream and midstream companies that produce and transport natural gas. The services are offered under long-term, fixed-fee contracts similar to the contracts for pipeline master limited partnerships (MLPs).

In its prospectus, the company said it would distribute $1.70 per common unit annually, for an annual yield of 8.5%, based on the IPO price. That is the attraction of MLPs — substantial pretax distributions to common unitholders. And USA Compression is offering a high yield, compared with stalwarts such as Kinder Morgan Energy Partners L.P. (NYSE: KMP), which yields 5.8%, and Enterprise Products Partners L.P. (NYSE: EPD), which yields 4.8%.

SunCoke Energy Partners is a spin-off of SunCoke Energy Inc. (NYSE: SXC), which is majority-owned by Sunoco Inc., which in turn is owned by Energy Transfer Partners L.P. (NYSE: ETP), following a $5.4 billion merger last year. The SunCoke MLP was originally planned to hold an IPO in November, but that was pulled. SunCoke Energy Partners plans to offer 13.5 million common units in a price range of $19 to $21 per unit. The company will trade on the NYSE under the ticker symbol SXCP. The projected yield for the SunCoke Energy Partners MLP is 8.25%.

CVR Refining L.P. plans to offer 20 million common units in a price-range of $24 to $26 per common unit. The spin-off from CVR Energy Inc. (NYSE: CVI) will remain under the control of CVR Energy, which will retain ownership of 86% of the new refiner’s common units. Carl Icahn owns a controlling interest in CVR Energy and through his company, Icahn Enterprises L.P. (NASDAQ: IEP), may purchase up to 4% of the common units of CVR Refining. The common units of the new company will trade on the NYSE under the ticker symbol CVRR. The projected yield for CVR Refining is a whopping 18.8%.

Perhaps the most interesting of the MLP IPOs is the launching of the Global X Junior MLP ETF. The new fund tracks the Solactive Junior MLP index, which lists 25 holdings, including a 6.8% holding in Suburban Propane Partners L.P. (NYSE: SPH), a 6.6% holding in Northern Tier Energy L.P. (NYSE: NTI), a 6.5% holding in Alliance Resource Partners L.P. (NASDAQ: ARLP), a 6.4% holding in TC Pipelines L.P. (NYSE: TCP) and a 6.3% holding in Natural Resource Partners L.P. (NYSE: NRP).

What is interesting about the new ETF is that the fund’s daily tracking error is expected to be about 38%. That is the net asset value (NAV) change each day will give investors a haircut of 38%, compared with the change in the underlying index. The fund is taxed as a regular corporation, not as a regulated investment company. The ALPS Alerian MLP ETF (NYSEMKT: AMLP) is set up the same way and gives its shareholders a similar daily haircut.

Last year, there were 14 MLP IPOs that raised $4.9 billion, according to a Wall Street Journal report. This year could see even more, if the month of January is any guide.

SunCoke is the country’s largest producer of metallurgical coke, which is used for steel making. The parent company will own the 2% general partner interest in the new company, as well as all the incentive distribution rights and the remaining common units.

The underwriters have been granted a 30-day overallotment option on 2.03 million shares. The common units included in the IPO represent 43% of SunCoke Energy Partners’ shares, but the portion will rise to 49.4% if the overallotment is exercised. SunCoke Energy Inc. is majority-owned by Sunoco Inc., which merged with Energy Transfer Partners L.P. (NYSE: ETP) last year.

In November, the IPO was expected to raise up to $350 million and the funds were to be used to pay down debt and to enable expansion.

Shares of SunCoke Energy are inactive in the premarket this morning, having closed at $16.78 last night. The stock’s 52-week range is $11.01 to $17.59.

Alcatel-Lucent S.A. (NYSE: ALU) maintained Underperform at BofA/ML and maintained Hold at Argus, but the latter may discontinue coverage if the stock dips under $1.

ARM Holdings PLC (NASDAQ: ARMH) reiterated Buy and raised price target to $41.50 at BofA/ML.

BB&T Corp. (NYSE: BBT) raised to Buy at BofA/ML.

Check Point Software Technologies Ltd. (NASDAQ: CHKP) added to US 1 List at BofA/ML.

Chesapeake Energy Corp. (NYSE: CHK) maintained Hold but cautious and warns of reinstating Sell rating at Argus.

Citigroup Inc. (NYSE: C) added to US 1 List at BofA/ML.

Comerica Inc. (NYSE: CMA) raised to Neutral at Citi.

Dendreon Corp. (NASDAQ: DNDN) started as Buy at Needham.

Diageo PLC (NYSE: DEO) maintained Buy and target raised 6% at BofA/ML.

