Global X MLP ETF
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Energy & UtilitiesTop MLP Funds Recorded Net Inflows in October
The top MLP funds saw net inflows in October. The Alerian MLP ETF (AMLP) had net inflows of $105.7 million for the month.
Company & Industry OverviewsAnalyzing Enterprise Products Partners’ Distributable Cash Flow
Enterprise Products Partners’ (EPD) DCF (distributable cash flow) for 2018 rose 34% over 2017.
Energy & UtilitiesWhat Do the Fund Flows into Top MLP ETFs Indicate?
So far in 2019, AMLP, AMZA, and EMLP have seen net outflows of $184 million, $5 million, and $53 million, respectively.
Energy & UtilitiesAMLP and MLPA: Fund Flows Rose in Q2 2018
AMLP had a net inflow of $912 million in the second quarter—compared to a net outflow of -$558 million in the first quarter.
MiscellaneousWhat Do the MLP Funds Flows Indicate?
AMLP has seen a net outflow of $467.8 million over the past one-month period ended March 16, 2018.
Energy & UtilitiesHow Flows into Top MLP ETFs Are Trending
The total net fund flow into the top five MLP ETFs by asset under management in February 2018 was -$466 million.
Energy & UtilitiesHigher oil prices are a potential double whammy for propane sales
Propane distributors such as Amerigas Partners (APU), Ferrellgas (FGP), and Suburban Propane (SPH) sell propane and related equipment to a variety of end markets. Find out what trends could hurt propane names this winter.
MiscellaneousMLPs Were Stable Last Week despite Fall in Crude Oil Prices
The Alerian MLP Index, the benchmark index for energy MLPs, rose 0.2% in the week ended July 7, 2017.
MiscellaneousTake a Look at Fund Flows in MLP ETFs Last Week
After three weeks of negative flows, the Alerian MLP ETF (AMLP) witnessed a net inflow of $5.6 million for the week ended June 23, 2017.
Company & Industry OverviewsAcquisitions Continue to Play a Role in PAA’s Expansion Plans
In August 2016, PAA announced a 2Q16 quarterly cash distribution of $0.70 per limited partner unit, which was unchanged from its 1Q16 per-unit distribution.
Company & Industry OverviewsWPZ, MPLX, WES, and OKS: What Do Analysts Recommend?
Of the analysts surveyed by Bloomberg, 54% rated Williams Partners (WPZ) a “buy,” and 46% rated it a “hold.”
Earnings ReportWhy Did ETE and ETP Surge after the 1Q16 Earnings Release?
Energy Transfer Equity (ETE) and Energy Transfer Partners (ETP) rallied 7.1% and 8.8%, respectively, following their 1Q16 earnings conference call.
Earnings ReportDid EQT Midstream Partners Beat Earnings Estimates in 1Q16?
EQT Midstream Partners (EQM) declared a distribution of $0.75 per unit for 1Q16. This represents a 22.0% increase over 1Q15.
Earnings ReportAnalyzing NuStar Energy’s 1Q16 EBITDA Estimates
NuStar Energy is expected to release its 1Q16 earnings on April 27. Wall Street analysts’ 1Q16 consensus EBITDA estimate for NuStar Energy is $144.3 million.
Macroeconomic AnalysisWhy a 0.3% Rise in Crude Oil Inventories Impacted MLPs
According to data released on March 16, 2016, US crude oil inventories rose 0.3% in the week ending March 11, 2016.
Macroeconomic AnalysisEthane Prices Remain Flat: How Does This Impact MLPs?
Mont Belvieu ethane prices remained flat at $0.18 per gallon for the week ending March 18, 2016.
Macroeconomic AnalysisEthane Prices Continue to Rise: How It’s Impacting MLPs
Mont Belvieu ethane prices rose 12.6% to $0.179 per gallon in the week ending March 11. Prices jumped by 13.4% to $0.159 per gallon in the previous week.
Company & Industry OverviewsWhere Does DCP Midstream Stand Compared to Its Peers?
