Spectra Energy Partners LP
An investor’s guide to Spectra Energy Corp. and its earnings
Spectra Energy Corp. (SE), headquartered in Houston, Texas, owns and operates a large and diversified portfolio of natural gas–related assets in North America.
Midstream Companies’ Performances: Sales and Gross Profit
In fiscal 3Q15, the gross profit of frontline midstream operator Williams Companies (WMB) fell 28.6% on a YoY basis. Williams Companies’ sales grew by 11.3%.
Most Midstream Companies Increased Debt in 3Q15
The total debt for Williams Companies (WMB) and Energy Transfer Equity (ETE) grew by 87% and 32%, respectively, on a YoY (year-over-year) basis in fiscal 3Q15.
Spectra Energy Partners Rallies Due to a Rise in 3Q15 Distribution
Spectra Energy Partners declared a distribution per unit of $0.62 in a press release published on October 19. This is a 1.3% rise compared to 2Q15.
Are Institutional Investors Bullish on Williams Partners?
The number of institutional holders in Williams Partners (WPZ), the midstream MLP subsidiary of Williams Companies (WMB), increased to 355 by the end of the fourth quarter compared to 340 in the previous quarter.
Will 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% […]
ETE’s Implied Volatility Rises ahead of Its Earnings
On February 17, 2017, Energy Transfer Equity (ETE) had an implied volatility of 41.6%, the highest among the midstream companies that make up the Alerian MLP ETF (AMLP).
Spectra Energy reports mainly strong revenues and profits
From 4Q13 to 4Q14, EBITDA jumped for Spectra Energy Partners and the Western Canada Transmission & Processing segments. But, Field Services recorded a loss.
Which Volatile Midstream Stocks Have Been Moving Lately?
As we saw in the previous article, Energy Transfer Equity (ETE) had the highest implied volatility among the midstream companies that are part of the Alerian MLP ETF (AMLP).
Cone Midstream: Worst Midstream MLP Performer on August 28
Cone Midstream Partners (CNNX) was the worst performer among midstream MLPs at the end of trading on Friday, August 28. It fell 0.61%.
What Does the Future Hold for Spectra Energy?
Of the analysts surveyed by Bloomberg, 39% rate Spectra Energy (SE) as a “buy,” and 55.5% rate the stock as a “hold.” Only 5.5% rate it as a “sell.”
Midstream Stocks: How Returns Affect Implied Volatility
Teekay LNG Partners (TGP) stock has risen 37.9% in the past year as of March 20, 2017.
A Look at BWP’s Credit Exposure following Its 1Q16 Earnings
BWP has returned 26.6% since the beginning of 2016. Spectra Energy Partners, Cone Midstream Partners, and TC Pipelines have returned 4.4%, 44.4%, and 10.5%.
Analysts’ Recommendations for Williams Partners
At a broader level, ~50% of analysts surveyed by Bloomberg rate Williams Partners a “buy” and the remaining ~50% rate it a “hold.”
Why Boardwalk Pipeline Partners Stock Is Weak before Its 2Q17 Results
Boardwalk Pipeline Partners’ distribution has remained flat at $0.20 per unit since its distribution cut.
TC PipeLines Has Fallen 37% Year-to-Date: What’s Ahead?
TC PipeLines doesn’t believe the FERC’s policy change will have a material impact on its natural gas pipeline rates.
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.
TC Pipelines Was the Top Energy Loser Last Week
On March 9–16, TC Pipelines, Enbridge Energy Partners, Dominion Energy Midstream Partners, and Spectra Energy Partners were the top energy losers.
Magnetar Capital Increases Its Stake in Plains Group Holdings
During 4Q14, Magnetar Capital increased its position in Plains Group Holdings. It represents 2.36% of the fund’s portfolio at the end of the fourth quarter.
How US Tax Cuts Impacted Spectra Energy Partners’ 4Q17 Earnings
Spectra Energy Partners reported operating revenue of -$138 million in 4Q17.
