pic rekha rekha khandelwal

Rekha Khandelwal, CFA

Rekha Khandelwal, CFA, covers mainly energy stocks and macroeconomic analysis. She has been writing for Market Realist since 2014.

Stocks and investments are Rekha's passions. Playing with complex data to draw meaningful insights excites her, and she loves everything about managing finances. A go-getter, she believes in hands-on problem-solving.

Rekha has more than ten years of experience in financial research, stock analysis, financial planning, asset allocation strategies, and portfolio management. She has earned a master’s in finance and is a CFA Charter holder. She also loves traveling and reading in her spare time.

Disclosure: I am in full compliance with all ethics and other policies for Market Realist research analysts. I am not invested in securities that I cover on Market Realist.

More From Rekha Khandelwal, CFA

  • uploads///natural gas pipelines segments key metrics
    Earnings Report

    What to Expect from Kinder Morgan’s Gas Transport Volumes

    Kinder Morgan’s (KMI) natural gas transport volumes grew 1.4% YoY (year-over-year) in 1Q17. The growth was driven by throughput on new projects.

    By Rekha Khandelwal, CFA
  • uploads///kmis leverage
    Earnings Report

    Analyzing Kinder Morgan’s Leverage

    Kinder Morgan’s adjusted net debt-to-adjusted EBITDA ratio stood at 4.5x at the end of 2018.

    By Rekha Khandelwal, CFA
  • uploads///forward distribution yield to distribution growth
    Earnings Report

    How Does Phillips 66 Partners’ Valuation Compare to Its Peers’?

    Phillips 66 Partners’ forward distribution yield of 3.3%, owing to its fee-based revenues, consistent distribution growth, and strong coverage ratio.

    By Rekha Khandelwal, CFA
  • uploads///broker recommendations
    Earnings Report

    Is ONEOK Positioned Well Enough to Continue Growing Its Earnings?

    Of the analysts surveyed by Bloomberg, 12% rated ONEOK (OKE) a “buy,” and 76% rated it a “hold.” About 12% of the analysts rated it a “sell.”

    By Rekha Khandelwal, CFA
  • uploads///forward ev to ebitda multiples
    Company & Industry Overviews

    Is ONEOK Stock Currently Overvalued?

    ONEOK (OKE) stock is currently trading at a forward EV-to-EBITDA multiple of 14.3x.

    By Rekha Khandelwal, CFA
  • uploads///whats behind suncos rise
    Company & Industry Overviews

    What’s behind Sunoco’s Rise This Year?

    Sunoco’s rise Sunoco (SUN) has risen nearly 13% so far in 2017. In comparison, the Alerian MLP Index has fallen nearly 15%. Energy Transfer Equity (ETE)—Sunoco’s parent—owns Sunoco’s GP (general partner) interests and IDRs (incentive distribution rights). Sunoco operates retail fuel sites and convenience stores and distributes motor fuel to convenience stores, dealers, commercial customers, and distributors. […]

    By Rekha Khandelwal, CFA
  • uploads///segmentwise ebda breakdown
    Company & Industry Overviews

    Which Segment Drives Kinder Morgan’s Performance?

    KMI’s Natural Gas Pipelines segment Kinder Morgan (KMI) conducts its operations through five reportable segments. Natural Gas Pipelines is Kinder Morgan’s largest business segment in terms of EBDA (earnings before depreciation and amortization). In 2Q16, the segment alone accounted for 54% of the company’s total EBDA. The segment gathers, processes, transports, and stores natural gas, […]

    By Rekha Khandelwal, CFA
  • uploads///price range forecast
    Company & Industry Overviews

    What KMI’s Implied Volatility Tells about Its Price This Week

    Based on its closing price of $19.42 on May 25, KMI stock could trade in between $19.95 and $18.89 over the next seven days.

    By Rekha Khandelwal, CFA
  • uploads///impact of  tax cuts
    Earnings Report

    How Tax Cut Impacted Kinder Morgan’s 4Q17 Results

    The reduction of the corporate income tax rate from 35% to 21% impacted Kinder Morgan’s (KMI) results in 4Q17.

