Global X MLP ETF

The top MLP funds saw net inflows in October. The Alerian MLP ETF (AMLP) had net inflows of $105.7 million for the month.

Enterprise Products Partners’ (EPD) DCF (distributable cash flow) for 2018 rose 34% over 2017.

So far in 2019, AMLP, AMZA, and EMLP have seen net outflows of $184 million, $5 million, and $53 million, respectively.

AMLP had a net inflow of $912 million in the second quarter—compared to a net outflow of -$558 million in the first quarter.

AMLP has seen a net outflow of $467.8 million over the past one-month period ended March 16, 2018.

The total net fund flow into the top five MLP ETFs by asset under management in February 2018 was -$466 million.

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.

The Alerian MLP Index, the benchmark index for energy MLPs, rose 0.2% in the week ended July 7, 2017.

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.

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.

Of the analysts surveyed by Bloomberg, 54% rated Williams Partners (WPZ) a “buy,” and 46% rated it a “hold.”

Energy Transfer Equity (ETE) and Energy Transfer Partners (ETP) rallied 7.1% and 8.8%, respectively, following their 1Q16 earnings conference call.

EQT Midstream Partners (EQM) declared a distribution of $0.75 per unit for 1Q16. This represents a 22.0% increase over 1Q15.

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.

According to data released on March 16, 2016, US crude oil inventories rose 0.3% in the week ending March 11, 2016.

Mont Belvieu ethane prices remained flat at $0.18 per gallon for the week ending March 18, 2016.

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.

DCP Midstream Partners (DPM) has an enterprise value of $2.7 billion.

Currently, DCP Midstream Partners trades at a price to distributable cash flow of 4.7x.

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.

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.

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.

NYMEX near-month WTI (West Texas Intermediate) crude oil futures prices fell 8.1% in the week ending February 5, 2016.

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.

In this part of our series, we’ll look at Wall Street analysts’ recommendations for EQT Midstream Partners (EQM).

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.

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%.

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.

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.

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.

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.

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.

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.

EQT Midstream (EQM) is the second-largest company according to EV (enterprise value) in the peer group described in this part.

EQT Midstream’s leverage situation has deteriorated over the recent quarters, but it is still better than that of its MLP counterparts.

EQT Midstream Partners (EQM) operates through two segments—gathering, and transmission and storage.

Mont Belvieu ethane prices fell marginally to $0.17 per gallon in the week ending December 4, 2015.

NYMEX near-month Henry Hub natural gas futures contracts fell last week compared to the previous week.

US crude oil prices impact energy MLPs differently. Upstream companies are affected directly by fluctuations in crude oil prices.

Low ethane prices, combined with higher costs for storing and transporting ethane, resulted in ethane rejection. Producers leave ethane in the natural gas stream.

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.

NYMEX near-month Henry Hub natural gas futures contracts rose last week. Natural gas prices closed at $2.21 per MMBtu on November 27.

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.

Mont Belvieu ethane prices fell to 17.6 cents per gallon in the week ending November 20, 2015.

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.

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.

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.

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.

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.

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.

Analysts expect that Enbridge Energy Partners’ 3Q15 EBITDA will be more than triple the 2Q15 EBITDA and 18% higher than its 3Q14 EBITDA.

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.

Plains All American Pipeline’s (PAA) forward distribution yield of 8.7% is ~210 bps (basis points) higher than its selected peer average.

According to Williams Partners’ (WPZ) management, distributions are expected to stay flat for the rest of 2015.

Wall Street analysts have increased WPZ’s 3Q15 EBITDA estimates despite the company’s significant misses in recent quarters.

The Henry Hub-Mont Belvieu fractionation spread fell to $10.1 per barrel for the week ended October 16, 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.

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% […]

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.”

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.

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.

Kinder Morgan (KMI) operates like a toll road or a fee-based business with limited commodity price exposure.

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.

The ETE and WMB merger is anticipated to generate over $2 billion of commercial synergies by 2020, investing over $5 billion of additional capital.

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.

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.

NYMEX (New York Mercantile Exchange) near-month Henry Hub natural gas futures contracts fell last week compared to the previous week.

Genesis Energy’s major organic projects include the ExxonMobil Baton Rouge Terminal Project and the Raceland Rail/Terminal Facility.

Genesis Energy’s high leverage might imply that it’s been using debt to fund growth projects that aren’t generating high enough EBITDA.

A segment margin breakdown of Genesis Energy’s Onshore Transport, Offshore Transport, Marine Transport, Refinery Services, and Supply and Logistics segments.

Genesis Energy’s Marine Transportation segment is involved in the marine transportation of crude oil and refined products.

Genesis Energy’s Refinery Services segment owns terminals and facilities in the Midwest, the Gulf Coast, Montana, Utah, British Columbia, and South America.

Until recently, Genesis Energy’s Offshore Pipeline segment owned interest in ~1200 miles of offshore pipelines spread across five pipeline systems.

Genesis Energy’s Onshore Pipeline Transportation segment is involved in crude oil and CO2 transportation and supply.

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.

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.

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.

About 47% of MEP’s contracts are commodity price sensitive. These are keep-whole contracts, percent-of-proceeds contracts, and percent-of-liquids contract.

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.

Investors should consider the positives and negatives before they decide to include Energy Transfer Equity in their portfolio.

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.

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%.

Energy Transfer Equity’s (ETE) major subsidiaries include Energy Transfer Partners (ETP), Sunoco Logistics (SXL), and Sunoco LP (SUN).

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.

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.

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.

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.

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.

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.

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.

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.

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.

According to Wall Street analysts’ estimates, Crestwood Midstream Partners’ (CMLP) distributions are expected to stay flat for the rest of 2015.

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.

The Henry Hub–Mont Belvieu fractionation spread rose to $7.54 per barrel for the week ending August 21, 2015.

Propane prices depend on inventory, which in turn depends on the winter’s severity. Last winter, propane prices spiked.

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.

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.

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.

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.