On July 5, 2017, Barclays reinstated an “equal weight” rating for Alon USA Partners (ALDW).
Energy Transfer Partners (ETP) and Enterprise Products Partners (EPD) are trading at forward EV-to-EBITDA multiples lower than their respective five-year historical averages.
The Alerian MLP Index, the benchmark index for energy MLPs, rose 0.2% in the week ended July 7, 2017.
Of the analysts surveyed by Reuters, ~61.0% rated Targa Resources (TRGP) a “buy,” and ~39.0% rated it a “hold.”
According to the latest filings, all of the top ten institutional investors in Targa Resources (TRGP) added to their TRGP positions.
Targa Resources (TRGP) is trading at an EV-to-EBITDA multiple of nearly 13.0x. That’s close to the peer average.
Targa Resources (TRGP) operates more than 26,000 miles of pipeline and has more than 4.5 Bcf/d (billion cubic feet per day) of gross processing capacity.
Targa Resources’ (TRGP) distributable cash flow for 1Q17 rose 8.0% in 1Q16.
Targa Resources’ (TRGP) net debt-to-EBITDA ratio is nearly 5.0x. Its leverage is higher than what midstream MLPs usually target—a ratio below 4.5x.
Targa’s Gathering and Processing segment contributed 58.0%, and the Logistics and Marketing segment contributed 42.0% to 1Q17 operating income.
Targa’s Logistics and Marketing segment includes all the activities necessary to convert mixed NGLs into NGL products.
Targa Resources has completed the acquisition of gas gathering and processing and crude gathering assets from Outrigger in the Midland and Delaware Basins.
Plains All American Pipeline (PAA), the fourth-largest master limited partnership by market cap, has taken a heroic beatdown from crude volatility.
According to Baker Hughes recent rigs report, the rig count in the Permian grew to 370 at the end of June 2017, compared with 319 by the end of May.
Alerian MLP Index (AMZ) was trading at a yield spread of 4.82% to the ten-year Treasury rate by the end of June—higher than the five-year average of 4.37%.
Master limited partnerships continue to be a top investment option for income investors after June 2017 due to their stronger yields.
EQT GP Holdings (EQGP), the general partner of EQT Midstream Partners (EQM), was the top-performing master limited partnership in June.
EVEP Energy Partners (EVEP) was the worst-performing master limited partnership in June—and has been among the worst for months now.
On average, upstream MLPs fell 25% during the month, compared with the SPDR S&P Oil & Gas Exploration & Production ETF’s (XOP) 1.8% fall.
MLPs (master limited partnerships) experienced a roller coaster ride in June due to the high volatility in crude oil and natural gas prices.