    By Rekha Khandelwal, CFA
  • uploads///distributable cash flows and capex
    Company & Industry Overviews

    Spectra Energy’s Capital Projects Should Fuel Its Dividend Growth

    Spectra Energy’s distributable cash flow for 3Q15 was $223 million, compared with $236 million in 3Q14.

    By Rekha Khandelwal, CFA
  • uploads///short int as percent of float
    Company & Industry Overviews

    Short Interest in ONEOK Has Fallen 9% since July 14

    Short interest as a percentage of float in ONEOK (OKE) stock is 3.8%. This is lower than mid-July’s reading of 4.1%.

    By Rekha Khandelwal, CFA
  • uploads///ETP has the highest leverage
    Company & Industry Overviews

    Energy Transfer Partners’ Leverage Is Improving

    Energy Transfer Partners’ (ETP) net debt-to-adjusted EBITDA stands at ~5.1x—the highest among the four MLPs that we’re discussing in this series.

    By Rekha Khandelwal, CFA
  • uploads///trgp is trading at a valuation close to peer average
    Earnings Report

    Targa Resources’ Valuation Could Indicate a Buying Opportunity

    Targa Resources (TRGP) stock has tripled in the last year, outperforming its peers in the sector. Let’s take a look at the stock’s current valuation.

    By Rekha Khandelwal, CFA
  • uploads///aldw leverage
    Company & Industry Overviews

    Is Alon USA Partners’ Leverage a Concern for Investors?

    Alon USA Partners’ net debt-to-equity ratio currently stands at 1.4x. It had total outstanding debt of $292 million at the end of 1Q16.

    By Rekha Khandelwal, CFA
  • uploads///analyst recommendations
    Earnings Report

    Three Analysts Upgraded Ferrellgas Partners in December 2016

    On December 8, RBC Capital upgraded Ferrellgas Partners from “underperform” to “sector perform.” Piper Jaffray upgraded FGP from “underweight” to “neutral.”

    By Rekha Khandelwal, CFA
  • uploads///kmi is up  percent in a year
    Company & Industry Overviews

    Will Kinder Morgan Stock Continue to Surge in 2017?

    Kinder Morgan stock has risen 44% in the past year, as compared to Enterprise Products Partners’ 32% rise and ONEOK’s 162% rise.

    By Rekha Khandelwal, CFA
  • uploads///cvrr institutional holdings
    Fund Managers

    What Do Institutional Investors Think about CVR Refining?

    Nearly 8.7% of CVR Refining’s (CVRR) floating shares are currently held by ~120 institutional investors.

    By Rekha Khandelwal, CFA
  • uploads///forward distribution yield to distribution growth
    Company & Industry Overviews

    Shell Midstream Trades at a Lower Distribution Yield than Its Peers

    Shell Midstream Partners is trading at a forward distribution yield of about 3%. Its forward yield is nearly 5 percentage points lower than its peers.

    By Rekha Khandelwal, CFA
  • uploads///analysts are bullish on TRP ENB
    Energy & Utilities

    87% of Wall Street Analysts Rate TransCanada a ‘Buy’

    Of the analysts surveyed by Reuters, ~87% rated TransCanada (TRP) a “buy” and 13% rated it a “hold.” None of the surveyed analysts rated TRP a “sell.”

    By Rekha Khandelwal, CFA
  • uploads///analyst recom
    Consumer

    How Analysts View NOV and BHGE in August

    Of the 27 analysts surveyed by Reuters covering National Oilwell Varco (NOV), one analyst rates the stock as “strong buy,” three analysts rate it as a “buy,” and 21 analysts rate it as a “hold.”

    By Rekha Khandelwal, CFA
  • uploads///hclps dcf turned positive in q
    Company & Industry Overviews

    Analyzing Frac Sand Producers’ Cash Flow Measures

    Emerge Energy Services reported negative distributable cash flow of -$4.2 million in 1Q17. Hi-Crush Partners managed to produce DCF of $0.1 million in 1Q17.

    By Rekha Khandelwal, CFA
  • uploads///paas EBITDA by segment
    Earnings Report

    Which Segment Will Drive Plains All American’s 3Q16 Earnings?

    PAA’s Transportation segment contributed ~57% to its adjusted EBITDA (earnings before interest, tax, depreciation, and amortization) in 2Q16.