Kinder Morgan Consolidation: What It Means for the MLP Market
On November 26, 2014, Kinder Morgan acquired all of its equity interests in Kinder Morgan Partners, El Paso, and Kinder Morgan Management.
AMLP Rises Last Week, but Less than OIH and XOP
AMLP holds midstream MLPs whose earnings are typically linked to their transported volumes of energy products.
A closeup of Plains All American Pipeline’s stock performance
After its 4Q14 earnings announcement, Plains All American Pipeline’s (PAA) stock performance improved, jumping slightly by 1.6%.
Analyst Recommendations for Kinder Morgan: ‘Buy’ or ‘Hold’?
In this part of the series, we’ll look at what Wall Street analysts recommend for Kinder Morgan (KMI).
A Review of Energy Transfer Partners’ Business Segments
ETP operates primarily through its six business segments by leveraging its huge asset base.
An overview of Spectra Energy’s 3Q14 earnings
Spectra Energy’s earnings increased due to expansion projects and higher crude oil transportation revenues.
Kinder Morgan and Spectra Energy above 20-Day Moving Averages
Midstream companies are trading well below their 20-day moving averages except for Kinder Morgan and Spectra Energy Partners.
Enterprise 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.
What Do Analysts Expect from Large-Cap Midstream Companies?
Analysts’ consensus estimates suggest an impressive 69% upside for midstream companies—compared to 44% upside for large-cap upstream companies.
Institutional Activity in Spectra Energy Partners in 2Q17
Neuberger Berman and Tortoise Capital Advisors unloaded major positions in Spectra Energy Partners (SEP), the MLP now owned by Enbridge (ENB), in 2Q17.
Will Spectra Energy Keep Outperforming in 2016?
Spectra Energy (SE) has risen 27% since the start of 2016. Will this improvement last?
Why Crestwood Midstream Investors May Not Like the Merger
Crestwood Midstream (CMLP) investors don’t seem satisfied with the expected distribution growth. CMLP stock 5.81% the day after the merger announcement and 11.6% on May 26.
Why Spectra Energy Partners is integral to Spectra Energy Corp.
Spectra Energy Corp. (SE) was borne out of Duke Energy Corporation (DUK), which is an energy utility firm, forming Spectra Energy Partners (SEP) in 2007.
Why tracking errors in MLPA make the ETF underperform its index
The tracking error of MLPA is 3.96%. This means the standard deviation for excess average weekly returns for the benchmark index over MLPA for the past year is 3.96.
Could Digital Tax Add Fuel to Trump’s Trade War?
India might place a digital tax on big tech companies. Taxing big tech companies is a good way for governments to increase their revenues.
Cabot’s Q2 2018 Production Highlights: Forecasts for 2018
Cabot Oil & Gas has provided third-quarter production guidance of 2.1 billion–2.2 billion cubic feet per day.
Top MLP Losses in the Week Ending June 1
Golar LNG Partners was the top MLP loss last week. Golar LNG Partners fell 24.1%. The company has lost 33.6% since the beginning of this year.
MLP Rating Updates for the Week Ending May 25
Spectra Energy Partners’ average target price of $37.1 implies ~21% upside potential from the current price levels.
Top MLP Losses in the Week Ending May 18
Teekay Offshore Partners (TOO) was the top MLP loss in the week ending May 18. Teekay Offshore Partners fell 4.2%.
At Its All-Time Low, BWP Offers Maximum Upside Potential
Boardwalk Pipeline Partners, a midstream MLP mainly involved in natural gas and natural gas liquids transportation, saw a new all-time low recently.
Which MLPs Lost 10% or More Last Week?
Dominion Midstream Energy Partners (DM) and Spectra Energy Partners (SEP) were among the top three MLPs losses last week.
Last Week’s Biggest MLP Losses
MLPs with heavy exposure to Interstate Pipelines lost the most last week. TC PipeLines (TCP) recorded the highest losses.
