Alon USA Partners LP

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  • uploads///Loss
    Basic Materials

    CVR Partners: Top MLP Loser in the Week Ending January 26

    CVR Partners, the MLP involved in nitrogen fertilizer production, was the top MLP loser in the week ending January 26. The partnership fell 7.1% last week.

    By Kurt Gallon
  • uploads///val
    Company & Industry Overviews

    How Do These MLPs Look in 2018?

    MLPs had a strong start to the new year. The Alerian MLP Index rose 5% in the first week of 2018.

    By Kurt Gallon
  • uploads///Top gainers
    Basic Materials

    The Top MLP Winners of 2017

    The top three MLP gainers in 2017 were downstream MLPs Calumet Specialty Products Partners (CLMT), Alon USA Partners (ALDW), and CVR Refining (CVRR).

    By Kurt Gallon
  • uploads///UP
    Energy & Utilities

    These 10 MLPs Offer a Maximum Upside from Current Levels

    So far in 2017, most MLPs are trading in negative territory despite strong crude oil prices. The Alerian MLP ETF (AMLP), which comprises 25 energy MLPs, has lost 16.3% year-to-date.

    By Kurt Gallon
  • uploads///Gains
    Energy & Utilities

    Why Only 9 MLPs Ended in the Green Last Week

    Alon USA Partners (ALDW), a downstream MLP involved in crude oil refining and refined products marketing, was the top MLP gainer last week.

    By Kurt Gallon
  • uploads///aldw outperformed peers
    Company & Industry Overviews

    Alon USA Partners Is the Third Top MLP Gainer This Year

    Acquisition by Delek Alon USA Partners (ALDW), the MLP formed by Alon USA Energy, stands third among top MLP gainers in 2017. ALDW has risen more than 40% year-to-date. Delek US Holdings (DK) completed the acquisition of Alon USA Energy in July 2017. On November 8, 2017, Delek announced the acquisition of all outstanding Alon […]

    By Rekha Khandelwal, CFA
  • uploads///Gains
    Energy & Utilities

    Top MLP Gainers for Week Ended November 10

    CSI Compressco (CCLP), a midstream MLP involved mainly in natural gas compression, was the biggest MLP gainer last week, which ended November 10, 2017.

    By Kurt Gallon
  • uploads///aldw outperformed amlp
    Company & Industry Overviews

    Delek US Holdings to Acquire Alon USA Partners in All-Stock Deal

    On November 8, 2017, Alon USA Partners (ALDW) announced a merger agreement with Delek US Holdings (DK) in which Delek will acquire all the ALDW shares it doesn’t already own.

    By Rekha Khandelwal, CFA
  • uploads///Gains
    Energy & Utilities

    EV Energy Partners Was the Top MLP Gainer Last Week

    EV Energy Partners (EVEP), Mid-Con Energy Partners MCEP), and Legacy Reserves (LGCY) led the MLP top gainers last week ending November 3.

    By Kurt Gallon
  • uploads///Gains
    Basic Materials

    Last Week’s Top MLP Gainers

    CVR Partners (UAN), the MLP mainly involved in the production of nitrogen fertilizers, was the top MLP gainer last week. CVR Partners rose 7.7%.

    By Kurt Gallon
  • uploads///sphs quarterly dist performance
    Company & Industry Overviews

    Can Suburban Propane Partners Grow in the Long Term?

    Suburban Propane Partners (SPH) distributes propane, fuel oil, and refined fuels.

    By Rekha Khandelwal, CFA
  • uploads///Loss
    Energy & Utilities

    Leading MLP Losers in Week Ended September 8

    USD Partners (USDP), which owns, acquires, and develops crude oil by rail terminals, was the top MLP loser last week. It fell 17.4%.

    By Kurt Gallon
  • uploads///Gains
    Energy & Utilities

    Downstream MLPs among Top MLP Gainers Last Week

    US downstream MLPs, including Calumet Specialty Products Partners (CLMT), Alon USA Partners (ALDW), and CVR Refining (CVRR), were among the top five MLP gainers last week.

