Global stocks are getting mauled again today. Wild market swings are making stock investing a risky business. But Floyd Brown says little-known Master Limited Partnerships (MLPs) provide a steady dividend income and are extremely cheap right now. They have the tax benefits of a partnership, but the liquidity of a publicly traded stock. Floyd gives his three favourite MLP plays in the energy sector.

This from Investment U:

Most investors have never heard of, or purchased, shares of a master limited partnership (MLP). But, with many yielding more than 10% and prices at historically low levels, these bargains are getting hard to ignore.

Few investors know that master limited partnerships are publicly traded asset pools. They have the tax benefits of a partnership plus the liquidity of a publicly traded stock.

Because they invest in many different types of assets, most master limited partnerships have significant debts on the balance sheet and

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ONEOK Partners recently confirmed its higher 2008 earnings guidance despite Hurricane Ike impacting some facilities in the Gulf Coast region as commodity prices stay elevated. The partnership also increased its distribution for the 10th consecutive quarter.

ONEOK has surprised on earnings 4 consecutive quarters by an average of 24.16%. It has a forward P/E of 9.87.

Company Description

ONEOK Partners Limited (OKS) is one of the largest natural gas limited partnerships in the U.S. The partnerships owns the natural gas liquid (NGL) system that connects the natural gas and NGL supply in the Mid-Continent with key markets.

The general partner is a wholly owned subsidiary of ONEOK, Inc. (OKE), an energy company which owns 47.7% of the partnership.

Net Income Jumped 63% in the Second Quarter

On Aug 5, ONEOK Partners reported second quarter earnings that surprised on Wall Street estimates by 39.05%, or 41

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