DCP Midstream LP

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  • uploads///MLP
    Energy & Utilities

    Looking at Energy MLPs with Strong Growth Prospects

    The market sees energy MLPs as defensives due to their relatively higher yields. We’ll look at the energy MLPs with solid yields and robust capital gains.

    By Vineet Kulkarni
  • uploads///ENBL
    Company & Industry Overviews

    Enable Midstream Partners Offers a Solid Total Return Potential

    Enable Midstream Partners (ENBL) has a potential upside of 24% based on its median target price of $16.91.

    By Vineet Kulkarni
  • uploads///analyst rating
    Energy & Utilities

    AM, DCP, TCP, ET: Last Week’s Key Rating Updates

    Antero Midstream (AM), which started trading as a corporation on March 13, has a price target of $17 from Capital One Securities.

    By Rekha Khandelwal, CFA
  • uploads///gainers and losers
    Company & Industry Overviews

    Here Are Last Week’s Top MLP and Midstream Gainers and Losers

    DCP Midstream (DCP), TC PipeLines (TCP), and Summit Midstream Partners (SMLP) were among the biggest MLP gainers in the last week.

    By Rekha Khandelwal, CFA
  • uploads///capital exp
    Company & Industry Overviews

    Kinder Morgan Expects Higher Capital Spending in 2019

    Kinder Morgan (KMI) spent $2.3 billion on growth projects in 2018. The company expects to spend $3.1 billion on capital projects in 2019.

    By Rekha Khandelwal, CFA
  • uploads///analysts ratings
    Energy & Utilities

    Key MLP and Midstream Rating Updates Last Week

    On January 16, Barclays raised its rating for Williams Companies (WMB) from “equal weight” to “overweight.”

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

    DCP Midstream Stock: Analysts’ Recommendations

    DCP Midstream (DCP) has a median target price of $44.21—compared to its current market price of $32.40.

    By Vineet Kulkarni
  • uploads///ENLC analyst recom
    Energy & Utilities

    ENLC and ENLK: Last Week’s Analyst Rating Updates

    On October 23, Raymond James cut its rating for EnLink Midstream Partners (ENLK) from “outperform” to “market perform.”

    By Rekha Khandelwal, CFA
  • uploads///capital exp
    Earnings Report

    How Are Kinder Morgan’s Capital Projects Progressing?

    Kinder Morgan expects its 2018 budgeted distributable cash flow to be impacted due to the delayed Elba Liquefaction project.

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

    Which MLPs Gained the Most Last Week?

    Last week, Noble Midstream Partners, Western Gas Equity Partners, and DCP Midstream Partners were among the top MLP gainers.

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

    Can Crestwood Equity Partners Gain Upward Momentum from Here?

    Crestwood Equity Partners (CEQP) was trading 4.0% above its 50-day SMA (simple moving average) and 22.0% above its 200-day SMA on July 13.

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

    What Wall Street Analysts Recommend for EnLink Midstream

    A total of 63.0% of analysts surveyed by Reuters have rated EnLink Midstream Partners (ENLK) as a “buy” as of June 28.

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

    Top MLP Losses in the Week Ending June 15

    Sprague Resources (SRLP) was the top MLP loss in the week ending June 15. Sprague Resources fell 8.9% last week.

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

    DCP Midstream Would Benefit from Higher Crude Oil Prices

    DCP Midstream (DCP) is ranked seventh in terms of its correlation with crude oil. The one-year correlation was 0.33 as of May 6.

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

    OKE Saw Most Buying by Institutional Investors among Peers

    Capital Research Global Investors added a major position in ONEOK (OKE) during the first quarter.

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

    WES, DCP, OKE, TRGP: What Current Valuations Indicate

    OKE has the highest forward EV-to-EBITDA multiple of 14.7x among the selected peers.

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

    Why OKE Has the Lowest Distribution Yield among Peers

    ONEOK has the lowest distribution yield of 4.8% among selected peers, which could be attributed to the partnership’s strong distribution growth guidance supported by its strong earnings growth potential and impressive distribution coverage.

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

    WES Increased 2018 Capital Guidance, DCP Announced New Projects

    In this article, we’ll look at the 2018 capital spending plans of the four selected peers.

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

    DCP, TRGP, WES, and OKE: How Do Throughput Volumes Stack Up?

    The Permian region, which is currently the most prolific basin in the US, continues to experience strong drilling activity.

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

    WES, DCP, OKE, and TRGP: Comparing Q1 Operating Performances

    OKE’s strong earnings growth in the first quarter was mainly due to strong throughput volume growth across its Natural Gas Gathering & Processing and Natural Gas Liquids segments.