    By Kurt Gallon
  • uploads///Loss
    Basic Materials

    These MLPs Fell More Than 7% Last Week

    EV Energy Partners (EVEP) was the worst-performing MLP last week. It fell a massive 20.9% during the week.

    By Kurt Gallon
  • uploads///p
    Energy & Utilities

    These Energy Stocks Rose the Most Last Week

    Oil field services stock CARBO Ceramics (CRR) was the biggest gainer among the energy sector stocks last week.

    By Rabindra Samanta
  • uploads///refining margins
    Earnings Report

    CVR Refining Fell 15% after 2Q17 Results, Refining Margin Hit

    Refining MLP CVR Refining (CVRR) reported its 2Q17 results on July 27. CVRR’s total crude oil throughput barrels per day increased to 213,841 in 2Q17 from 202,536 in 2Q16.

    By Rekha Khandelwal, CFA
  • uploads///refining mlps price performance
    Earnings Report

    Why CLMT and ALDW Have Risen despite Sector Weakness

    Price performance Shares of Calumet Specialty Products Partners (CLMT) and Alon USA Partners (ALDW) have risen nearly 5% year-to-date. In comparison, the Alerian MLP ETF (AMLP) has fallen 5% and the Energy Select Sector SPDR ETF (XLE), which represents the broader energy sector, has fallen 13%. CVR Refining (CVRR) has fallen 6% year-to-date. As the […]

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

    ALDW and CLMT Are Expected to Report Higher 2Q17 Earnings

    Refining MLPs Alon USA Partners (ALDW) and CVR Refining (CVRR) are both scheduled to report their 2Q17 earnings on July 27, 2017. Calumet Specialty Products Partners (CLMT) is scheduled to report its 2Q17 earnings on August 4.

    By Rekha Khandelwal, CFA
  • Miscellaneous

    ALDW, DKL, HCLP: Last Week’s Key MLP Rating Updates

    On July 5, 2017, Barclays reinstated an “equal weight” rating for Alon USA Partners (ALDW).

    By Rekha Khandelwal, CFA
  • uploads///top gainers
    Miscellaneous

    A Look at the Top-Performing MLPs in May 2017

    Alon USA Partners (ALDW), a downstream MLP involved in crude oil refining, was the best-performing MLP in May.

    By Kurt Gallon
  • uploads///performance by subgroup
    Miscellaneous

    Which MLP Subgroups Were the Biggest Losers during May 2017?

    Marine transportation MLPs fell ~13.5% during May 2017.

    By Kurt Gallon
  • uploads///image
    Miscellaneous

    Why Alon USA Partners Is Back on the High Volatility List

    On February 23, 2017, Alon USA Partners had the highest implied volatility among the integrated energy and refining companies under review in this series.

    By Rabindra Samanta
  • uploads///analyst recom
    Miscellaneous

    Will CVR Refining Pay Distributions in 2017?

    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.”

    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///top mlp loser
    Macroeconomic Analysis

    Which MLP Stocks Were the Biggest Losers of 2016?

    Memorial Production Partners (MEMP), an upstream MLP, was the top MLP loser in 2016. The partnership is set to announce bankruptcy very soon.

    By Kurt Gallon
  • uploads///Natural Resource MLPs
    Macroeconomic Analysis

    Why Midstream Companies Continue to Dominate the MLP Sector

    The fixed-fee-based revenue generated under long-term contracts protects MLPs from volatility in commodity prices, resulting in stable cash flow.

    By Kurt Gallon
  • 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///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///aldws big spring refinerys key metrics
    Company & Industry Overviews

    Which Product Generates the Highest Margin for ALDW?

    Gasoline generates the highest refining operating margin per barrel for Alon USA Partners (ALDW) followed by diesel.

    By Rekha Khandelwal, CFA
  • uploads///refining mlps surged after trump win
    Company & Industry Overviews

    Refining MLPs Surge after Trump’s Victory: Which One Looks Best?