    By Rekha Khandelwal, CFA
  • uploads///featured image
    Consumer

    Halliburton Beats Q3 Estimates but Falls on Lower Q4 Guidance

    Halliburton (HAL) reported its third-quarter earnings results on October 22. The company reported EPS of $0.50.

    By Rekha Khandelwal, CFA
  • uploads///natural gas pipelines volumes
    Company & Industry Overviews

    ONEOK’s Natural Gas Pipelines Segment’s Volume Growth

    ONEOK’s (OKE) natural gas transportation capacity contracted was 6,593 Mdth/d (thousand dekatherms per day) in 3Q17 up from 6,300 Mdth/d in 3Q16.

    By Rekha Khandelwal, CFA
  • uploads///pipeline image
    Earnings Report

    Plains All American’s 4Q17 Distributable Cash Flow Rose 15%

    Plains All American Pipeline (PAA) reported its 4Q17 results on February 6, 2018. The company’s DCF (distributable cash flow) for 2017 fell 7% compared to 2016, while its DCF for 4Q17 rose 15% year-over-year.

    By Rekha Khandelwal, CFA
  • uploads///corporate and investment bank segment
    Earnings Report

    JPMorgan’s Trading Revenues Fall 7% in 2Q15

    JPMorgan’s revenues from fixed income markets declined 10% year-over-year in the second quarter of 2015. The drop excludes the impacts of one-off items.

    By Rekha Khandelwal, CFA
  • uploads///broker recommendations
    Earnings Report

    Outlook for Plains All American Pipeline: 4Q15 and Beyond

    Plains All American Pipeline has revised its mid-point EBITDA guidance for full year 2015 to $2.2 billion, 3% below the $2.3 billion guidance it had previously provided.

    By Rekha Khandelwal, CFA
  • uploads///top underperformers
    Energy & Utilities

    TRGP, CQP, and NBLX: Top Midstream Gains and Losses

    Targa Resources (TRGP) was the top midstream underperformer last week. Targa Resources fell 8.0% for the week.

    By Rekha Khandelwal, CFA
  • uploads///dms ytd returns
    Company & Industry Overviews

    Why Is Dominion Midstream Underperforming the MLP Sector in 2016?

    About 64% of the analysts surveyed have rated Dominion Midstream Partners (DM) a “buy,” 27% have rated it a “hold,” and 9% of the surveyed analysts have rated DM a “sell.”

    By Rekha Khandelwal, CFA
  • uploads///institutional ownership
    Earnings Report

    ONEOK: Top Institutional Investors’ Increased Positions

    The Vanguard Group, State Street Global Advisors, and Neuberger Berman added total net 2.7 million ONEOK shares to their positions.

    By Rekha Khandelwal, CFA
  • uploads///kmi continues to trade weak
    Company & Industry Overviews

    Will Kinder Morgan Stock Continue to Trade Weak?

    Kinder Morgan is trading below its 50-day and 200-day moving average levels. The stock temporarily crossed above the 50-day moving average on September 25.

    By Rekha Khandelwal, CFA
  • uploads///SLB
    Consumer

    Schlumberger: Do Analysts Expect the Stock to Rise?

    For Schlumberger, seven analysts rated it as a “strong buy,” 15 rated it as a “buy,” 13 rated it as a “hold,” and one rated it as a “sell.”

    By Rekha Khandelwal, CFA
  • uploads///weekly crude oil prices
    Macroeconomic Analysis

    How the Rise in Brent Oil and the Fall in WTI Impact MLPs

    The NYMEX (New York Mercantile Exchange) near-month WTI (West Texas Intermediate) crude oil futures prices fell 0.9% in the week ending November 20. WTI prices closed at $40.4 per barrel on Friday.

    By Rekha Khandelwal, CFA
  • uploads///manufacturing at a glance
    Macroeconomic Analysis

    PMI Index: Component Growth Impacts Banks

    A growing economy definitely benefits the banking sector. The impact will be positive for big banks and also for regional banks.

    By Rekha Khandelwal, CFA
  • uploads///oke is up ytd
    Earnings Report

    Will ONEOK Continue to Outperform Its Peers?