    By Kurt Gallon
  • uploads///analyst recom
    Earnings Report

    Wall Street Analysts See a 30% Upside for Kinder Morgan

    On April 17, 2018, Barclays cut its target price for Kinder Morgan (KMI) from $23 to $20.

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

    Wall Street Analyst Ratings: TRGP’s ‘Buys’ and OKE ‘Holds’

    Targa Resources (TRGP) has the most “buy” among the four peers we’re analyzing in this series.

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

    Why OKE Has the Lowest Distribution Yield among Its Peers

    MLPs’ distribution yield has risen recently due to the massive correction, and the peers we’re analyzing in this series are no different.

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

    WES, OKE, DCP, TRGP: Comparing Leverage Positions

    All four of the peers we’re analyzing in this series—DCP Midstream (DCP), Western Gas Partners (WES), OKEOK (OKE), and Targa Resource Corporation (TRGP)—have leverage ratios within or below the industry standard.

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

    DCP, TRGP, WES, and OKE’s Strong Presence in the Permian

    The Permian region, which is currently the United States’ most prolific basin, continues to experience strong drilling activity.

    By Kurt Gallon
  • uploads///ebitda growth guidance
    Company & Industry Overviews

    ONEOK Saw the Highest Earnings Growth Guidance among Peers

    In the previous part of this series, we looked at the recent operating performance for the four peers we’re analyzing: DCP Midstream (DCP), ONEOK (OKE), Targa Resources (TRGP), and Western Gas Partners (WES).

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

    WES, DCP, OKE, and TRGP: Comparing 4Q17 Operating Performance

    ONEOK (OKE) posted the highest YoY EBITDA growth in the fourth quarter among the four peers we’re analyzing in this series.

    By Kurt Gallon
  • uploads///Value chain
    Company & Industry Overviews

    Who’s Protected from FERC’s Revised Income Tax Policy?

    Midstream companies such as Kinder Morgan (KMI), Targa Resource (TRGP), and ONEOK (OKE) are taxed as C-corps, so the revised policy doesn’t apply to them.

    By Kurt Gallon
  • uploads///Gains
    Basic Materials

    Top MLP Gainers in the Week Ending March 2

    In the week ending March 2, 2018, Legacy Reserves (LGCY) was the top MLP gainer for the second consecutive week.

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

    EnLink Midstream’s Crude Oil Exposure Is Expected to Increase

    EnLink Midstream, the general partner of EnLink Midstream Partners (ENLK), ranks fifth among midstream companies in terms of the correlation with crude oil.

    By Kurt Gallon
  • uploads///kmi rose last week
    Company & Industry Overviews

    Kinder Morgan Moves Ahead with the Gulf Coast Express Pipeline

    Kinder Morgan rose 0.7% last week. The stock rose 1.7% on Thursday—the day that the FID on the Gulf Coast Express Pipeline project was announced.

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

    What’s EPD’s Correlation with Natural Gas?

    In this article, we’ll look into the commodity price exposure of the MLP at the seventh spot, Enterprise Products Partners (EPD).

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

    Analyzing LGCY’s Correlation with Natural Gas

    Legacy Reserves (LGCY), an upstream MLP, is in the fourth spot in terms of its correlation with natural gas.

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

    These MLPs Have the Highest Correlations with Natural Gas

    In this series, we’ll look at the MLPs that have the highest correlations with natural gas amid the volatility in natural gas prices.

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

    WES, ENLK, ENBL, DCP: Comparing Leverage Positions

    DCP Midstream (DCP) has the highest total outstanding debt among our select peers. DCP’s total outstanding debt was $5.2 billion as of September 30.

    By Kurt Gallon
  • uploads///anr
    Earnings Report

    What Analysts Recommend for ENLK and ENLC after 3Q17 Results

    About 56% of analysts rate EnLink Midstream Partners (ENLK) a “hold,” while 38.0% rate it a “buy.”

    By Kurt Gallon
  • uploads///Permian
    Earnings Report

    A Sneak Peek into Energy Transfer Partners’ 3Q17 Volumes

    According to the EIA, crude oil production in the Permian region rose 21.4% YoY (year-over-year) in 3Q17, while natural gas production grew 16.7% YoY.

    By Kurt Gallon
  • uploads///nspc
    Earnings Report

    Is EnLink Midstream Partners a ‘Buy’ before Its 3Q17 Earnings?

    For EnLink Midstream Partners, 56.3% of the analysts rate it as a “hold,” 37.5% rate it as a “buy,” and 6.3% rate it as a “sell” as of October 24, 2017.

