DCP Midstream LP
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.
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.
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.
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.
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.
Key MLP and Midstream Rating Updates Last Week
On January 16, Barclays raised its rating for Williams Companies (WMB) from “equal weight” to “overweight.”
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.
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.”
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.
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.
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.
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.
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.
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.
OKE Saw Most Buying by Institutional Investors among Peers
Capital Research Global Investors added a major position in ONEOK (OKE) during the first quarter.
WES, DCP, OKE, TRGP: What Current Valuations Indicate
OKE has the highest forward EV-to-EBITDA multiple of 14.7x among the selected peers.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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).
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.
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.
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.
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.
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.
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).
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.
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.
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.
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.”
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.
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.
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.
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%.
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.
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 […]
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.
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.
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.
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.
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 […]
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 […]
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 […]
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 […]
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.
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.
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 […]
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 […]
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 […]
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.
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.
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.
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.
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.
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.
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).
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 […]
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.”
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.
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.
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.