Booted From the Index, Is There Any Reason to Buy This MLP?

On Friday, June 20, EQT Midstream Partners (EQM) officially joined the Alerian MLP Infrastructure Index. To make room for EQT, the good folks at Alerian gave TransCanada's (TRP 0.03%) master limited partnership TC Pipelines (TCP) the old heave-ho.

What did TC Pipelines do to deserve such a fate? Growing its distribution at an arguably pathetic compound annual growth rate of 4% over the last 15 years might have something to do with it. That said, could there still be something to like at this MLP? Check out the slideshow below and decide for yourself.