    By Kurt Gallon
  • uploads///price to dcf
    Earnings Report

    Western Gas Partners: What Its Valuations Indicate ahead of 3Q17

    Western Gas Partners was trading at a price-to-DCF multiple of 9.5x at the end of 2Q17. It’s trading at a price-to-DCF multiple of 8.5x as of October 17, 2017.

    By Kurt Gallon
  • uploads///throughput volumes
    Earnings Report

    A Sneak Peek at Western Gas Partners’ 3Q17 Throughput Volumes

    Western Gas Partners’ natural gas volumes were 3.5 Bcf/d (billion cubic feet per day) in 2Q17 compared to 3.9 Bcf/d in 2Q16, a YoY fall of 10.3%.

    By Kurt Gallon
  • uploads///EE
    Earnings Report

    Why Analysts Expect Western Gas Partners’ 3Q17 Earnings to Fall

    Western Gas Partners (WES) and its GP (general partner) Western Gas Equity Partners (WGP) are scheduled to release their 3Q17 earnings on October 31, 2017.

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

    How DCP Midstream Plans to Reduce Its Commodity Price Exposure

    DCP Midstream DCP Midstream (DCP) has the second-highest correlation with crude oil, after EnLink Midstream (ENLC). The one-year correlation between DCP and crude oil was 0.51 on October 6, 2017. DCP Midstream’s high correlation with crude oil reflects its high direct commodity price exposure, mainly through its natural gas processing and NGL (natural gas liquid) business. The […]

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

    The 10 MLPs Most Correlated with Crude Oil

    In this series, we’ll look at the ten MLPs most correlated with crude oil amid crude oil price volatility.

    By Kurt Gallon
  • uploads///trgp underperformed peers in
    Company & Industry Overviews

    TRGP, KMI, and DCP to Jointly Develop Gulf Coast Pipeline

    On October 4, Targa Resources (TRGP) announced a letter of intent with a Kinder Morgan (KMI) subsidiary and DCP Midstream (DCP) for the joint development of the Gulf Coast Express Pipeline project.

    By Rekha Khandelwal, CFA
  • uploads///targas grand prix
    Company & Industry Overviews

    Targa Resources’ Joint Venture with Blackstone Energy Partners

    On October 4, Targa Resources (TRGP) announced an agreement to sell a 25% joint venture interest in its Grand Prix NGL (natural gas liquids) pipeline to funds managed by Blackstone Energy Partners.

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

    These MLPs Rose More than 6.0% in the Week Ended September 29

    Upstream MLPs EV Energy Partners (EVEP), Mid-Con Energy Partners (MCEP), and Legacy Reserves (LGCY) rose 17.6%, 13.7%, and 11.8%, respectively, in the week ended September 29.

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

    Analysts’ Views on Enable Midstream Partners

    Analyst ratings for Enable Midstream Partners Of the analysts covering Enable Midstream Partners (ENBL), 46.0% rated it “buy,” 39% rated it “hold,” and the remaining 15% rated “sell” on September 12, 2017. Credit Suisse last upgraded ENBL to “outperform,” which is equivalent to “buy,” in May 2017. Overall, the partnership has seen three rating updates […]

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

    Enable Midstream Partners’ Technical Indicators

    Enable Midstream Partners’ moving averages Enable Midstream Partners (ENBL) has been trading below its 50-day and 200-day moving averages since June 2017, which may indicate a bearish sentiment towards ENBL stock. It was trading 1.3% below its 50-day average and 6.7% below its 200-day average as of September 13. In comparison, peers EnLink Midstream Partners […]

    By Kurt Gallon
  • uploads///leverage position
    Company & Industry Overviews

    A Look at Enable’s Leverage Position

    Enable Midstream Partners’ outstanding debt Enable Midstream Partners (ENBL) ended 2Q17 with a total outstanding debt of $3.1 billion, which is 1.3% higher than its debt outstanding at the end of 2016. The slight increase in the partnership’s outstanding debt could be attributed to the funding of organic projects. ENBL had $1.8 billion in liquidity under […]

    By Kurt Gallon
  • uploads///commodity price senstivity
    Company & Industry Overviews

    Enable Midstream’s Commodity Price Sensitivities

    Enable Midstream’s commodity price sensitivities In this article, we’ll look into Enable Midstream Partners’ (ENBL) commodity price sensitivities and exposure. The partnership expects every 10% change in NGL (natural gas liquid) and condensate prices to affect its net income and adjusted EBITDA (earnings before interest, tax, depreciation, and amortization) by $1 million and $2 million […]

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

    Enable Midstream to Acquire Align Midstream for $300 Million

    Enable Midstream Partners (ENBL) announced the signing of a merger agreement to acquire Align Midstream on September 12. In this series, we’ll assess whether ENBL could gain upward momentum.