    ONEOK is trading 4% above its 50-day moving average and 8% above its 200-day moving average.

    By Rekha Khandelwal, CFA
  • uploads///fractionation spread
    Macroeconomic Analysis

    How a Fall in Fractionation Spread Affected MLPs Last Week

    The Henry Hub-Mont Belvieu fractionation spread fell to $10.1 per barrel for the week ended October 16, 2015.

    By Rekha Khandelwal, CFA
  • uploads///epd is up  percent
    Earnings Report

    Will 1Q18 Earnings Support Enterprise Products Partners Stock?

    So far, Enterprise Products Partners (EPD) stock has risen ~1% in 2018. The stock has outperformed the Alerian MLP ETF (AMLP).

    By Rekha Khandelwal, CFA
  • uploads///northeast segment operating data
    Company & Industry Overviews

    Volatile Commodity Prices Hit MarkWest Energy’s Northeast Segment

    “Keep-whole” contracts are commodity-price sensitive. Under keep-whole contracts, MarkWest Energy Partners generally keeps a portion of the NGLs extracted through fractionation as payment.

    By Rekha Khandelwal, CFA
  • uploads///clmt significant yoy decline in capital spending
    Company & Industry Overviews

    CLMT Reduces Capital Spending Significantly in 2016

    For the full year 2016, Calumet Specialty Products Partners (CLMT) anticipates total capital expenditures to be $125 million–$135 million.

    By Rekha Khandelwal, CFA
  • uploads///short interest in kmi
    Company & Industry Overviews

    Short Interest in KMI: Reading the Trend

    Short interest in KMI is on the lower side of its average of ~2.5% over the past five years.

    By Rekha Khandelwal, CFA
  • uploads///broker recommendations
    Earnings Report

    EPD’s 3Q16 Results: Is a Recovery in Energy Coming Soon?

    On the current state of the energy industry, EPD’s CEO Jim Teague said, “We are optimistic that the energy industry has weathered the harshest part of this cycle.”

    By Rekha Khandelwal, CFA
  • uploads///whats ahead for oke stock
    Miscellaneous

    Here’s What’s Ahead for Oneok Stock in the Short Term

    Oneok’s (OKE) 50-day and 200-day moving averages might act as resistance and support, respectively, for the stock in the short term.

    By Rekha Khandelwal, CFA
  • uploads///adjusted revenues vs consensus estimates
    Earnings Report

    Will Enterprise Products Beat Its 3Q15 Consensus Revenue Estimates?

    EPD’s revenue estimate for 3Q15 The consensus revenue estimate for Enterprise Products Partners (EPD) for the third quarter of 2015 is $9.1 billion. EPD missed revenue estimates by 20% in the second quarter of 2015. On the other hand, peers Spectra Energy Partners (SEP) and Energy Transfer Partners (ETP) beat 2Q15 revenue estimates by 1.2% […]

    By Rekha Khandelwal, CFA
  • uploads///kmi was stable in
    Company & Industry Overviews

    Why Kinder Morgan Rose 3% Last Week

    Kinder Morgan (KMI) rose 2.9% in the week ended Monday, June 5, 2017, recovering from some of its previous losses.

    By Rekha Khandelwal, CFA
  • uploads///ebitda vs consensus estimates
    Earnings Report

    Acquired Assets Drove Holly Energy Partners’ 4Q15 Earnings Growth

    Holly Energy Partners reported its 4Q15 results on February 23, 2016. Its adjusted EBITDA for 4Q15 was $67.4 million, 28% higher than its 4Q14 EBITDA.

    By Rekha Khandelwal, CFA
  • uploads///epds growth capital projects
    Earnings Report

    What Could Drive Enterprise Products Partners’s Growth?

    EPD has $5.3 billion of projects currently under construction that are expected to be operational by the end of 2018.

    By Rekha Khandelwal, CFA
  • uploads///OKE EBITDA by segment
    Earnings Report

    How ONEOK’s Segments Are Expected to Have Performed in 3Q16

    ONEOK (OKE) operates as a pure-play general partner of ONEOK Partners (OKS). To analyze OKE’s earnings levers, we need to look at OKS’s operating segments.