    Alon USA Partners (ALDW), CVR Refining (CVRR), and Calumet Specialty Products Partners (CLMT) have surged 17%, 22%, and 31%, respectively, since the start of November 2016.

    By Rekha Khandelwal, CFA
  • uploads///IV Integrated
    Miscellaneous

    Integrated Energy and Refiner Stocks with High Implied Volatility

    As of November 8, 2016, Alon USA Partners (ALDW) had the highest implied volatility among the integrated energy and refining companies in this series.

    By Rabindra Samanta
  • uploads///percent gain on nov
    Miscellaneous

    Why These 3 MLPs Could Benefit Most from Trump’s Presidency

    Donald Trump plans to reduce and eliminate barriers to US energy production. He would like to remove environmental blocks to pipeline projects such as TransCanada’s (TRP) Keystone.

    By Rekha Khandelwal, CFA
  • uploads///IV
    Miscellaneous

    Why Is the Crack Spread Fueling Volatility in Refining Stocks?

    As of October 6, 2016, Calumet Specialty Products Partners had the highest implied volatility among our list of integrated energy and refining companies.

    By Rabindra Samanta
  • uploads///cvrr rose  percent on sep
    Energy & Utilities

    Why CVR Rose 24% and Alon USA Fell 22% on September 16

    On September 16, CVR Refining (CVRR) closed 24% higher than its previous close. On the other hand, Alon USA Partners (ALDW) fell 22% the same day.

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

    What Will Drive Calumet Specialty’s Stock after Its 2Q16 Results?

    Of the analysts surveyed by Bloomberg, 73% rated Calumet Specialty Products Partners (CLMT) as a “hold” and 27% rated it as a “sell.” None of the surveyed analysts rated it as a “buy.”

    By Rekha Khandelwal, CFA
  • uploads///clmt underperformed peers in
    Earnings Report

    Why Calumet Specialty Has Underperformed Its Peers in 2016

    Refining MLPs generated positive returns in 2015 when the broader energy sector was in the red.

    By Rekha Khandelwal, CFA
  • uploads///gulf coast  crack spread
    Earnings Report

    How a Fall in Crack Spreads Impacted Calumet Specialty

    How do crack spreads impact refining MLPs? The average Gulf Coast 3-2-1 crack spread in 2Q16 was $11.30 per barrel. This is higher compared to an average of $8.90 per barrel in 1Q16 and $9.30 per barrel in 4Q15. The spread in 2Q16 was, however, lower compared to that in 2Q15. The average spread was $15.00 […]

    By Rekha Khandelwal, CFA
  • uploads///returns
    Energy & Utilities

    Returns of Energy Companies with High Implied Volatility

    Calumet Specialty Products Partners (CLMT) has the highest implied volatility figure among all of the integrated energy companies and refiners, as of July 28, 2016. Its stock has fallen 75.9% on a YTD (year-to-date) basis.

    By Rabindra Samanta
  • uploads///IV
    Energy & Utilities

    Integrated Energy Companies and Refiners with High Volatility

    As of July 28, 2016, Calumet Specialty Products Partners (CLMT) has the highest implied volatility among integrated energy companies and refiners. Its implied volatility is 72.23%.

    By Rabindra Samanta
  • uploads///aldw wti and crack spread
    Company & Industry Overviews

    What Will Drive Alon USA Partners’ Stock in the Future?

    Alon USA Partners (ALDW) has had a correlation of 0.16 with the Gulf Coast 3-2-1 crack spread over the last year.

    By Rekha Khandelwal, CFA
  • uploads///aldws stock price and SI as percent of float
    Company & Industry Overviews

    What Does Alon USA Partners’ Short Interest Indicate?

    Alon USA Partners’ short interest as a percentage of its float is 7.2% compared to the average of 2.6% for all Alerian MLP Index members.

    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///aldws cash available for distribution
    Company & Industry Overviews

    What Does ALDW’s Cash Available for Distribution Indicate?

    Alon USA Partners’ (ALDW) capital expenditures in 1Q16 were $8.1 million compared to $2.3 million in 1Q15.

