Markets these days are concerned about geopolitical risks more than ever, given the rapid growth in globalization and the interconnections between global markets.
NuStar Energy (NS) reported its 1Q16 earnings on April 27, 2016. Its 1Q16 adjusted EBITDA decreased, but the company managed to beat its 1Q16 EBITDA estimate.
EQT Midstream Partners (EQM) is scheduled to release its 1Q16 earnings on April 28. In this series, we’ll discuss EQM’s Q4 estimates, management guidance, and analyst recommendations.
NYMEX near-month WTI crude oil futures prices remained flat in the week ending March 25, 2016. WTI crude oil prices closed at $39.46 per barrel that day.
DCP Midstream reported a net debt to EBITDA of 3.3x in 4Q15. However, based on analyst calculations, DCP Midstream’s net debt to EBITDA was 9.1x at the end of the fourth quarter.
DCP Midstream Partners (DPM) expects its 2016 EBITDA and distributable cash flows to be between $565 million–$595 million and $465 million–$495 million, respectively.
According to data released on March 3, 2016, US crude oil inventories rose 2.0% in the week ended February 26, 2016. US crude oil inventories have risen significantly since mid-2014.
Cheniere Energy’s high valuation reflects its huge outstanding debt and investors’ high expectations for its LNG (liquefied natural gas) export opportunity.
US crude oil inventories rose 0.7% in the week ending February 19, 2016. The US refinery utilization rate fell to 87.3% from 88.3% in the previous week.
US crude oil inventories fell 0.1% in the week ending February 5, 2016. The US refinery utilization rate fell to 86.1% from 86.6% in the previous week.
According to data released on February 3, 2016, US crude oil inventories rose 1.6% in the week ending January 29, 2016. The US refinery utilization rate had fallen to 86.6% from 87.4% in the previous week.
The median broker target price of $44 for NuStar Energy implies a ~36.0% price return in the next 12 months from its February 3, 2016, closing price of $33.50.
NuStar Energy reported its 4Q15 earnings on January 29, 2016. NuStar Energy’s 4Q15 EBITDA from continuing operations increased to $150.6 million from $136.0 million in 4Q14, a YoY increase of 10.7%.
The correlation between Buckeye Partners’ stock price and crude oil (USO) resulted in a correlation coefficient of -0.21 in the last five years. Natural gas (UNG) and BPL have a correlation coefficient of 0.27 for the same period.
Buckeye Partners’ adjusted EBITDA from continuing operations increased to $204.2 million in 3Q15 from $200.6 million in 3Q14—a marginal increase of 1.2%.
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.
Magellan Midstream Partners (MMP) currently trades at a forward distribution yield of ~4.5%. This is lower than its five-year average distribution yield of 5.4%.
About 80% of the analysts surveyed have rated Magellan Midstream Partners a “buy,” while 20% have rated it a “hold.” None of the analysts have rated it a “sell.”
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.
Plains All American Pipeline’s (PAA) forward distribution yield of 8.6% is ~2 percentage points higher than the average of forward yields for its selected peers.
Plains All American Pipeline (PAA) declared a 0.7% quarter-over-quarter rise in distributions to $0.70 per unit. The MLP’s distributions per unit rose for the 25th quarter in a row.
Plains All American Pipeline’s (PAA) revenues of $5.5 billion in 3Q15 were 22% lower than analysts’ consensus estimate. It has missed consensus revenue estimates in six out of the last ten quarters.
On October 7, 2015, Plains All American Pipeline (PAA) declared a 0.7% quarter-over-quarter rise in distributions to $0.70 per unit. It was the 25th consecutive quarterly rise.
PAA’s Transportation segment primarily earns fee-based revenues on the volume of crude oil and NGLs it transports. Its operations are thus not directly impacted by changes in commodity prices.
Analysts expect Plains All American Pipeline’s 3Q15 EBITDA to be 0.9% lower than its 3Q14 EBITDA. The expectation is, however, 55.7% higher than its 2Q15 EBITDA.
The consensus revenue estimate for Plains All American Pipeline (PAA) for the third quarter of 2015 is $7.1 billion. PAA missed revenue estimates by 11% in the second quarter of 2015.
Of the analysts surveyed by Bloomberg, 89.6% rate Enterprise Products Partners as a “buy,” and 6.9% rate the stock a “hold.” Only 3.4% rate it a “sell.”
The EBITDA for EPD’s Natural Gas Pipelines & Services fell by 6% in 2Q15 YoY. The EBITDA for its Petrochemical & Refined Products Services rose by 12% YoY.
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% […]
Enterprise Products Partners is expected to report its 3Q15 earnings on October 29. EPD has generated a total return of -18.9% since the start of 2015.
Of the analysts surveyed by Bloomberg, 100% rate PBF Logistics (PBFX) a “buy.” Consensus target price for PBF Logistics is $30.90, which is an upside of 52% in a year from its current price of $20.30.
Phillips 66 Partners’ (PSXP) 2Q15 EBITDA remained almost flat year-over-year. The company’s EBITDA increased from $27 million in 2Q13 to $36 million in 2Q15.
Among surveyed analysts, 54% rated Calumet Specialty Products Partners (CLMT) a “buy,” 39% rated it a “hold,” and 8% rated it a “sell.” The consensus target price is $31.40.
Northern Tier Energy’s (NTI) planned capital expenditure for 2015 is $70 million. That’s 56% higher than the refining MLP’s $44.8 million expenditure in 2014.
Alon USA Partners (ALDW) recorded an adjusted EBITDA growth of 187% in the second quarter of 2015 compared to 2Q14. It benefited from the oversupply of West Texas crude oil in the Midland region in 2Q15.
The rise in crack spreads reflects the decline in crude oil prices without a proportionate decline in the prices of refined products, especially gasoline, over the last one year.
