Bearish Midstream Stocks: Do You Own Them?
In the past three months, EnLink Midstream has risen 8.9%, while its short-interest-to-equity-float ratio has risen 30.9%.
Energy Transfer Equity (ETE) has risen 199.7% in the past year as of February 17, 2017.
On February 17, 2017, Energy Transfer Equity (ETE) had an implied volatility of 41.6%, the highest among the midstream companies that make up the Alerian MLP ETF (AMLP).
The average target price of $53.0 for Cheniere Energy implies a 13.5% price return in the next 12 months from its February 17 closing price of $46.7.
Cheniere Energy (LNG) rose 11.2% in 2016. It had a strong start to 2017 as well. It has risen 12.7% since the beginning of 2017.
Short interest in Cheniere Energy (LNG), as a percentage of float ratio, fell to 6.7%. The ratio is lower compared to the average of 9.1% in 2016.
Cheniere Energy’s total outstanding debt by the end of 2Q16 was $20.8 billion. Its debt was ~$4.2 billion higher than the total outstanding debt in 2015.
Asian markets, including China (EEM), experienced a huge rise in LNG (liquefied natural gas) demand during 4Q16 due to cold winter temperatures.
Cheniere Energy, which started its LNG exports to South America, benefited from higher LNG exports to Asian markets, including China (EEM), during 4Q16.
Cheniere Energy (LNG) is scheduled to release its 4Q16 earnings on February 28, 2017. Analysts’ 4Q16 consensus revenue estimate is $590.5 million.
Nearly 79% of analysts have rated ONEOK (OKE) as a “hold,” 7% rated it as a “buy,” and 14% rated it as a “sell.”
ONEOK (OKE) has been making focused efforts to increase fee-based earnings through contract restructuring in its natural gas gathering and processing segment.
ONEOK (OKE) stock has surged nearly 150% in the last one-year period.
ONEOK’s Natural Gas Liquids business earned 60% of its EBITDA (earnings before interest, tax, depreciation, and amortization) for 3Q16.
ONEOK (OKE) is scheduled to report its 4Q16 earnings on February 27, 2017. Analysts expect its EBITDA for the quarter to be $483 million, a 13% increase compared to $427.9 million reported in 3Q16.
Nearly 70% of analysts have rated CVR Refining (CVRR) as a “hold,” 20% rated it as a “buy,” and 10% rated CVRR as a “sell.”
CVR Refining’s (CVRR) 4Q16 RINs (Renewable Identification Numbers) expense was $53.5 million compared to $30.5 million in 4Q15.
CVR Refining’s (CVRR) refining margin rose to $139.5 million in 4Q16 compared to $132.1 million in 4Q15, driven by higher crude throughput.
CVR Refining (CVRR) reported its 4Q16 results on February 16, 2017. CVRR reported adjusted EBITDA of $27.7 million for 4Q16 compared to $16.4 million for 4Q15.
About 56.0% of analysts rate Western Gas Partners a “buy,” and the remaining 44.0% rate it a “hold.”