NuStar Energy, L.P.
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.
NuStar Energy‘s Third-Quarter Earnings Rose on Higher Volumes
NuStar Energy reported net income of $48 million in the third quarter compared to income of $39 million in the same quarter last year.
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.
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%.
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.
Buckeye Partners: Analysts’ Recommendations
Suntrust Robinson downgraded Buckeye Partners to “sell” from “hold.” Suntrust Robinson reduced the partnership’s target price to $31 from $43.
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%.
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%.
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%.
Should Investors Chase Buckeye Partners’ Monstrous Yield?
Buckeye Partners (BPL) was trading at a very high distribution yield of 14.6% on July 5.
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.
Is Buckeye Partners’ Distribution Yield Sustainable?
Buckeye Partners (BPL) was trading at a massive distribution yield of 13.5% as of June 13.
Buckeye Partners Is Underperforming AMLP: Can It Bounce Back?
Buckeye Partners (BPL) has continued to disappoint the markets. Buckeye Partners has lost 26.5% since the beginning of 2018.
Magellan Midstream Partners: Fourth in Crude Oil Correlation
Magellan Midstream Partners has a one-year correlation of 0.37 with crude oil as of June 6.
Top MLP Gainers in the Week Ending June 1
Calumet Specialty Products Partners (CLMT) was the top MLP gainer in the week ending June 1. Calumet Specialty Products Partners rallied 23.9%.
Institutional Activity in Magellan Midstream Partners in Q1 2018
Brookfield Investment Management was the largest buyer in Magellan Midstream Partners during the first quarter.
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.
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.
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.
NuStar Energy’s Yield and Distribution Cut
In February 2018, NuStar Energy (NS) announced a 45% distribution cut, effective in 1Q18.
Analyzing Sunoco’s High Distribution Yield
Sunoco (SUN) is trading at a high distribution yield of ~11.7%. It paid a distribution of ~$0.83 per share in 4Q17.
MLPs Are Yielding More Than 11%: What That Means
NuStar Energy, which has announced a distribution cut effective in 1Q18, would yield ~11.7% at the current price.
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.
How Institutional Activity in MMP Trended in 4Q17
The number of institutional holders in Magellan Midstream Partners (MMP) increased to 713 by the end of the fourth quarter compared to 669 in the previous quarter.
Buckeye Partners: Wall Street Recommendations after 4Q17 Earnings
Amid the backwardation market conditions and significant inventory draws, Buckeye Partners’ (BPL) terminal capacity utilization is expected to remain a challenge in 2018.
Why Buckeye Partners Doesn’t Expect a Distribution Cut in 2018
In this article, we’ll look into Buckeye Partners’ (BPL) distribution plans for 2018.
Buckeye Partners Posted Better-than-Expected 4Q17 Earnings
Buckeye Partners (BPL) announced its fourth-quarter and fiscal 2017 earnings on February 9, 2018.
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.
What Does Buckeye Partners Valuation Indicate?
Buckeye Partners was trading at a price-to-distributable cash flow of 11.1x as of January 31, which is below the average of 13.8x in the last ten quarters.
Buckeye Partners Underperformed AMLP before Its 4Q17 Results
Buckeye Partners (BPL) recovered significantly from its 52-week low, which it saw during the end of November 2017.
TransMontaigne Partners: Low Valuation a Plus for Top MLP Picks
TransMontaigne Partners (TLP), the midstream MLP mainly involved in refined products terminaling and transportation, could be a top-performing MLP in 2018.
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.
Analysts’ Views on BPL, NS, EEP, and ANDX
Andeavor Logistics In this article, we’ll look at analysts’ recommendations for Buckeye Partners (BPL), NuStar Energy (NS), Enbridge Energy Partners (EEP), and Andeavor Logistics (ANDX). ANDX has the most “buy” ratings among the selected peers, which may reflect its low commodity price exposure, strong sponsor support, and strong distribution growth. Of the analysts covering Andeavor […]
BPL, NS, EEP, ANDX: Which Has the Highest Implied Volatility?