TCP, EEP, and SEP: What Wall Street Analysts Recommend
The revised FERC tax ruling will likely have a negative impact on interstate pipeline operators’ earnings.
Why TCP, EEP, and SEP Fell after FERC Tax Ruling
MLPs had a bad Thursday after the FERC (Federal Energy Regulatory Commission) revised its income tax policy for MLPs.
Last Week’s Must-Know MLP Ratings Updates
CVR Partners (UAN) got an upgrade from Cowen and Company last week. CVR raised UAN to “outperform,” which is equivalent to a “buy.”
Can WPZ Meet Its Distribution Growth Targets for 2018?
Based on its recent quarter distribution, Williams Partners is trading at a distribution yield of 6.5%.
MLP Rating Updates during the Week Ending March 2
CrossAmerica Partners announced an adjusted EBITDA of $28.6 million in 4Q17—compared to $27.2 million in 4Q16.
What Are Institutional Investors Doing with Positions in PAA?
Harvest Fund Advisors and CIBC Atlantic Trust Private Wealth Management added major positions in Plains All American Pipeline during the fourth quarter.
EQT Midstream Partners Posted 20.0% Earnings Growth in 2017
EQT Midstream Partners posted a strong 18.0% YoY (year-over-year) rise in its EBITDA during the most recent quarter.
The Energy Stocks That Outperformed Oil Last Week
The Alerian MLP ETF (AMLP) fell 5.6%, the least among our list of energy ETFs in the week ended February 2, 2018.
What’s Driving Williams Partners’ Strong Stock Performance?
Williams Partners (WPZ) has been one of the best-performing energy stocks since the start of this year. WPZ, which is the midstream MLP subsidiary of Williams Companies (WMB), has gained 11.4% in the first nine trading sessions of the year.
Spectra Energy Partners Posts Strong 3Q17 Results
Earnings in 3Q17 In 3Q17, Spectra Energy Partners (SEP), which is mainly involved in natural gas and NGL (natural gas liquid) transportation and storage, posted strong 10.4% and 18.1% YoY revenue and EBITDA (earnings before interest, tax, depreciation, and amortization) growth, respectively. Moreover, SEP, which is now owned by Enbridge (ENB), beat its 3Q17 EBITDA estimate […]
MLP Rating Updates Last Week
EnLink Midstream LLC (ENLC), the GP (general partner) of EnLink Midstream Partners (ENLK), was raised by UBS to a “buy.”
Behind Boardwalk Pipeline Partners’ Expansion Plans
Boardwalk Pipeline Partners (BWP) expects to spend $1.1 billion on expansion projects during the 2017–2019 period.
How WPZ Can Benefit from Strong Northeast Drilling Activity
Drilling activity in the Marcellus region has remained resilient despite the weakness in natural gas prices.
MLPs Approach Their 52-Week Lows amid Crude Oil Price Weakness
MLPs have seen a series of major sell-offs due to significant weakness in crude oil prices. The Alerian MLP ETF (AMLP) has fallen 7.5% since the beginning of June 2017.
Behind Midstream Stocks’ Latest Returns and Implied Volatility
Teekay LNG (TGP) stock has risen 55.5% in the past year as of April 4. TGP is the Alerian MLP ETF (AMLP) constituent with the highest implied volatility.
How WPZ Benefits from Strong Marcellus Drilling Activity
According to the recent rigs report published by Baker Hughes (BHI), the region’s rig count had risen to 41 as of March 10, 2017, compared to its all-time low of 21 in August 2016.
Why Is Enbridge Energy Partners’ Implied Volatility Elevated?
On January 27, Enbridge Energy Partners announced its financial outlook and strategic update. Its implied volatility rose 34.5%, while its stock fell 17.6%.
Midstream Stocks’ Implied Volatility: The Role of Returns
While NGL Energy Partners rose the most among midstream stocks with high implied volatility in the past five days, EnLink Midstream (ENLC) lost the most.
