NuStar Energy, L.P.

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  • uploads///hurricane harvey
    Company & Industry Overviews

    Hurricane Harvey Impacted Energy MLPs

    Hurricane Harvey hit the US Gulf Coast last week. The US Gulf Coast is a major destination for US refineries and energy infrastructure.

    By Kurt Gallon
  • uploads///Price to DCF
    Company & Industry Overviews

    What Does NuStar Energy’s Current Valuation Say?

    NuStar Energy’s undervaluation relative to its own historical valuation might indicate a buying opportunity.

    By Kurt Gallon
  • uploads///EBITDA breakdown
    Earnings Report

    Pipeline 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.

    By Kurt Gallon
  • uploads///midstream returns
    Miscellaneous

    Options Traders Should Watch Midstream Stock Returns

    EnLink Midstream rose 63.2% in the past year ending on February 6. It has the highest implied volatility of all the midstream companies that make up AMLP.

    By Rabindra Samanta
  • uploads///Analyst Ratings
    Earnings Report

    Analyst Ratings for NuStar Energy

    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.

    By Kurt Gallon
  • uploads///SI
    Miscellaneous

    Which Midstream Stocks Led in Short Interest?

    As of August 29, 2016, EnLink Midstream (ENLC) had the highest short interest-to-equity float ratio among midstream stocks at 10.1%.

    By Rabindra Samanta
  • uploads///SI Midsream
    Miscellaneous

    Traders Are Most Bearish about These Midstream Stocks

    On December 12, 2016, EnLink Midstream (ENLC) had a short-interest-to-equity float ratio of 9.5%, the highest among all the midstream companies that are part of the Alerian MLP ETF (AMLP).

    By Rabindra Samanta
  • uploads///top midstream gainers
    Energy & Utilities

    Recommendations for Top Midstream Gainers of 2019

    As 2019 comes to a close, let’s look at the top energy midstream gainers. ONEOK (OKE) stock has risen 35% in 2019, outperforming its midstream peers.

    By Rekha Khandelwal, CFA
  • uploads///nspc
    Energy & Utilities

    Energy Transfer Equity Is Underperforming AMLP in 2018

    Energy Transfer Equity (ETE) has gained 3.3% since the beginning of 2018. The Alerian MLP ETF (AMLP), which is comprised of 25 energy MLPs has risen 7.8%.

    By Kurt Gallon
  • uploads///ANR
    Company & Industry Overviews

    What Do Analysts Recommend for NuStar Energy?

    90% of analysts rate NuStar Energy a “hold” and the remaining 10% rate it as a “buy.”

    By Kurt Gallon
  • uploads///Consensus vs quarterly EBITDA
    Energy & Utilities

    NuStar Energy’s 1Q14 earnings’ analysis: Higher revenues recorded

    NuStar Energy recorded total revenues of $849.2 million, or 8.1% higher than $785.3 million the company recorded in 4Q13.

    By Alex Chamberlin
  • uploads///price to dcf
    Energy & Utilities

    What Buckeye Partners’ Current Valuation Indicates

    On October 31, 2017, Buckeye Partners (BPL) was trading at a price-to-distributable-cash-flow multiple of 10.4x, which is significantly below the historical ten-quarter average of 13.8x.

    By Kurt Gallon
  • uploads///Loss
    Energy & Utilities

    Last Week’s Worst MLP Performers

    Summit Midstream Partners (SMLP), a midstream MLP mainly involved in natural gas gathering, processing, and compression, was the worst MLP performer last week.

    By Kurt Gallon
  • uploads///Loss
    Energy & Utilities

    Last Week’s Worst-Performing MLPs

    Upstream MLPs including EV Energy Partners (EVEP), Mid-Con Energy Partners (MCEP), and Legacy Reserves (LGCY) were among the top MLP losers last week.

    By Kurt Gallon
  • uploads///Loss
    Energy & Utilities

    Top MLP Losers in the Week Ending March 2

    NuStar GP Holdings (NSH) and its limited partnership, NuStar Energy (NS), were the top two MLP losers in the week ending March 2, 2018.

    By Kurt Gallon
  • uploads///BWP
    Energy & Utilities

    Can Boardwalk Pipeline Partners Generate Strong Returns?

    Boardwalk Pipeline Partners has lost 24.2% since the beginning of this year.

    By Kurt Gallon
  • uploads///MLPI MLPL returns
    Macroeconomic Analysis

    UBS Group’s MLPI and MLPL Outperformed Energy ETFs Last Week

    The ETRACS Alerian MLP Infrastructure Index ETN (MLPI) rose 5.3% in the week ended August 14. It closely tracks the Alerian MLP Infrastructure Index (AMZI), its underlying index.