DCP Midstream Partners (DPM) has an enterprise value of $2.7 billion.
Company & Industry OverviewsWhat Is DCP Midstream Partners’ Current Valuation?
Currently, DCP Midstream Partners trades at a price to distributable cash flow of 4.7x.
Earnings ReportExpansion Projects Might Drive Sunoco Logistics’ 4Q15 EBITDA
Wall Street analysts’ 4Q15 consensus EBITDA estimate for SXL is ~$305.8 million. Sunoco’s 4Q15 estimate is 29% more than the reported 4Q14 adjusted EBITDA.
Earnings ReportBuckeye Partners’ 4Q15 Distributions Continue to Grow
Buckeye Partners’ shares rose 8.7% on February 12, 2016, following its 4Q15 earnings announcement. Its growth could be due to its strong 4Q15 earnings.
Earnings ReportEnLink Midstream’s 4Q15 EBITDA Estimates: Key for Investors?
EnLink Midstream Partners (ENLK) is expected to release its 4Q15 earnings on February 17, 2016. In this series, we’ll cover 4Q15 estimates, segment earnings, performance, and recommendations.
Macroeconomic AnalysisWTI Crude Oil Prices Fall 8.1%, WTI-Brent Spread Increases
NYMEX near-month WTI (West Texas Intermediate) crude oil futures prices fell 8.1% in the week ending February 5, 2016.
Macroeconomic AnalysisEthane Prices Fall 3%: Impact on MLPs
Mont Belvieu ethane prices fell 3% to $0.15 per gallon in the week ending February 5, 2016. Ethane prices had risen 5% to $0.16 per gallon in the previous week.
Earnings ReportEQT Midstream Partners: Most Analysts Rate the Stock a ‘Buy’
In this part of our series, we’ll look at Wall Street analysts’ recommendations for EQT Midstream Partners (EQM).
Earnings ReportPipeline Segment Will Drive NuStar Energy’s 4Q15 Performance
The pipeline segment is NuStar’s largest business segment in terms of the EBITDA. It accounted for 50% of the total segment EBITDA in the first nine months of 2015.
Company & Industry OverviewsPlains All American Trades at a Much Higher Forward Yield than Its Historical Average
Plains All American Pipeline currently trades at a forward distribution yield of about 14%—more than double of its five-year average of 6.6%.
Company & Industry OverviewsPlains All American Announces Flat Distributions for 4Q15
On January 12, Plains All American announced a quarterly cash distribution of $0.70 per limited partner unit, the same as its 3Q15 per unit distribution.
Company & Industry OverviewsBuckeye Partners Has a Consensus “Hold” Rating from Analysts
Buckeye Partners has not provided any financial or capex guidance for 2016. The partnership gave a rough estimate of $300 million–$400 million for its 2016 capex.
Company & Industry OverviewsAnalysis of Buckeye Partners’ Cash Flow Measures
Buckeye Partners’ capital expenditures for the first nine months of 2015 were ~$433.1 million. This is 43.9% higher than what it spent during the first nine months of 2014.
Company & Industry OverviewsKey Analysis of Buckeye Partners’ Leverage Situation
Buckeye Partners borrowed ~$1.1 billion under its credit facility in the first nine months of 2015. It repaid ~$0.84 billion under the same facility.
MiscellaneousHow Williams Partners’ Downgrade Affects Energy Transfer Equity
Energy Transfer Equity (ETE), which announced its merger agreement with Williams Companies (WMB) last fall, is expected to be negatively impacted by Williams Partners’ (WPZ) rating downgrade.
Company & Industry OverviewsWhere Does Sunoco Logistics Stand Compared to Its Peers?
Sunoco Logistics (SXL) has the lowest operating margin of 5.4% among the selected peer group. This is because SXL’s crude oil acquisition and marketing business has very thin operating margins.
Company & Industry OverviewsWhy EQT Midstream Trades at a Premium to Its Peers
EQT Midstream (EQM) is the second-largest company according to EV (enterprise value) in the peer group described in this part.