    By Rekha Khandelwal, CFA
  • uploads///distribution growth
    Earnings Report

    Enterprise Products Is Expected to Increase Distributions in 2015

    Enterprise Products trades at a distribution yield of ~4.9%. One of the reasons for EPD’s relatively lower distribution yield might be its distribution coverage ratio.

    By Rekha Khandelwal, CFA
  • uploads///segmental gross margin
    Company & Industry Overviews

    How Are Midcoast Energy Partners’s Segments Performing?

    In 2Q16, the Gathering, Processing, and Transportation segment contributed more than 90% to Midcoast Energy Partners’s (MEP) gross margin.

    By Rekha Khandelwal, CFA
  • uploads///ebitda trend
    Company & Industry Overviews

    National Oilwell Varco Had Strong Earnings Growth

    Increased global drilling activity and focused cost reduction efforts contributed to National Oilwell Varco’s earnings growth in 2018.

    By Rekha Khandelwal, CFA
  • uploads///oks  guidance
    Earnings Report

    ONEOK Partners Maintains Guidance for 2016

    ONEOK Partners expects adjusted EBITDA of $1.9 billion for 2016 and DCF (distributable cash flow) of $1.4 billion for the year.

    By Rekha Khandelwal, CFA
  • uploads///institutional ownership
    Company & Industry Overviews

    What Institutional Investors’ Activity in ONEOK Indicates

    Nearly 75% of ONEOK’s (OKE) outstanding shares are currently held by more than 800 institutional investors.

    By Rekha Khandelwal, CFA
  • uploads///production volumes by project
    Company & Industry Overviews

    Midcoast Energy Partners’s Production Volumes in Focus

    So far in 2016, nearly 40% of the gross business margin of Midcoast Energy Partners (MEP) is expected to depend on contracts that have direct exposure to commodity prices.

    By Rekha Khandelwal, CFA
  • uploads///mmps ebitda by segment
    Company & Industry Overviews

    Magellan Midstream: Analyzing How Its Segments Performed

    Magellan Midstream Partners’ (MMP) Refined Products segment, which primarily transports gasoline and diesel, earned 61% of its EBITDA for 2Q17.

    By Rekha Khandelwal, CFA
  • uploads///analyst recom
    Energy & Utilities

    Three Analysts Upgraded Helmerich & Payne in September

    On September 25, B. Riley FBR raised its rating for Helmerich & Payne from “neutral” to “buy.” B. Riley FBR also raised the target price from $68 to $83.

    By Rekha Khandelwal, CFA
  • uploads///mmps ebitda by segment
    Company & Industry Overviews

    What to Make of Magellan Midstream Partners’ Segment Performances

    Magellan Midstream Partners’ (MMP) operational segments are Refined Products, Crude Oil, and Marine Storage.

    By Rekha Khandelwal, CFA
  • uploads///year to date returns
    Macroeconomic Analysis

    USA Compression Partners Beats Peers on Year-to-Date Returns

    USA Compression Partners primarily provides natural gas compression services, which are a necessary part of the natural gas production and transportation process.

    By Rekha Khandelwal, CFA
  • uploads///pbfx outperformed its peers in
    Company & Industry Overviews

    Why Andeavor Logistics Has Risen 11% in January 2018

    Andeavor Logistics (ANDX) has risen 11.0% so far in January 2018. In comparison, Phillips 66 Partners (PSXP) has risen nearly 1.0%.

    By Rekha Khandelwal, CFA
  • uploads///natural gas prices
    Macroeconomic Analysis

    How Last Week’s Rise in Natural Gas Prices Impacted MLPs

    Natural gas prices rose to close at $2.5 per MMBtu on October 9. Natural gas prices had hit a three-year low of $2.45 per MMBtu on October 2.

    By Rekha Khandelwal, CFA
  • uploads///hclps dcf and capex
    Earnings Report

    Hi-Crush Partners Plans to Resume Distributions in 2017

    For 3Q17, Hi-Crush Partners expects 14%–24% sequential growth in sand volumes sold. The company also expects frac sand prices to improve.

    By Rekha Khandelwal, CFA
  • uploads///epds ebitda by segment
    Company & Industry Overviews

    Which Segment Drives Enterprise Products Partners’ Performance?