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).
Which Midstream Stocks Have the Highest Implied Volatility?
On January 13, 2017, NGL Energy Partners (NGL) had an implied volatility of 39.6%—the highest among midstream companies that make up AMLP.
Returns: Midstream Stocks with High and Low Implied Volatilities
Columbia Pipeline Partners (CPPL) had the lowest implied volatility among all of the midstream companies that are part of AMLP as of October 24, 2016.
Where Does Boardwalk Pipeline Stand Compared to Its Peers?
Boardwalk Pipeline Partners (BWP) has the lowest distribution yield of 2.4% among the selected peers.
Returns of Midstream Stocks with High and Low Implied Volatility
On September 19, 2016, Teekay LNG Partners’s (TGP) implied volatility rose 6.8% on a year-to-date basis, and it fell 5.3% in the last five days.
Enbridge, Spectra Energy Merger Makes History
On September 6, 2016, Enbridge (ENB) and Spectra Energy (SE) announced a stock-for-stock merger agreement, which values Spectra Energy common stock at $28 billion.
Analyzing Spectra Energy Partners’ Contract Portfolio
Spectra Energy’s (SE) Texas Eastern Transmission system connects Texas and the Gulf Coast with markets in the northeastern United States.
Why the MLP Yield Spread Was Flat for the Week Ending July 22
The Alerian MLP ETF (AMLP) was trading at a yield of 8.8% at the end of the week ending July 22, 2016. The yield fell marginally compared to the previous week.
Commodity Prices, Weak Canadian Dollar Could Hurt Spectra in Q1
SEP’s 4Q15 EBITDA growth mainly came from expansion projects in its natural gas transmission business. These projects should continue to contribute to the segment’s EBITDA in 1Q16.
What Magellan Midstream Partners’ Moving Average Crossover Means
Magellan Midstream Partners (MMP) is currently trading 17% below its 52-week high and 30% above its 52-week low. On a YTD (year-to-date) basis, the stock has risen 4.4%.
Analyzing Magellan Midstream’s Moving Averages
On March 3, 2016, Magellan Midstream Partners’ (MMP) 20-day moving average was at $63.62—1% below its 100-day moving average.
How Do Midstream and Upstream Energy Companies Compare?
Large-cap midstream companies are trading 29% below their respective 100-day moving averages as of February 12, 2016.
Midstream Companies’ Moving Averages and Analysts’ Estimates
Large-cap midstream companies are trading 23.4% below their respective 100-day moving averages. Kinder Morgan trades 30% below its 100-day moving average.
Downstreams Trade 17% below Their 100-Day Moving Averages
The midstream Kinder Morgan trades 39% below its 100-day moving average. During the last rate hike in December 2015, KMI traded in the range of $15 to $16.
Midstream Companies Trade below Their 100-Day Moving Averages
Kinder Morgan (KMI) and Williams Companies (WMB) are trading 40% and 46.7%, respectively, below their 100-day moving averages.
Midstream Struggles to Cross the 100-Day Moving Averages
As of January 15, midstream companies’ stocks showed strong resistance. On average, midstream companies are trading 30% below the 100-day averages.
Midstream Companies Fell below 100-Day Moving Averages
Kinder Morgan Energy Partners and Williams Companies were trading 48% and 62%, respectively, below their 100-day moving averages as of January 13, 2016.
What It Means that Midstream Companies Are Trading below 100-Day Moving Averages
As of January 12, the 100-day moving averages of many midstream companies showed strong resistance, although many were trading below that metric.
Analyzing the Sales and Gross Profit of Midstream Companies
In fiscal 3Q15, the gross profit of frontline midstream operator Williams Companies (WMB) fell 28.6% on a YoY (year-over-year) basis.
What Does the Cash Flow Analysis Say about Midstream Companies?