Company & Industry OverviewsEQT Midstream’s Leverage Situation Is Better than Peers’
EQT Midstream’s leverage situation has deteriorated over the recent quarters, but it is still better than that of its MLP counterparts.
Macroeconomic AnalysisAnalysis of EQT Midstream’s Segment-Wise Operating Performance
EQT Midstream Partners (EQM) operates through two segments—gathering, and transmission and storage.
Macroeconomic AnalysisWhy Continued Drop in Ethane Prices Could Benefit Some MLPs
Mont Belvieu ethane prices fell marginally to $0.17 per gallon in the week ending December 4, 2015.
Macroeconomic AnalysisHow Last Week’s Fall in Natural Gas Prices Impacted MLPs
NYMEX near-month Henry Hub natural gas futures contracts fell last week compared to the previous week.
Macroeconomic AnalysisHow Did the Rise in Crude Oil Prices Impact MLPs?
US crude oil prices impact energy MLPs differently. Upstream companies are affected directly by fluctuations in crude oil prices.
Macroeconomic AnalysisHow Did a Fall in Ethane Prices Impact Energy MLPs?
Low ethane prices, combined with higher costs for storing and transporting ethane, resulted in ethane rejection. Producers leave ethane in the natural gas stream.
Macroeconomic AnalysisFractionation Spread Rose after Falling for 3 Weeks in a Row
The Henry Hub-Mont Belvieu fractionation spread rose to $11.2 per barrel in the week ending November 27. It was $10.3 per barrel in the previous week.
Macroeconomic AnalysisNatural Gas Prices Rose and Impacted MLPs
NYMEX near-month Henry Hub natural gas futures contracts rose last week. Natural gas prices closed at $2.21 per MMBtu on November 27.
Macroeconomic AnalysisHow the Rise in Brent Oil and the Fall in WTI Impact MLPs
The NYMEX (New York Mercantile Exchange) near-month WTI (West Texas Intermediate) crude oil futures prices fell 0.9% in the week ending November 20. WTI prices closed at $40.4 per barrel on Friday.
Macroeconomic AnalysisEthane Prices Fall—Impact of Ethane Rejection on Energy MLPs
Mont Belvieu ethane prices fell to 17.6 cents per gallon in the week ending November 20, 2015.
Macroeconomic AnalysisFalling Natural Gas Prices Continue to Impact Energy MLPs
Natural gas prices closed at $2.14 per MMBtu (British thermal units in millions) on November 20 after closing the previous week at $2.36 per MMBtu.
Earnings ReportHow Does Buckeye Partners Compare to Its Peers?
ETFs have outperformed Buckeye Partners based on PE ratio. However, Buckeye Partners is way ahead of its ETFs based on price movement and PBV ratio.
Macroeconomic AnalysisWTI and Brent Prices Rose Last Week, Affecting Energy MLPs
Brent first-line futures prices rose 3.3% to $49.6 per barrel last week from $48.0 at the end of the previous week.
Macroeconomic AnalysisFractionation Spread Rose Last Week, Impacting Energy MLPs
The Henry Hub-Mont Belvieu fractionation spread rose to $11.5 per barrel for the week ending October 30, 2015. The spread was $10.5 per barrel in the previous week.
Macroeconomic AnalysisNatural Gas Prices Rose Last Week: Impact on Energy MLPs
Natural gas prices closed at $2.32 per MMBtu (British thermal units in millions) on October 30 after closing the previous week at $2.29 per MMBtu.
Earnings ReportWill ONEOK Partners Miss 3Q15 Consensus Revenue Estimates Again?
The consensus revenue estimate for ONEOK Partners (OKS) for the third quarter of 2015 is $2.6 billion. OKS missed revenue estimates by 23% in the second quarter of 2015.
Earnings ReportCan Enbridge Energy Partners Match Its 3Q15 Earnings Estimates?