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

    Energy Transfer Partners’ Legal Battles Continue

    Energy Transfer Partners and the midstream sector have been very weak since the beginning of August. The partnership has lost 10.7% in August.

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

    Western Gas Partners Earns ‘Buy’ Ratings from 53% of Analysts

    Analysts’ ratings for Western Gas Partners Of the analysts covering Western Gas Partners (WES), 53.0% recommend “buy,” 42% recommend “hold,” and 5.0% recommend “sell” as of August 17, 2017. WES had no “sell” ratings until it was downgraded from “neutral” to “underperform” by Bank of America Merrill Lynch in February 2017. Overall, the partnership has […]

    By Kurt Gallon
  • uploads///price to dcf
    Company & Industry Overviews

    Comparing Western Gas Partners’s Valuation

    Western Gas Partners’ price-to-distributable cash flow Western Gas Partners (WES) was trading at a price-to-distributable cash flow ratio of 7.6x on August 17, lower than the 8.8x it stood at in late 2Q17 and its last-ten-quarter average of 8.3x. Peers Crestwood Equity Partners (CEQP), DCP Midstream (DCP), and EnLink Midstream Partners (ENLK) have seen a similar […]

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

    Why Western Gas’s Strong Balance Sheet Position Is a Major Plus

    Western Gas’s outstanding debt Western Gas Partners (WES) ended 2Q17 with a total outstanding debt of $3.2 billion, which was 5.2% higher than its debt at the end of 2016. The slight increase in the partnership’s outstanding debt could be attributed to a recent increase in capital spending and acquisitions. How Western Gas’s debt compares Western Gas […]

    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///segmen
    Earnings Report

    Which Segment Could Drive Williams Partners’ Q2 Performance

    Williams Companies (WMB), which owns the GP (general partner) of Williams Partners (WPZ), has few business assets.

    By Kurt Gallon
  • uploads///EE
    Earnings Report

    What Will Drive EnLink Midstream Partners’ 2Q17 EBITDA?

    EnLink Midstream Partners (ENLK) and its GP (general partner), EnLink Midstream (ENLC), are scheduled to release their 2Q17 earnings on August 1, 2017.

    By Kurt Gallon
  • uploads///EE
    Earnings Report

    What Will Drive Western Gas Partners’ 2Q17 Earnings?

    Wall Street analysts’ 2Q17 consensus EBITDA (earnings before interest, taxes, depreciation, and amortization) estimate for WES is $258.1 million.

    By Kurt Gallon
  • uploads///si
    Miscellaneous

    DCP Midstream’s Short Interest Is the Highest among Its Peers

    Short interest in DCP Midstream was ~5.6 million shares on June 27, 2017. At the same time, its short interest as a percentage of float ratio was 3.8%, the highest among its selected peers.

    By Kurt Gallon
  • uploads/// Week lows and highs
    Miscellaneous

    MLPs Approach Their 52-Week Lows amid Crude Oil Price Weakness

    MLPs have seen a series of major sell-offs due to significant weakness in crude oil prices. The Alerian MLP ETF (AMLP) has fallen 7.5% since the beginning of June 2017.

    By Kurt Gallon
  • uploads///kmi rose last week
    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
  • uploads///crude oil supply
    Macroeconomic Analysis

    Expected Increases in Oil, Gas Production: A Positive for MLPs

    US drilling activity in February 2017 US drilling activity stayed strong in major shale plays in February 2017, driven by the slight recovery in commodity prices and the decline in drilling costs with the usage of efficient drilling methods. According to recent Baker Hughes (BKI) rig data, the US rig count rose for the seventh […]

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

    Analyst Ratings: It’s Raining Upgrades for DCP Midstream

    Of the analysts covering DCP Midstream, 67% rate it as a “hold,” 22% rate it as a “buy,” and the remaining 11% rate it as a “sell.”

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

    Are Institutional Investors Bullish on DCP Midstream?

    Advisory Research is the largest institutional holder in DCP Midstream, holding 6.3% of the outstanding shares in DCP on February 23, 2017.

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

    Looking ahead for DCP Midstream Stock

    DCP Midstream LP (DCP) is currently trading 4.3% above its 50-day simple moving average and 13.3% above its 200-day simple moving average.

    By Kurt Gallon
  • uploads///price to dcf
    Company & Industry Overviews

    Looking at DCP Midstream’s Current Valuations

    DCP Midstream’s EV-to-adjusted EBITDA ratio using a trailing 12-month adjusted EBITDA is 13.0x.

    By Kurt Gallon
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