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Crude Oil Tanker Stocks: Estimates, Recommendations for 2Q17

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Part 2
Crude Oil Tanker Stocks: Estimates, Recommendations for 2Q17 PART 2 OF 11

How Analysts Are Rating Navios Maritime Midstream Partners

Stock performance

Navios Maritime Midstream Partners (NAP), an MLP, has not had a good run since the start of the year. NAP stock, which is trading in the red, has a negative year-to-date return of 7.2% as of July 6, 2017. The Alerian MLP Index (or AMZ) has a year-to-date negative return of 5.5%. The AMZ and NAP have both underperformed the S&P 500 Index (SPX-INDEX), which has returned 8.6% since the start of the year.

How Analysts Are Rating Navios Maritime Midstream Partners

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2Q17 results

Navios Maritime Midstream Partners is generally first among the crude oil tanker companies to release its quarterly earnings. Its 2Q17 results are expected to be released on July 26, 2017.

Revenue and earnings estimate

Wall Street analysts estimate that Navios Maritime Partners’ revenue will be ~$21.6 million in the second quarter compared to $21.1 million in 1Q17 and ~$24.2 million in 2Q16. Navios Maritime Midstream Partners has had very similar, stable revenues. All of its revenues come from long-term contracts, so the company’s revenues are very predictable. Its revenues going forward in the third quarter are expected to again be $21.6 million. The company’s vessels are 100% booked for 2017 as well as for 2018. NAP expects to generate $86.7 million and $86.6 million in revenues for 2017 and 2018, respectively.

Analysts expect the company’s 2Q17 EBITDA (earnings before interest, tax, depreciation, and amortization) to be $14.9 million compared to $14.2 million in 1Q17 and $16.4 million in 2Q16. Analysts expect fiscal 2017 EBITDA to be $64.4 million compared to $63.5 million in 2016.

Analyst recommendations

On June 23, 2017, Bank of America Merrill Lynch downgraded NAP to “underperform” from “neutral.” Only four analysts are covering Navios Maritime Partners. Of those, three of them have rated the company a “hold,” while one has given it a “sell.” The consensus target price for NAP is $10.63, which implies an upside potential of 8.6% compared to the current price of $9.80 as of July 5, 2017.

In the rest of the series, we’ll take a look at analyst recommendations for Frontline (FRO), Euronav (EURN), Nordic American Tankers (NAT), and other crude oil tanker companies.

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