Implied volatility Enbridge Energy Partners (EEP) has the highest implied volatility among the four peers we’re looking at in this series, and its current implied volatility of 32.2% is higher than its 15-day average of 31.3%. EEP is followed by NuStar Energy (NS), which has volatility of 29.0%. Buckeye Partners (BPL) has slightly lower implied volatility, […]
NuStar Energy Has the Highest Leverage among Peers
Leverage comparison NuStar Energy (NS) has the highest leverage among peers. Its net debt-to-EBITDA (earnings before interest, tax, depreciation, and amortization) ratio stood at 6.1x at the end of 3Q17. Its leverage has risen over the last few quarters due to lower earnings and increased borrowing related to its Navigator Energy acquisition. NuStar Energy’s high leverage remains a major concern […]
BPL, NS, EEP, ANDX: Distribution Growth Guidance
Historical distribution Buckeye Partners (BPL) declared a flat distribution of $1.26 per unit in 3Q17 after 18 consecutive quarters of distribution growth. NuStar Energy (NS) declared a flat distribution of $1.10 per unit for a 25th consecutive quarter. Enbridge Energy Partners (EEP) also declared a flat distribution in 3Q17, of $0.35 per unit, which represents […]
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.”
NSH Ranks Fourth in Upside Potential among MLPs
NuStar GP Holdings has lost 42.3% in 2H17 and 53.1% since the beginning of this year.
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.
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.
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.
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.
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.
These Energy Stocks Fell the Most Last Week
Oilfield services stocks Weatherford International, Nabors Industries, and Transocean ranked second, third, and fourth, respectively, as top energy losers.
Top MLP Losers in the Week Ending October 13
EV Energy Partners (EVEP) continued to be among the top MLP losers in the week ending October 13. EV Energy Partners fell 17.8% during the week.
Genesis Energy: Rating Updates and Target Price Cuts
Genesis Energy (GEL) saw some rating updates and target price cuts following the distribution cut announcement.
Can Magellan Midstream Partners Gain Upward Momentum?
Last week, MMP went above its short-term (50-day) moving average, driven by its recent gains. That might indicate a bullish sentiment in MMP.
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.
Institutional Investors Hold Positions in Magellan Midstream
In the recent quarter, Harvest Fund Advisors and UBS Financial Services unloaded major positions in Magellan Midstream Partners (MMP).
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.
What Could Drive Buckeye Partners’ 2Q17 Earnings Growth?
Buckeye Partners (BPL) is scheduled to release its 2Q17 earnings on August 4, 2017.
What NuStar Energy’s Technical Indicators Suggest
Most of the liquids transportation and storage MLPs are currently trading close to their historical moving average due to the recent volatility in commodity prices, and NuStar Energy (NS) is no different.
NuStar’s Big Permian Purchase in May
On May 4, NuStar Energy LP (NS) spent ~$1.5 billion to purchase Navigator Energy Services’ crude oil gathering, transportation, and storage assets in the Permian.
What BPL’s Valuation Suggests ahead of 1Q17 Results
Buckeye Partners (BPL) has risen 4.9% since the beginning of 2017. In comparison, BPL’s peers NuStar Energy (NS) and Kinder Morgan (KMI) have lost 2.2% and 0.4%.
Why NuStar Energy Stock Crashed after Acquisition Announcement
NuStar Energy (NS) stock fell 7.9% after it announced the deal to acquire Navigator Energy Services. The Alerian MLP ETF (AMLP) fell 0.80%.
NuStar to Acquire Navigator Energy and Enter the Permian Basin
On Wednesday, April 12, 2017, NuStar Energy (NS) announced that it will acquire Permian-focused Navigator Energy Services for ~$1.5 billion.
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.
What Does NuStar’s Valuation Tell Us?
NuStar Energy (NS), which had gained 24.2% in 2016, has had a good start in 2017 as well, having risen 6.6% YTD.
Inside NuStar Energy’s Distribution Coverage in 4Q16
NuStar Energy (NS) declared a distribution of ~$1.1 per unit for 3Q16. NuStar’s distributions have remained flat for the past several quarters.
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).
Midstream Stocks with High Short Interest: Do You Own Any?
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.
Why High Implied Volatility Midstream Stocks Move More Sharply
NGL Energy Partners (NGL) has risen 127.9% in the last year, which is the highest among high implied volatility midstream stocks.
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).
How Buckeye Partners Stock Has Performed So Far in 2016
Buckeye Partners (BPL), which mainly provides crude oil, refined products and NGL transportation and terminaling services, has lost 2.2% YTD.