Energy Transfer Partners L.P. (NYSE: ETP) raised to Buy at BofA/ML.

Garmin Ltd. (NASDAQ: GRMN) cut to Sell at Goldman Sachs.

Groupon Inc. (NASDAQ: GRPN) cut to Market Perform at William Blair.

Highwoods Properties Inc. (NYSE: HIW) raised to Buy at BofA/ML.

JCPenney Co. Inc. (NYSE: JCP) cut to Underperform at Credit Suisse.

Johnson & Johnson (NYSE: JNJ) cut to Hold at Jefferies.

Nelnet Inc. (NYSE: NNI) Raised to Outperform at Credit Suisse.

Petrobras (NYSE: PBR) cut to Neutral at BofA/ML.

Ryanair Holdings PLC (NASDAQ: RYAAY) cut to Neutral at Citi.

Sequenom Inc. (NASDAQ: SQNM) raised to Buy at Jefferies.

Sirius XM Radio Inc. (NASDAQ: SIRI) reiterated Buy and raised target to $4 at BofA/ML.

SL Green Realty Corp. (NYSE: SLG) raised to Buy at BofA/ML.

TripAdvisor Inc. (NASDAQ: TRIP) raised to Overweight at Morgan Stanley.

US Cellular Corp. (NYSE: USM) raised to Buy at Citi.

Vertex Pharmaceuticals Inc. (NASDAQ: VRTX) cut to Neutral at Credit Suisse.

Voronado Realty Trust (NYSE: VNO) cut to Neutral at BofA/ML.

The Walt Disney Co. (NYSE: DIS) raised to Buy at Citi.

JON C. OGG

PetSmart, currently included in the S&P Midcap 400 index, will be replaced on that list by Cabela’s Inc. (NYSE: CAB), a specialty retailer of hunting and outdoor goods. PetSmart’s market cap is about $7.3 billion, while Cabela’s is about $3.8 billion.

The final change to the S&P Dow Jones indexes moves Acorda Therapeutics Inc. (NASDAQ: ACOR) into the S&P Smallcap 600 Index, replacing Cabela’s. Acorda is a commercial stage biopharmaceutical firm and its market cap is about $1 billion.

Shares of PetSmart are up 3% in premarket trading this morning at $69.60 in a 52-week range of $39.53 to $72.75.

Cabela’s shares are up about 0.8% at $55.41 in a 52-week range of $19.12 to $55.65.

Acorda’s shares are inactive in the premarket, having closed at $25.55 last night, in a 52-week range of $18.36 to $27.74.

Paul Ausick

In a deal similar to the one struck by Delta Air Lines Inc. (NYSE: DAL) for the ConocoPhillips (NYSE: COP) refinery near Trainor, Pennsylvania, Sunoco will contribute the refinery assets to the joint venture and Carlyle will invest funds for future capital projects, working capital, and further refinery upgrades. JPMorgan Chase & Co. (NYSE: JPM), in a role similar to the role it played in the Delta/Conoco deal, will provide interim working capital to the joint venture, which is to be called Philadelphia Energy Solutions. Sunoco will own a minority interest in the refinery and Carlyle will be the majority owner. Financial details were not disclosed.

Refiners have faced hard times lately with high prices for crude oil cutting margins severely. Falling crude prices should help some, but refiners like Valero Energy Corp. (NYSE: VLO), Marathon Petroleum Corp. (NYSE: MPC), Tesoro Corp. (NYSE: TSO), and HollyFrontier Corp. (NYSE: HFC) have seen margins tumble and share prices have only begun to recover from late-2011 lows. Phillips 66 (NYSE: PSX), a recent spin-off from Conoco, has risen about 5% since its IPO, and Western Refining Inc. (NYSE: WNR) is up about 21% in the past 12 months based on its access to lower-priced domestic crude.

Sunoco, which is being acquired by Energy Transfer Partners LP (NYSE: ETP), had retained ownership of its refining operations, which it planned to divest separately. The company closed its Marcus Hook refinery in December after failing to find a buyer for the plant.

The new joint venture plans to upgrade the refinery’s catalytic cracking unit, creating more than 1,000 construction jobs, build a new high-speed rail unloading facility to boost quantities of crude from the Bakken shale play in North Dakota, and to build a new hydrocracker and hydrogen plant. The company is also seeking ways of taking advantage of the booming natural gas and natural gas liquids production in the Marcellus shale play.

The transaction is expected to close in the third quarter.

Sunoco’s shares are up about 0.7%, while Carlyle Group stock is up more than 2% at $22.90 after posting a new post-IPO high of $23.00.

Paul Ausick