    NGL Pipelines & Services is EPD’s largest segment. It contributed 54.0% of EPD’s EBITDA in 3Q16 and rose just 1.0% year-over-year.

    By Rekha Khandelwal, CFA
  • uploads///distributions per unit
    Company & Industry Overviews

    How CLMT’s Distributions Differ from CVRR’s and ALDW’s

    CVR Refining (CVRR) and Alon USA Partners (ALDW) have variable distribution policies.

    By Rekha Khandelwal, CFA
  • uploads///will cvrrs refining margin rise in q
    Earnings Report

    What to Expect from CVR Refining’s 4Q16 Results

    CVR Refining (CVRR) is scheduled to report its 4Q16 results on February 16, 2017. The refining MLP’s performance over the last few quarters had been severely hit by low crack spreads and high RIN costs.

    By Rekha Khandelwal, CFA
  • uploads///PAAs ebitda by segment
    Earnings Report

    How Plains All American Pipeline’s Segments Could Perform in 1Q16

    Plains All American’s Transportation segment contributed ~45% of the total adjusted EBITDA in 4Q15, which was low due to the lower average price per barrel.

    By Rekha Khandelwal, CFA
  • uploads///system map
    Company & Industry Overviews

    Tallgrass Energy Expects 17% Earnings Growth in 2018

    Tallgrass Energy’s Natural Gas Transportation segment contributed slightly more than half of the company’s first-quarter EBITDA.

    By Rekha Khandelwal, CFA
  • uploads///natural gas prices
    Macroeconomic Analysis

    Natural Gas Prices Dipped Last Week: Impact on MLPs

    NYMEX (New York Mercantile Exchange) near-month Henry Hub natural gas futures contracts fell last week compared to the previous week.

    By Rekha Khandelwal, CFA
  • uploads///shlxs cash available for distribution and capex
    Company & Industry Overviews

    Dropdowns Fuel Shell Midstream Partners’ Distribution Growth

    Shell Midstream Partners declared a quarterly distribution of $0.22 per limited partner unit for 4Q15—an increase of 7.3% over last quarter’s distribution.

    By Rekha Khandelwal, CFA
  • uploads///distributions declared to oke
    Company & Industry Overviews

    How Does ONEOK Partners’s Growth Benefit ONEOK?

    At the current ownership level, nearly 70% of every incremental ONEOK Partners (OKS) adjusted EBITDA dollar flows to ONEOK (OKE) as ONEOK Partners distributions.

    By Rekha Khandelwal, CFA
  • uploads///paa historical growth capital investment
    Company & Industry Overviews

    Inside Plains All American’s Growth Capital Investments

    Growth capital Plains All American Pipeline (PAA) plans to spend $ 1.5 billion on growth capital projects in 2016. The company’s pipelines have increased from nearly 16,000 miles in 2009 to more than 18,000 miles in 2015. The above graph shows the historical growth capital investments in the company’s Transportation segment. The segment’s 1Q16 profit […]

    By Rekha Khandelwal, CFA
  • uploads///kmi leverage
    Earnings Report

    Kinder Morgan’s Net Debt Rises $330 Million in 1Q18

    Kinder Morgan’s (KMI) net debt was ~$37.0 billion at the end of 1Q18, $331 million higher than at the end of 2017.

    By Rekha Khandelwal, CFA
  • uploads///forward ev to ebitda multiples
    Company & Industry Overviews

    What Does Energy Transfer Partners’ Valuation Indicate?

    Magellan Midstream Partners has the highest EV-to-EBITDA ratio among the MLPs under consideration.

    By Rekha Khandelwal, CFA
  • uploads///forward ev to ebitda
    Company & Industry Overviews

    Why Halliburton’s Valuation Looks Attractive

    Halliburton (HAL) is trading at a forward EV-to-EBITDA multiple of ~8.6x—lower than Schlumberger and Baker Hughes’s forward EV-to-EBITDA multiples.

    By Rekha Khandelwal, CFA
  • uploads///revenue growth
    Company & Industry Overviews

    Visa Offers Consistent Revenue Growth

    Visa (V) has recorded consistent revenue growth over the last few quarters.