Analysts expect that Enbridge Energy Partners’ 3Q15 EBITDA will be more than triple the 2Q15 EBITDA and 18% higher than its 3Q14 EBITDA.
Earnings ReportEnbridge Energy Partners’ Returns in 2015 Lag MLP Sector Returns
Enbridge Energy Partners will report its third quarter 2015 results on November 2, 2015. It generated a total return of -27.3% since the start of 2015.
Earnings ReportWill 3Q15 Results Change Plains All American’s Valuation?
Plains All American Pipeline’s (PAA) forward distribution yield of 8.7% is ~210 bps (basis points) higher than its selected peer average.
Earnings ReportWill Williams Partners’ Distributions Stay Flat in 2015?
According to Williams Partners’ (WPZ) management, distributions are expected to stay flat for the rest of 2015.
Earnings ReportWhy Have Analysts Increased Williams Partners’ EBITDA Estimate?
Wall Street analysts have increased WPZ’s 3Q15 EBITDA estimates despite the company’s significant misses in recent quarters.
Macroeconomic AnalysisHow a Fall in Fractionation Spread Affected MLPs Last Week
The Henry Hub-Mont Belvieu fractionation spread fell to $10.1 per barrel for the week ended October 16, 2015.
Earnings ReportEnterprise Products’ Distribution: Growth Expectations in 2015?
On October 1, Enterprise Products declared a 1.30% quarter-over-quarter rise in its distributions to $0.385 per unit—a rise for the 45th quarter in a row.
Earnings ReportWill Enterprise Products Beat Its 3Q15 Consensus Revenue Estimates?
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% […]
Earnings ReportShould You Include EQT Midstream Partners in Your Portfolio?
Here, we’ll look at what Wall Street analysts recommend for EQT Midstream Partners (EQM). Around 90.9% of analysts rate EQT Midstream a “buy.”
Company & Industry OverviewsMagellan Midstream Partners’ Expected Distribution Growth
Over the next two years, Magellan Midstream Partners’ expected distribution growth is 11.2%. It also posted the highest quarter-over-quarter distribution growth among peers in 2Q15.
Macroeconomic AnalysisHow Last Week’s Rise in Natural Gas Prices Impacted MLPs
Natural gas prices rose to close at $2.5 per MMBtu on October 9. Natural gas prices had hit a three-year low of $2.45 per MMBtu on October 2.
Earnings ReportHow Will KMI’s Commodity Price Exposure Affect 3Q15 Performance?
Kinder Morgan (KMI) operates like a toll road or a fee-based business with limited commodity price exposure.
Earnings ReportWhich Segment Will Drive Kinder Morgan’s 3Q15 Performance?
Natural Gas Pipelines is Kinder Morgan’s largest business segment in terms of EBDA. In 2Q15, the segment alone accounted for 54% of the company’s total EBDA.
MiscellaneousAnalyzing Synergies from the Energy Transfer–Williams Merger
The ETE and WMB merger is anticipated to generate over $2 billion of commercial synergies by 2020, investing over $5 billion of additional capital.
MiscellaneousHow Will Energy Transfer Corporation Trade?
Energy Transfer Corporation would be taxed as corporation for federal tax purposes. Holders of ETC shares would receive an IRS Form 1099 rather than a Schedule K-1.
MiscellaneousEnergy Transfer–Williams Merger: Must-Know Overview
After months of pursuit, Energy Transfer Equity announced a business combination transaction with Williams Companies on September 28. The transaction is valued at $37.7 billion.
Macroeconomic AnalysisNatural Gas Prices Dipped Last Week: Impact on MLPs
NYMEX (New York Mercantile Exchange) near-month Henry Hub natural gas futures contracts fell last week compared to the previous week.
Company & Industry OverviewsGenesis Energy’s Major Organic Projects
Genesis Energy’s major organic projects include the ExxonMobil Baton Rouge Terminal Project and the Raceland Rail/Terminal Facility.