    By Rekha Khandelwal, CFA
  • uploads///Asphalt JV Sale
    Energy & Utilities

    NuStar’s Fuels Marketing segment benefits from asphalt sale-off

    Following the sale of the remaining 50% ownership interest in asphalt JV to Lindsay Goldberg in February 2014, NuStar is on course to improve its margin from the Fuels Marketing segment.

    By Alex Chamberlin
  • uploads///Segment Operating income
    Energy & Utilities

    NuStar Energy’s new trends: A track refocused on core competence

    Since 2012, NuStar has chartered on a track refocus on its core, fee-based businesses of storage and pipelines and to reduce earnings volatility.

    By Alex Chamberlin
  • uploads///Loss
    Energy & Utilities

    Which MLPs Lost More than 10.0% in the Week Ending February 9?

    NuStar GP Holdings (NSH) and its limited partnership, NuStar Energy (NS), were the top two MLP losers in the week ending February 9.

    By Kurt Gallon
  • uploads///top losers
    Energy & Utilities

    MMP, NS, VNOM, and CQP: Which MLPs Fell the Most?

    NuStar Energy (NS), Viper Energy Partners (VNOM), and CVR Refining (CVRR) fell 8.9%, 8.6%, and 7.7%, respectively, last week.

    By Rekha Khandelwal, CFA
  • uploads///p
    Energy & Utilities

    Midstream Stocks Were the Outperformers Last Week

    On August 3–10, midstream stock TC PipeLines (TCP) saw the highest gain on our list of energy stocks. The Alerian MLP ETF (AMLP) fell 0.6%.

    By Rabindra Samanta
  • uploads///inventory
    Energy & Utilities

    Smaller Build in US Natural Gas Inventories Supported Prices

    The EIA reported that US natural gas inventories increased by 35 Bcf (billion cubic feet) to 2,308 Bcf on July 20–27.

    By Gordon Kristopher
  • uploads///nspc
    Earnings Report

    Buckeye Partners Stock Could React to a Distribution Cut

    Buckeye Partners’ 30-day implied volatility was 28.9% as of July 30—slightly below the 15-day average of 29.3%.

    By Kurt Gallon
  • uploads///worst
    Energy & Utilities

    The Weakest MLPs in H1 2018

    Dominion Midstream Energy Partners (DM), a midstream subsidiary of Dominion Energy (D), was the weakest MLP in the first half of 2018, falling 55%.

    By Kurt Gallon
  • uploads///Gains
    Energy & Utilities

    Best-Performing MLPs in the Week Ending July 6

    Seadrill Partners (SDLP) was the top MLP gainer in the week ending July 6. Seadrill Partners rallied 12.1%.

    By Kurt Gallon
  • uploads///yield
    Energy & Utilities

    Should Investors Chase Buckeye Partners’ Monstrous Yield?

    Buckeye Partners (BPL) was trading at a very high distribution yield of 14.6% on July 5.

    By Kurt Gallon
  • uploads///Loss
    Energy & Utilities

    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.

    By Kurt Gallon
  • uploads///industrial _
    Earnings Report

    A Look at Buckeye Partners’ Earnings Drivers in 1Q18

    In this series, we’ll talk about Buckeye Partners’ (BPL) 1Q18 estimates, segment performance drivers, and distribution coverage.

    By Kurt Gallon
  • uploads///Gains
    Materials

    Last Week’s Biggest Gains in the MLP Space

    NuStar GP Holdings (NSH) and its limited partnership, NuStar Energy (NS), were among the top MLP gainers last week.

    By Kurt Gallon
  • uploads///Gains
    Energy & Utilities

    Why USAC Was the Top MLP Last Week

    USA Compression Partners (USAC), a midstream MLP involved in natural gas contract compression services, was the top MLP gainer last week with WoW (week-over-week) gains of 7.8%.

    By Kurt Gallon
  • uploads///sub group
    Energy & Utilities

    Which MLP Subgroup Was the Winner in 2017?

    Coal MLPs Alliance Resource Partners LP (ARLP), CNX Coal Resources (CNXC), and Foresight Energy LP (FELP) were among the worst-performing MLPs in 2017.

    By Kurt Gallon
  • uploads///anr
    Energy & Utilities

    Key MLP Ratings Updates as of December 8

    Crestwood Equity Partners (CEQP), a midstream MLP, was upgraded at UBS last week. UBS raised CEQP to a “buy” from a “neutral.”

    By Kurt Gallon
  • uploads///UP
    Energy & Utilities

    These 10 MLPs Offer a Maximum Upside from Current Levels

    So far in 2017, most MLPs are trading in negative territory despite strong crude oil prices. The Alerian MLP ETF (AMLP), which comprises 25 energy MLPs, has lost 16.3% year-to-date.

    By Kurt Gallon
  • uploads///Gains
    Energy & Utilities

    These MLPs Saw the Biggest Rises Last Week

    Upstream MLPs (master limited partnerships) EV Energy Partners (EVEP) and Legacy Reserves were among the top MLP gainers last week.