How Has Sunoco Logistics Stock Performed So Far in 2016?
Sunoco Logistics Partners has lost 11.0% YTD, while peers Plains All American Pipeline and NuStar Energy have gained 34.7% and 17.5%, respectively, in 2016.
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.
How Buckeye Partners Plans to Finance the VTTI Acquisition
Buckeye Partners’ public offering Buckeye Partners (BPL) plans to finance its VTTI deal with an equity offering. In a press release published on October 24, the partnership announced a public offering of 7.8 million common units. The offering units are priced at $66.05 per unit. BPL’s share closed at $70.60 on the day of the […]
A Sneak Peek into Western Gas’s 3Q16 Throughput Volumes
Western Gas Partners’ (WES) natural gas volumes stood at 3.9 Bcfpd (billion cubic feet per day) in 3Q16, compared to $4.40 Bcfpd in 2Q15, a year-over-year fall of 12.0%.
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.
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.
A Look into Genesis Energy’s Implied Volatility
Genesis Energy’s (GEL) implied volatility has come down significantly after increasing to over ~90.0% in the beginning of 2016.
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%.
What Drove NuStar Energy’s 2Q16 Earnings?
NuStar Energy (NS) and its general partner, NuStar GP Holdings (NSH), reported their 2Q16 earnings on August 2, 2016.
What Will Drive NuStar Energy’s 2Q16 EBITDA?
NuStar Energy (NS) and its general partner, NuStar GP Holdings (NSH), are scheduled to release their 2Q16 earnings on August 2, 2016. Wall Street analysts’ 2Q16 consensus EBITDA estimate for NS is $141.9 million.
What Does Buckeye Partners’ Current Valuation Indicate?
Until now, we’ve analyzed Buckeye Partners’ (BPL) operating performance, leverage position, and cash flow measures.
What Do Analysts Recommend for NuStar Energy?
90% of analysts rate NuStar Energy a “hold” and the remaining 10% rate it as a “buy.”
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.
What Does NuStar Energy’s Current Valuation Say?
NuStar Energy’s undervaluation relative to its own historical valuation might indicate a buying opportunity.
NuStar Energy’s Cash Flow Measures: How Do They Compare?
NuStar Energy’s (NS) 1Q16 distributable cash flow fell by 8.1% YoY (year-over-year), resulting in a decline in its coverage ratio between 1Q15 and 1Q16.
How Has NuStar Energy’s Stock Performed So Far in 2016?
NuStar Energy (NS) has gained 25.9% YTD (year-to-date) despite touching multiyear lows in the beginning of 2016.
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.
10-Year Treasury and MLP Yield Spread Fell Last Week
Generally, MLP yields move in the same direction as Treasury yields in the long term. MLP yields trade at a spread over Treasuries.
Why Kinder Morgan Should Benefit the Most from Crude Oil Recovery
Kinder Morgan, the midstream energy giant, has the highest correlation with crude oil for the one-year period among the selected midstream companies.
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.
Why Did 2.0% Rise in Crude Oil Inventories Affect MLPs?
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.
Genesis Energy Lost $15 million amid the Fall in Crude Oil
Genesis Energy’s (GEL) shares rallied 3.32% on February 18, 2016. Strong distributable cash flow growth of 63% YoY drove its distribution coverage.
Expansion 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.
Buckeye 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.
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.
Buckeye Partners’ 4Q15 EBITDA Estimates: Around $236.6 million
Buckeye Partners’ 4Q15 EBITDA estimates by Wall Street stand around $236.6 million. Also, BPL’s 4Q15 estimate is 41.1% more than the 4Q14 adjusted EBITDA.
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.
Buckeye 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.
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.
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.
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.
Crude Oil Inventory Rises 1%: Plus for MLPs with Storage Capacity
According to data released on December 16, US crude oil inventories rose 1% in the week ending December 11.
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.
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.
Sunoco Logistics Partners Missed 3Q15 Revenue, EBITDA Estimates
Sunoco Logistics Partners missed its 3Q15 revenue estimate by a margin of 32.4% and missed its EBITDA estimate by a margin of 30.8%.
Williams Partners: Top Midstream MLP Loser on October 13
Williams Partners (WPZ) was the top loser among midstream MLPs at the end of trading on Tuesday, October 13. It lost 4.54% yesterday.