Company & Industry OverviewsWhy Genesis Energy Has the Highest Leverage among Its Peers
Genesis Energy’s high leverage might imply that it’s been using debt to fund growth projects that aren’t generating high enough EBITDA.
Company & Industry OverviewsGenesis Energy’s Segment Margin Breakdown by Segment
A segment margin breakdown of Genesis Energy’s Onshore Transport, Offshore Transport, Marine Transport, Refinery Services, and Supply and Logistics segments.
Company & Industry OverviewsWhat Drives Genesis Energy’s Marine Segment’s Performance?
Genesis Energy’s Marine Transportation segment is involved in the marine transportation of crude oil and refined products.
Company & Industry OverviewsGenesis Energy’s Refinery Services Have High Commodity Exposure
Genesis Energy’s Refinery Services segment owns terminals and facilities in the Midwest, the Gulf Coast, Montana, Utah, British Columbia, and South America.
Company & Industry OverviewsAn Overview of Genesis Energy’s Offshore Pipeline Segment
Until recently, Genesis Energy’s Offshore Pipeline segment owned interest in ~1200 miles of offshore pipelines spread across five pipeline systems.
Company & Industry OverviewsGenesis Energy’s Onshore Pipeline Segment: Key Highlights
Genesis Energy’s Onshore Pipeline Transportation segment is involved in crude oil and CO2 transportation and supply.
Company & Industry OverviewsGenesis Energy: A Top Performer this Year
In the midst of a sell-off in energy securities, Genesis Energy is one of the few MLPs that stand out in terms of total return performance.
Macroeconomic AnalysisWeek Ended September 18: Rise in Fractionation Spread Affects MLPs
The Henry Hub–Mont Belvieu fractionation spread rose to $9.12 per barrel for the week ended September 18, 2015. The spread was $8.86 per barrel in the previous week.
Company & Industry OverviewsMidcoast Energy’s Distributable Cash Flows Are Growing
Midcoast Energy Partners’ (MEP) distributable cash flows increased in 2Q15 compared to 1Q15 and 2Q14. Its distributable cash flows have shown a rising trend since listing.
Company & Industry OverviewsMidcoast Energy Focuses on Contract Mix to Minimize Risk
About 47% of MEP’s contracts are commodity price sensitive. These are keep-whole contracts, percent-of-proceeds contracts, and percent-of-liquids contract.
Company & Industry OverviewsCommodity Prices Impact Midcoast Energy’s Operations
Midcoast Energy Partners’ (MEP) natural gas throughput volumes fell in 2Q15 compared to 1Q15 and 2Q14. The decrease was primarily due to the low commodity price environment for natural gas and NGLs.
Company & Industry OverviewsShould You Include Energy Transfer Equity in Your Portfolio?
Investors should consider the positives and negatives before they decide to include Energy Transfer Equity in their portfolio.
Company & Industry OverviewsEnergy Transfer Equity Has an Impressive Distribution Guidance
For the most recent quarter, Energy Transfer Equity declared a distribution of $0.265 per unit on a post-split adjusted basis. This represents 39.47% growth YoY.
Company & Industry OverviewsWhat Drove Energy Transfer Equity’s Distributable Cash Flow?
Energy Transfer Equity’s (ETE) 2Q15 distributable cash flow rose to $335 million from $218 million in 2Q14. This is a YoY (year-over-year) increase of 53.60%.
Company & Industry OverviewsWhat Are Energy Transfer Equity’s Capital Expenditure Forecasts?
Energy Transfer Equity’s (ETE) major subsidiaries include Energy Transfer Partners (ETP), Sunoco Logistics (SXL), and Sunoco LP (SUN).
Company & Industry OverviewsAn Analysis of Energy Transfer Equity’s EBITDA Growth
Energy Transfer Equity’s adjusted EBITDA has continued to grow over the recent quarters. For 2Q15, its adjusted EBITDA grew by 15% YoY compared to 2Q14.