    By Rekha Khandelwal, CFA
  • uploads///crude oil demand and supply
    Energy & Utilities

    What Might Cap Rising Crude Oil Prices?

    The US crude oil (USO) supply includes domestic production and imports. The supply gets consumed as inputs to refineries and exports.

    By Rekha Khandelwal, CFA
  • uploads///analyst recom
    Consumer

    Schlumberger: Analysts Cut the Target Price

    On January 10, Jefferies cut its target price for Schlumberger from $54 to $47. Morgan Stanley cut its target price for the stock from $50 to $45.

    By Rekha Khandelwal, CFA
  • uploads///natural gas price
    Miscellaneous

    What Does Rising Natural Gas Production Mean for Energy MLPs?

    According to the US EIA (Energy Information Administration), US natural gas production averaged 73.6 Bcf/d (billion cubic feet per day) in 2017.

    By Rekha Khandelwal, CFA
  • uploads///forward ev to ebitda
    Company & Industry Overviews

    What Does Kinder Morgan’s Valuation Indicate?

    Kinder Morgan (KMI) is currently trading at a forward EV-to-EBITDA multiple of nearly 12.0x.

    By Rekha Khandelwal, CFA
  • uploads///us gasoline fundamentals remain strong
    Macroeconomic Analysis

    Will US Gasoline Demand Favor Alon USA Partners?

    Refining MLPs such as Alon USA Partners (ALDW) and CVR Refining (CVRR) should benefit if gasoline demand remains strong.

    By Rekha Khandelwal, CFA
  • uploads///tllp price targets
    Company & Industry Overviews

    Should You Include Tesoro Logistics in Your Portfolio?

    Of the analysts surveyed by Bloomberg, 80% rated Tesoro Logistics as a “buy,” and 20% rated it as a “hold.” No analysts rated it as a “sell.”

    By Rekha Khandelwal, CFA
  • uploads///coffeyville refinery
    Company & Industry Overviews

    How Do CVR Refining’s Operational Metrics Look?

    CVR Refining’s (CVRR) Coffeyville and Wynnewood refineries saw a decline in refining margins in 3Q16 compared to the corresponding quarter last year.

    By Rekha Khandelwal, CFA
  • uploads///epds short interest
    Company & Industry Overviews

    What Short Interest in Enterprise Products Partners Stock Means

    Low short interest in EPD stock most likely indicates that not many investors expect its price to fall further in the near future.

    By Rekha Khandelwal, CFA
  • uploads///price to book ratios relative to roe
    Earnings Report

    Major Litigations End, but Bank of America Faces New Challenge

    In March, the Fed issued a conditional non-objection to Bank of America’s capital plan. It must resubmit its plan and address certain weaknesses.

    By Rekha Khandelwal, CFA
  • uploads///forward ev to ebitda multiples
    Company & Industry Overviews

    ETE, EPD, KMI, and WMB: What the Current Valuations Indicate

    Kinder Morgan (KMI) is currently trading at a forward EV-to-EBITDA multiple of nearly 11.4x. This is much lower than its five-year average multiple of nearly 17.4x.

    By Rekha Khandelwal, CFA
  • uploads///debt to ebitda ratio
    Company & Industry Overviews

    What Does ONEOK’s Leverage Indicate?

    For 2016, ONEOK’s (OKE) consolidated debt-to-EBITDA ratio was 5.1x. The company expects the ratio to fall to 4.7x for 2017.

    By Rekha Khandelwal, CFA
  • uploads///institutional ownership
    Fund Managers

    Are Institutional Investors Bullish on HCLP and EMES?

    Recently, Morgan Stanley Investment Management, Goldman Sachs, and Bank of America Merrill Lynch bought Emerge Energy Services (EMES) shares totaling nearly 2 million.

    By Rekha Khandelwal, CFA
  • uploads///pipeline image
    Company & Industry Overviews

    Enterprise Products Has Outperformed Its Peers in 2018

    So far, Enterprise Products Partners (EPD) has risen ~9% in 2018. The company has outperformed its peers in the midstream sector.