    By Kurt Gallon
  • uploads///Loss
    Energy & Utilities

    Top MLP Losers in the Week Ending November 24

    Southcross Energy Partners (SXE) was the top MLP loser in the week ending November 24. It fell 7.1% during the week. It has lost 11.6% in November.

    By Kurt Gallon
  • uploads///anr
    Energy & Utilities

    JPMorgan Lowered Energy Transfer Equity’s Target Price

    JPMorgan recently lowered Energy Transfer Equity’s (ETE) target price to $20 from $22. However, it kept its rating unchanged.

    By Kurt Gallon
  • uploads///Loss
    Energy & Utilities

    CSI Compressco Was the Top MLP Loser Last Week

    CSI Compressco (CCLP), the MLP mainly involved in natural gas compression, was the highest MLP loser in the week ending November 3, 2017.

    By Kurt Gallon
  • uploads///project
    Company & Industry Overviews

    What Are Buckeye Partners’ Current Expansion Plans?

    BPL recently announced its plans to enter the prolific Permian Basin, where it plans to build a 600-mile haul pipeline.

    By Kurt Gallon
  • uploads///image
    Miscellaneous

    Which Midstream Stocks Have the Highest Implied Volatilities?

    On January 23, EnLink Midstream had an implied volatility of 40.1%—the highest among the midstream companies in the Alerian MLP ETF (AMLP).

    By Rabindra Samanta
  • uploads///Correlation
    Macroeconomic Analysis

    How Do MLPs Correlate with Crude Oil?

    Outside of upstream MLPs, most other MLPs are generally affected when oil prices are low enough that drilling is curtailed and pipeline volumes are cut.

    By Kurt Gallon
  • uploads///SI
    Miscellaneous

    Top Five Midstream Stocks with High Short Interest

    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.

    By Rabindra Samanta
  • uploads///SI
    Miscellaneous

    Which Midstream Stocks Are Investors Most Bearish On?

    On October 3, 2016, EnLink Midstream (ENLC) had a short interest-to-equity float ratio of 10.7%—the highest among all of the midstream stocks.

    By Rabindra Samanta
  • uploads///Short Interest
    Company & Industry Overviews

    How Does NuStar Energy’s Short Ratio Compare?

    NuStar Energy’s (NS) short interest as a percentage of float, or short ratio, has changed dramatically since the beginning of 2016.

    By Kurt Gallon
  • uploads///EBITDA estimates
    Earnings Report

    Analyzing 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.

    By Kurt Gallon
  • uploads///inventory
    Macroeconomic Analysis

    Why 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.

    By Kurt Gallon
  • uploads///BPL cash flow measures
    Company & Industry Overviews

    Analysis 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.

    By Kurt Gallon
  • uploads///BPL Net debt to EBITDA
    Company & Industry Overviews

    Key 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.

    By Kurt Gallon
  • uploads///BPL stock performance
    Company & Industry Overviews

    Moving Average Indicates a Bearish Trend for Buckeye Partners

    Buckeye Partners has lost 20.9% of its market value during the past year, out of which 15.6% has been lost this year. The recent decline in its stock price can be attributed to the huge decline in crude prices since the start of 2016.

    By Kurt Gallon
  • uploads///weekly amlp  year tresaury yield spread
    Macroeconomic Analysis

    10-Year Treasury and MLP Yields Diverged

    In the long term, if Treasury yields fall and the spread doesn’t change, energy MLP yields should also fall. This could mean a rise in MLP unit prices.

    By Rekha Khandelwal, CFA
  • uploads///weekly us crude oil supply and demand
    Macroeconomic Analysis

    US Crude Oil Production Fell 0.2%, Impacted MLPs

    In the week ending November 20, the US crude oil production fell 0.2%. The US crude oil production rose significantly starting in 2012.

    By Rekha Khandelwal, CFA
  • uploads///weekly us crude oil supply and demand
    Macroeconomic Analysis

    Crude Oil Inventories in the Second Week of August Affect MLPs

    According to data released on August 19, US crude oil inventories rose 0.6% in the week ending August 14 compared to the previous week.

    By Rekha Khandelwal, CFA
  • uploads///weekly US crude oil supply and demand
    Macroeconomic Analysis

    July 31 Week: Movement in Crude Oil Inventories Impacts MLPs

    According to the data released on August 5, US crude oil inventories fell 0.96% for the week ending July 31—compared to the previous week.

    By Rekha Khandelwal, CFA
  • uploads///How is cash flow calculated
    Company & Industry Overviews

    The Importance of the Distribution Coverage Ratio

    The distribution coverage ratio is the most important ratio for MLPs, as it highlights the cash available to the LP unit holders divided by the cash distributed to LP unit holders.

    By Victor Cheng
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