Company & Industry OverviewsWhy Energy Transfer Equity Is among the Best Performing MLPs
In the midst of a sell-off in energy securities, Energy Transfer Equity (ETE) is one of the few MLPs that stands out in terms of the total return performance.
Macroeconomic AnalysisHow Did a Rise in Natural Gas Prices Impact Energy MLPs Last Week?
NYMEX near-month Henry Hub natural gas futures contracts rose last week compared to the previous week. Natural gas prices closed at $2.69 per MMBtu on September 11.
Company & Industry OverviewsPBF Logistics Records High EBITDA Growth in 2Q15
PBF Logistics’ (PBFX) 2Q15 EBITDA increased more than six times its 2Q14 level of $4 million. PBF Logistics’ high EBITDA growth is due to regular asset acquisitions from PBF.
Company & Industry OverviewsAsset Acquisitions Fuel Valero Energy Partners’ EBITDA Growth
Valero Energy Partners’ (VLP) YTD total returns are 22%. It’s 2Q15 EBITDA grew 183% year-over-year, increasing from $21 million in 4Q13 to $42.7 million in 2Q15.
Macroeconomic AnalysisWhy Last Week’s Fall in Fractionation Spread Affects MLPs
The Henry Hub–Mont Belvieu fractionation spread fell to $6.82 per barrel for the week ended August 28, 2015. The spread was $7.03 per barrel in the previous week.
Macroeconomic AnalysisNatural Gas Prices Rise Last Week: The Impact on Energy MLPs
NYMEX near-month Henry Hub natural gas futures contracts rose marginally last week compared to the previous week. Natural gas prices closed at $2.715 per MMBtu on August 28.
Macroeconomic AnalysisHolly Energy Partners: Best Midstream MLP Performer on August 24
Holly Energy Partners (HEP) was the best performer among midstream MLPs at the end of trading on Monday, August 24. It rose 1.77% yesterday.
Earnings ReportONEOK Partners in 2Q15: Volumes Benefit Operating Performance
ONEOK Partners forms 4.5% of the Global X MLP ETF (MLPA). The firm has missed EBITDA estimates for all of the last ten quarters.
Earnings ReportCrestwood Midstream’s Outlook for the Rest of 2015
According to Wall Street analysts’ estimates, Crestwood Midstream Partners’ (CMLP) distributions are expected to stay flat for the rest of 2015.
Macroeconomic AnalysisEthane Prices Fell Last Week: Which MLPs Will This Affect?
Mont Belvieu ethane prices fell to 18.88 cents per gallon for the week ending August 21, 2015. The price was 20 cents per gallon for the week ending August 14.
Macroeconomic AnalysisHow Last Week’s Rise in the Fractionation Spread Affects MLPs
The Henry Hub–Mont Belvieu fractionation spread rose to $7.54 per barrel for the week ending August 21, 2015.
Macroeconomic AnalysisPropane prices remain lower and steadier in 2015
Propane prices depend on inventory, which in turn depends on the winter’s severity. Last winter, propane prices spiked.
Macroeconomic AnalysisKey update on this week’s propane inventory movements
As of this date, propane inventories are 33.2 million barrels greater, or 78.3 % higher, than they were in the corresponding period last year.
Energy & UtilitiesWhy propane prices are impacted by weather forecasts
U.S. propane stocks decreased by 0.1 million barrels to 80.1 million barrels as of October 31. Now, they’re 29.1% higher than the levels last year.
Energy & UtilitiesEnergy outlook: Weather forecasts also affect propane prices
Propane is a natural gas liquid (or NGLs). NGLs are hydrocarbons—in the same family of molecules as natural gas and crude oil. Other NGLs include Ethane, butane, and pentane.
Energy & UtilitiesWhy Targa Resources sees a benefit to acquiring Atlas
The deal with Atlas Pipeline Partners (APL) strengthens Targa Resources Partners’ (NGLS) position In the Permian Basin. The move also broadens the company’s reach in the Eagle Ford and Bakken Shale formations.