    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///gulf coast  crack spread
    Energy & Utilities

    How a Fall in the Crack Spread Impacted Alon USA Partners

    The Gulf Coast 3-2-1 crack spread was $10.3 per barrel on July 11, 2016. The average spread in 2Q16 was $11.3 per barrel.

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

    What Does Calumet’s Current Valuation Indicate?

    Currently, Calumet Specialty Products Partners (CLMT) is trading at a forward distribution yield of 0%. Its five-year average distribution yield is 11.5%.

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

    Calumet’s High Leverage: A Key Concern for Investors

    Currently, Calumet Specialty Products Partners’ (CLMT) net debt-to-equity ratio stands at an alarmingly high level of 4.1x.

    By Rekha Khandelwal, CFA
  • uploads///cvrr wti and crack spread
    Company & Industry Overviews

    What Will Drive CVR Refining’s Stock Price in the Future?

    CVR Refining (CVRR) had a correlation of 0.28 with the Gulf Coast 3-2-1 crack spread over the last one-year period.

    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

    CVR Refining’s Yield Is Higher than Peer Average

    CVR Refining (CVRR) trades at a forward distribution yield of ~18%. This is higher than the average 4.5% yield of its peers.

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

    What Does CVR Refining’s Current Valuation Indicate?

    CVR Refining (CVRR) is currently trading at a forward distribution yield of ~18%. This is higher than its five-year average distribution yield of 11.5%.

    By Rekha Khandelwal, CFA
  • uploads///refining mlps underperformed energy sector ytd
    Miscellaneous

    Why Half of Surveyed Analysts Rate CVR Refining a ‘Hold’

    CVR Refining (CVRR) has generated total returns, including dividends, of -55% so far in 2016.

    By Rekha Khandelwal, CFA
  • uploads///gulf coast  crack spread
    Macroeconomic Analysis

    How a Fall in Crack Spreads Is Hurting Refining MLPs

    The Gulf Coast 3-2-1 crack spread was $10.4 per barrel on June 16, 2016.

    By Rekha Khandelwal, CFA
  • uploads///cfctc
    Macroeconomic Analysis

    Crude Oil Futures Contracts’ Open Interest Is near Record Highs

    On February 19, 2016, the CFTC released its weekly Commitment of Traders report. US crude oil futures contracts’ open interest is close to record highs.

    By Gordon Kristopher
  • uploads///US crude oil import
    Macroeconomic Analysis

    US Crude Oil Imports Led to a Record Rise in Crude Oil Stocks

    On February 18, 2016, the EIA reported that US crude oil imports rose by 0.8 MMbpd to 7.9 MMbpd for the week ending February 12, 2016.

    By Gordon Kristopher
  • uploads///clmts one year returns
    Earnings Report

    Why Calumet Specialty Products Partners Has Fallen 38% in 2016

    Calumet Specialty Products Partners (CLMT) has fallen 38% so far in 2016. It has generated total returns of -46% over the last year.

    By Rekha Khandelwal, CFA
  • uploads///WTI and brent crude oil lastest
    Macroeconomic Analysis

    Why Is Brent-WTI Crude Oil Spread Widening in 2016?

    US crude oil production has not slowed down in 2016 as expected, so prices started to fall more than expected in 2016. The Brent-WTI spread widened in February.

    By Gordon Kristopher
  • uploads///Crude oil stocks
    Macroeconomic Analysis

    Gulf Coast Crude Oil Inventory Hit New Highs, Drove Storage Costs

    The current Gulf Coast crude oil inventory is at 252.9 MMbbls (million barrels) for the week ending January 29, 2016. It’s the highest level since 1990.

    By Gordon Kristopher
  • uploads///US crude oil import
    Macroeconomic Analysis

    US Crude Imports Pile Worries on Inventories

    The record US crude oil imports are due to the low price of crude but also to the ties between large independent US refiners and Middle Eastern producers.