In fiscal 3Q15, the price-to-cash flows per share for Plains All American Pipeline (PAA) and Williams Partners (WPZ) were 4x and 5x, respectively.
SEP Trades at a Lower Yield than Its Historical Average
Spectra Energy Partners trades at a forward distribution yield of ~5.7%. This is lower compared to its five-year average forward distribution yield of 6.2%.
Spectra Energy Partners Maintains Conservative Leverage
Spectra Energy Partners’ debt-to-equity ratio has remained below 1 over the last two years. A ratio of below 1 is considered pretty conservative for MLPs.
Must-Know: How Spectra Energy Partners’ Segments Are Performing
Spectra Energy Partners manages its business through its US Transmission and Liquids segments. Its US Transmission segment contributes nearly 85% of EBITDA.
Will Spectra Energy Partners Exceed Its 2015 Guidance?
Spectra Energy Partners’ distributable cash-flows for the nine months ended September 30, 2015, are $945 million.
Spectra Energy Partners Trades 5% above Its 50-Day Moving Average
Spectra Energy Partners crossed its 50-day moving average on December 21, 2015, when the lifting of a ban on US oil exports sent most energy MLPs up.
Low Commodity Prices, Weak Canadian Dollar Drag SE’s Earnings
SE carries out operations through four segments: Spectra Energy Partners, Distribution, Western Canada Transmission & Processing, and Field Services.
Kinder Morgan Misses 3Q15 Revenue and Earnings Estimates
The 3Q15 consensus revenue estimate for Kinder Morgan was $3.8 billion, while the company’s actual revenue stood at $3.7 billion, a miss of 2.0%.
Kinder Morgan 3Q15 Earnings Release: Key Highlights for Investors
Kinder Morgan reported its 3Q15 earnings on October 21, 2015. Its 3Q15 revenue fell to $3.7 billion from $4.3 billion in the third quarter of last year.
Why Are Enbridge Energy Partners’ 3Q15 Revenue Estimates Low?
Enbridge Energy Partners’ natural gas assets are primarily located in Texas and Oklahoma, and are owned by Midcoast Energy Partners (MEP).
Why 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.
Analyzing Williams Partners’ Total Return Performance
Williams Partners (WPZ) is expected to release its 3Q15 earnings on October 29, 2015. The company has generated total returns of -34.4% since the start of this year.
Kinder Morgan’s 3Q15 EPS Estimate Is the Lowest in Last 12 Quarters
Wall Street analysts’ 3Q15 consensus EPS estimate for Kinder Morgan (KMI) is ~$0.186, similar to the ~$0.188 they estimated in the previous quarter.
Will Kinder Morgan Miss Revenue Estimates Again?
Kinder Morgan’s 2Q15 revenue estimate was ~$4.0 billion while the 3Q15 estimate is ~$3.8 billion, a decrease of ~4.8%.
Kinder Morgan’s Dividends Are Expected to Grow in 2015
According to Wall Street analysts’ estimates, Kinder Morgan’s dividend is expected to grow 3.7% quarter-over-quarter in 3Q15 and ~15% year-over-year.
Kinder Morgan Has Underperformed the Alerian MLP ETF in 2015
Kinder Morgan is the largest midstream energy company in the United States. The company has generated a total return of -22.9% since the beginning of this year.
World Point Terminals: Worst Midstream MLP Performer on October 2
World Point Terminals (WPT) was the worst performer among midstream MLPs at the end of trading on Friday, October 2, falling 1.92%.
How 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.
What 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%.
American Midstream: Top Midstream MLP Gainer on August 25
American Midstream Partners (AMID) was the top gainer among midstream MLPs at the end of trading on Tuesday, August 25. It rose 11.53% yesterday.
Williams Partners Meets Revenue, Misses 2Q15 EBITDA Estimates
After a 20.28% miss in 1Q15, Williams Partners met its 2Q15 revenue estimates. The 2Q15 consensus estimate was ~$1.831 billion.