NEW YORK ( TheStreet) -- Almost all of us have heard the debate over the Keystone Pipeline. It was a "shovel-ready" project that could have created thousands of badly needed jobs at time when we desperately need them. This pipeline would have brought oil from one of our closest allies in Canada. Last time I checked, Canada has not burnt down any of our embassies lately.In the most recent debate, President Obama stated that we don't need any more pipelines -- we have enough. Why then, Mr. President, am I paying almost $5.00 for a gallon of gas? It has even gotten painful to fill up my Ford Hybrid. Doesn't Obama's stance make the existing pipeline stocks that much more valuable? Let's check out one of my favorite holdings right now in this space. I love stocks that pay dividends. I love stocks that steadily increase their dividend over time. I also love stocks that deliver capital appreciation. If I can own a stock that delivers all three of these income streams, I am a happy investor indeed. Many of the publicly traded master limited partnerships have been very good to investors over the years. I want to warn you however, that if you own an MLP in a non-qualified account, you will have to file an extra partnership return with your taxes each year that you own the MLP. You can get around this, if you wish, by owning one of the exchange traded funds that track the publicly traded master limited partnerships. We even now have an MLP index that you can invest in. I rank all of the various indices out there on a daily basis. I rank them on short-term, intermediate-term and long-term performance. The MLP index is ranked No. 7 overall right now. Note that it is ranked right below the Nasdaq -- not too bad!
Magellan is a large-cap company headquartered in Tulsa, Okla. The company engages in the transportation, storage and distribution of petroleum products in the U.S.
Data from Best Stocks Now App Check out how the stock has performed over the years! Data from Best Stocks Now App As you can see the stock has outperformed the market by a wide margin over every time period, including that fateful year of 2008. The stock has also delivered a steady stream of dividends and capital appreciation over the years. When I compare the performance of Magellan against the other 3,041 investments that I track, it earns a performance grade of "A." This is not easy for a large-cap, dividend paying stock! Check out its track record of dividends. Notice the steady track record of rising dividends over the last five years. Also notice a stock split in 2005. It should be noted that the stock is split 2:1 again earlier this week. While I like good performance in the stocks that I own, I also demand a decent valuation. Magellan has had a very good run recently. The stock is not as cheap as it used to be, but it is about in line with other MLPs. The current dividend yield is still a very good 4.3%. I am OK with the current valuation. Data from Best Stocks Now App The good news is this. Out of the 3,042 stocks that I follow, Magellan Midstream Partners currently ranks at number 104 overall. This overall ranking is based on performance, valuation, and safety. This is an extremely good ranking for a large-cap, conservative, dividend paying stock! Data from Best Stocks Now App Magellan has a made a lot of investors like myself and my clients happy over the last several years. Clients of Gunderson Capital Mgt. Inc. and Bill Gunderson are currently long this stock. And no I don't believe that we have enough pipelines! This article is commentary by an independent contributor, separate from TheStreet's regular news coverage.