    By Gordon Kristopher
  • uploads///U
    Company & Industry Overviews

    What Does the Decline in Distillate Inventories Mean?

    On January 27, 2016, the EIA stated that US distillate fuel inventories fell by ~4.0 MMbbls (million barrels) to settle at 160.5 MMbbls for the week ended January 22, 2016.

    By Manu Milan
  • uploads///OPEC production
    Macroeconomic Analysis

    Why OPEC Is Increasing Crude Oil Production

    Data compiled by Bloomberg suggest that OPEC’s (Organization of the Petroleum Exporting Countries) monthly crude oil production increased by 18,000 bpd (barrels per day) to 32.1 MMbpd (million barrels per day) in December 2015.

    By Gordon Kristopher
  • uploads///NYMEX Front Month    Crack Spread
    Macroeconomic Analysis

    Crack Spread Fell despite Lower Crude Oil Prices

    The NYMEX front month 3:2:1 crack spread fell by 3.1% on a weekly basis. It fell from $12.82 per barrel on January 18 to $12.43 per barrel on January 25, 2016.

    By Manu Milan
  • uploads///crude oil prices
    Macroeconomic Analysis

    WTI and Brent Crude Oil Prices in 2015, Lowest since 2009

    US benchmark WTI crude oil prices averaged at $49 per barrel in 2015. WTI and Brent crude oil prices closed below $40 per barrel in 2015.

    By Gordon Kristopher
  • uploads///US distillate and gasoline inventory
    Macroeconomic Analysis

    Will the Gasoline and Distillate Inventory Pressure Crude Oil Prices?

    The API (American Petroleum Institute) published its weekly crude oil, gasoline, and distillate inventory report on January 12, 2016.

    By Gordon Kristopher
  • uploads///US distillate and gasoline inventory
    Macroeconomic Analysis

    Gasoline and Distillate Inventory Estimates Imply Market Carnage

    Let’s discuss gasoline and distillate inventory estimates. Surveys estimate gasoline and distillate stocks to rise by 2 MMbbls for the week ending January 1.

    By Gordon Kristopher
  • uploads///CLMTs distribution per unit
    Earnings Report

    Why Calumet Specialty Products Partners’ Distributions Are Flat

    On October 23, 2015, Calumet Specialty Products Partners declared a quarterly distribution of $0.69 per unit.

    By Rekha Khandelwal, CFA
  • uploads///US crude oil production
    Macroeconomic Analysis

    Slowing US Crude Oil Output Could Impact US Refiners

    US crude oil production fell for the eighth time in the last ten weeks. Crude oil prices rose almost 10% during the second week of October.

    By Gordon Kristopher
  • Energy & Utilities

    Seth Klarman’s Baupost Group raises its stake in PBF Energy

    The Baupost Group raised its stake in PBF Energy Inc. (PBF) by 1,021,466 shares to own 1,976,606 shares at the end of the fourth quarter.

    By Samantha Nielson
  • Healthcare

    The Baupost Group ups its stake in Idenix Pharmaceuticals

    Idenix Pharmaceuticals (IDIX) accounted for a 6.25% position in Baupost’s fourth quarter portfolio. The hedge fund increased its stock holdings in Idenix last month.

    By Samantha Nielson
  • Energy & Utilities

    Seth Klarman’s Baupost Group buys stake in Kindred Biosciences

    The Baupost Group opened a new position in animal health company Kindred Biosciences Inc. (KIN) that accounts for 0.92% of the fund’s $3.5 billion portfolio.

    By Samantha Nielson
  • Energy & Utilities

    The Baupost Group buys a small position in Alon USA Partners

    The Baupost Group added a small stake in Alon USA Partners LP (ALDW) that accounted for 0.16% of the fund’s total portfolio.

    By Samantha Nielson
  • Energy & Utilities

    The Baupost Group’s 4Q13 positions: An investor’s must-know guide

    Seth Klarman’s Baupost Group, LLC was ranked the fourth best-performing hedge fund manager of all time for generating $21.5 billion in returns over its history.

    By Samantha Nielson
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