Energy – Master Limited Partnerships: First

Morgan Stanley’s Stephen Maresca is No. 1 for a second straight year; he also wins third place in Natural Gas. The 37-year-old researcher is positive on the sector, observing that the oil and gas industry dynamics are “supportive of a visible secular growth story, as increasing drilling volumes in certain regions of the country are requiring new infrastructure to be constructed.” Between distribution-growth payouts (driven by development spending of as much as $20 billion next year) and estimated distribution yields, Maresca believes, the sector could have a total return of 12 to 13 percent in 2013. He is monitoring the issues that drive new building needs, such as exploration and production company spending plans and production forecasts from developing oil and gas plays. His stock recommendations include Houston-based Plains All American Pipeline; Tulsa, Oklahoma–based Williams Partners; and Pittsburgh’s Atlas Energy. “He was early to the theme of distribution growth resulting from the shale infrastructure build-out,” applauds one investor.