If a master limited partnership has large projects expected to come online in the near future, you would expect shares of it to trade at a pretty decent premium. After all, those growth plans normally mean distributions will increase, as well.

Surprisingly, this isn't the case at Spectra Energy Partners (NYSE:SEP) today. Despite the fact that the company expects to put more than $3 billion in projects online between now and 2016, shares of Spectra Energy Partners are relatively undervalued when compared to its peers Magellan Midstream Partners (NYSE:MMP) and ONEOK Partners (NYSE:OKS) 

Find out how much Spectra is trading in comparison to its peers, and what metrics are used to value master limited partnerships in lieu of the traditional price-to-earnings ratio, by tuning into the video below.

America's $600 billion energy problem means invest in these three stocks today
A dark specter is looming that is ready to stop America's Energy boom right in its tracks, and no one is talking about it. This one critical element could cost us more than $600 billion; but every day we wait, that number grows and grows. The U.S. government thinks investment in this sector is so important, even the Internal Revenue Service will give you a free pass if you invest in this select group of stocks. Our analysts at The Motley Fool have combed over this special class of stocks, and we have identified three that could make you rich! Find out the names of these IRS-gift-wrapped stocks in our special report, "3 Stocks The IRS Is Begging You to Buy." Simply click here, and we'll give you free access to this valuable investing resource.

Tyler Crowe owns shares of Magellan Midstream Partners. You can follow him at Fool.com under the handle TMFDirtyBird, on Google+, or on Twitter @TylerCroweFool.

The Motley Fool recommends Magellan Midstream Partners and Oneok Partners. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

Compare Brokers