Several midstream stocks hit their respective 52-week lows in the last five days. Crude oil prices took a hit yesterday amid concerns over trade talks.
Last week (ended July 5), midstream stock EnLink Midstream LLC (ENLC) outperformed the energy space. Here’s a summary of midstream stocks’ performance.
EnLink Midstream Partners’ (ENLK) adjusted EBITDA rose to $243.7 million in 1Q18 from $211.2 million in 1Q17, a YoY (year-over-year) increase of 15.4%.
Summit Midstream Partners (SMLP), a midstream MLP mainly involved in crude oil gathering and processing and crude oil gathering, was the biggest MLP loser last week.
EnLink Midstream, the general partner of EnLink Midstream Partners (ENLK), ranks fifth among midstream companies in terms of the correlation with crude oil.
CVR Refining (CVRR), a downstream MLP involved in crude oil refining and refined products marketing, saw ratings updates and target price revisions from Barclays and UBS last week.
EnLink Midstream Partners (ENLK) continues to expand its processing capacity in the Delaware and STACK regions with the announcement of new processing plants in both regions.
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.
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 […]
EnLink Midstream Partners (ENLK) and EnLink Midstream (ENLC) reported their 3Q17 earnings on October 31, 2017. ENLK’s adjusted EBITDA rose to $216.8 million from $197.5 million in 3Q16.
Energy Transfer Partners (ETP) announced a public offering of 54 million common units on August 14. ETE, which owns the IDRs (incentive distribution rights) in ETP, is expected to benefit from the equity offering.
Antero Midstream GP (AMGP) recently completed its IPO (initial public offering). AMGP gives investors a second option to invest in the high-distribution-growth Antero Midstream Partners (AM).
Short interest in EnLink Midstream LLC (ENLC) as a percentage of its float is the highest among its peers. ENLC’s 8.9% is followed by Energy Transfer Equity’s (ETE) 7.1%.
Western Gas Equity Partners (WGP) has the lowest distribution yield among its peers at 4.5%. This low yield can be attributed to its strong historical distribution growth and robust guidance.
Plains GP Holdings (PAGP) announced a distribution cut in 3Q16. Based on this distribution cut, PAGP declared a distribution of $0.55 per unit for 1Q17, an 11.3% fall YoY (year-over-year).
On March 13, EnLink Midstream had a short-interest-to-equity float ratio of 10.1%—the highest among the midstream stocks in the Alerian MLP ETF (AMLP).
Energy Transfer Equity (ETE) currently trades at a price-to-distributable cash flow of 17.1x. This is low compared to its ten-quarter average of 19.8x.
On January 27, Enbridge Energy Partners announced its financial outlook and strategic update. Its implied volatility rose 34.5%, while its stock fell 17.6%.
While NGL Energy Partners rose the most among midstream stocks with high implied volatility in the past five days, EnLink Midstream (ENLC) lost the most.
On January 3, 2017, EnLink Midstream (ENLC) had a short interest-to-equity float ratio of 8.9%, the highest among all midstream companies that are part of AMLP.
On October 10, 2016, EnLink Midstream (ENLC) had a short interest-to-equity float ratio of 10.7%, the highest among all midstream companies that are part of AMLP.
On October 3, EnLink Midstream had an implied volatility of 47%—the highest among midstream companies. Its 15-day average implied volatility was 44.7%.
EnLink Midstream’s 2Q16 adjusted EBITDA decreased to $189.5 million from $190.4 million in 2Q15, which represents a YoY (year-over-year) decline of 0.5%.
EnLink Midstream Partners (ENLK) declared distributions of $0.39 per share for 4Q15. This represents a flat distribution over the previous quarter and a 4.0% YoY increase over 4Q14.