    By Rekha Khandelwal, CFA
  • uploads/// percent analysts rated etp as buy
    Miscellaneous

    Why Analysts Are Bullish on Energy Transfer Partners

    Of the analysts surveyed by Reuters, 86% rated Energy Transfer Partners (ETP) as a “buy, ” and the remaining 24% rated it as a “hold.”

    By Rekha Khandelwal, CFA
  • uploads///capacity utilization
    Macroeconomic Analysis

    Industrial Capacity Use Slips Again: Will It Hurt US Banks?

    A rise in capacity use indicates higher demand for goods, and has been historically associated with higher inflation.

    By Rekha Khandelwal, CFA
  • uploads///weekly crude oil prices
    Macroeconomic Analysis

    WTI Fell 3%, Closing Below Brent: The Impact on MLPs

    NYMEX near-month WTI crude oil futures prices fell 2.8% in the week ended January 1, 2016. WTI crude oil prices closed at $37.04 per barrel on January 1.

    By Rekha Khandelwal, CFA
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    Company & Industry Overviews

    More than 70% of the Analysts Rate ONEOK as a ‘Hold’

    Of the analysts surveyed by Reuters, 71% rated ONEOK (OKE) as a “hold.” Nearly 23% rated ONEOK as a “buy,” while 6% rated it as a “sell.”

    By Rekha Khandelwal, CFA
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    Company & Industry Overviews

    HCLP and EMES: Frac Sand MLPs Fell More than 40% in 2017

    Frac-sand MLPs Emerge Energy Services (EMES) and Hi-Crush Partners (HCLP) are down more than 40% so far in 2017. In comparison, Fairmount Santrol Holdings (FMSA) is down 55% and U.S. Silica Holdings (SLCA) is down 39%.

    By Rekha Khandelwal, CFA
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    Company & Industry Overviews

    TransCanada, Enbridge: Capital Projects Should Drive Growth

    TransCanada’s (TRP) Leach XPress project was placed in service on January 1. On January 2, the company announced that the FERC (Federal Energy Regulatory Commission) had issued a “public convenience and necessity” certificate…

    By Rekha Khandelwal, CFA
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    Basic Materials

    What Drove CVR Energy and CVR Refining’s Q2 2018 Results?

    CVR Energy (CVI) and its subsidiary CVR Refining (CVRR) reported their second-quarter results on July 25 after the markets closed.

    By Rekha Khandelwal, CFA
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    Company & Industry Overviews

    What Does Institutional Investor Activity in TEP Indicate?

    Tortoise Capital Advisors, Alps Advisors, and Salient Capital Advisors are the top three institutional investors in Tallgrass Energy Partners (TEP).

    By Rekha Khandelwal, CFA
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    Company & Industry Overviews

    Are Rising Treasury Yields behind the Higher MLP Yields?

    The Alerian MLP Index is trading at a yield of ~7.9%, which is ~5% higher than US ten-year Treasury yields.

    By Rekha Khandelwal, CFA
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    Energy & Utilities

    Must-Know: World’s Top Oil Companies by Production

    The US, Saudi Arabia, and Russia are the world’s top three crude oil producers. Let’s take a look at the world’s top oil players by production volumes.

    By Rekha Khandelwal, CFA
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    Consumer

    Schlumberger’s Q1 Earnings Are Expected to Fall 21%

    Schlumberger (SLB) is scheduled to report its first-quarter earnings on April 18. Analysts’ consensus EPS estimate is $0.3 per share.

    By Rekha Khandelwal, CFA
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    Miscellaneous

    Understanding Kinder Morgan’s Gains Last Week

    Kinder Morgan (KMI) gained 1.8% last week (ended April 28, 2017), after falling 5.2% the previous week (ended April 21).

    By Rekha Khandelwal, CFA
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    Company & Industry Overviews

    US Banking Sector: Key Trends and Outlook

    Changes in technology have reshaped the banking sector. Banks are increasingly collaborating with fintech firms to improve their customer service.

    By Rekha Khandelwal, CFA
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    Company & Industry Overviews

    An Overview of US LNG Production and Exports

    Investors may be seeing a lot of reports about rising US LNG (liquefied natural gas) exports. Let’s review the basics of LNG.

    By Rekha Khandelwal, CFA
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