Williams Partners LP
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.
Why some MLPs are benefitting from increased propane exports
Significantly higher rates of propane exports have helped to boost propane prices—and the margins of some MLP names.
Why Williams Companies’ Valuation Has Been on the Rise
Williams Companies’ forward EV-EBITDA multiple, which is based on the current fiscal quarter’s EBITDA estimates, is 13.1x.
What Does Rising Natural Gas Production Mean for Energy MLPs?
According to the US EIA (Energy Information Administration), US natural gas production averaged 73.6 Bcf/d (billion cubic feet per day) in 2017.
WMB’s Analyst Price Targets: Gauging the Upside Potential
Among the analysts covering Williams Companies’ stock, 53.0% of the analysts have recommended a “buy,” and the remaining 47.0% have recommended a “hold.”
Why rising frac spreads are benefitting select MLP names
Last week, frac spreads traded up slightly, and over the medium term, frac spreads are up significantly. This is a positive catalyst for natural gas processors.
The Russia-Ukraine situation’s impact on energy: Key takeaways
More U.S. gas exports creates more demand for U.S. natural gas, which supports prices and incentivizes greater production. This is positive for upstream producers.
What Analysts Recommend for ETP and ETE ahead of the 3Q17 Results
Of the analysts surveyed by Reuters, 71.0% recommend a “buy” for Energy Transfer Equity (ETE), and the remaining 29.0% of analysts recommend “hold.”
Drivers behind Williams Companies’ Recent Market Performance
William Companies (WMB) has recovered slightly after a weak August 2017, and it has risen 2.4% since last week. WMB has fallen 3.3% since the beginning of 2017.
Why Gathering and Processing MLPs Outperformed in 1Q17
Gathering and processing MLPs were the best performing MLPs in the first quarter of 2017. The subgroup rose 14.7%.
Kinder Morgan Cuts Dividends by 75%
Kinder Morgan (KMI), the midstream energy giant, announced a ~75% quarterly dividend cut in its annual outlook release for 2016 on Tuesday.
Must-know: Frac spreads get boost from oil price spike
Fractionation spreads got a boost last week with rising crude oil prices.
Why MLPs’ Sluggishness Continued Last Week
MLPs’ sluggishness continued last week despite strong crude oil. The Alerian MLP Index (^AMZ), which tracks the performance of 50 energy MLPs, fell 1.2% last week.
EEP on the Street: What the Analysts Are Saying
The median target price for EEP as provided by surveyed analysts is $24, which implies a 37% price return in one year from EEP’s current price of $17.48.
Ethane production: The prospects and possibilities in the market
Ethane has historically received significantly more advantageous pricing than dry natural gas.
What Are Analysts’ Recommendations for Kinder Morgan?
Of the analysts surveyed by Reuters, ~66.7% rated Kinder Morgan (KMI) as a “buy” and ~33.3% rated it as a “hold.” None of the analysts rated it as a “sell.”
MLPs Rallied despite Crude Oil’s Weakness Last Week
MLPs rallied despite crude oil’s weakness last week. The Alerian MLP Index (^AMZ) rose 2.7% during the week and ended at 269.1.
What Do Analysts Recommend for Kinder Morgan?
Currently, ~52.6% of analysts rate Kinder Morgan a “buy,” ~42.1% rate it a “hold,” and ~5.3% rate it a “sell.”
What Do Analysts Recommend for WMB and WPZ?
On a broader level, 57.1% of analysts rate Williams Companies as a “buy,” 35.7% rate it as a “hold,” and 7.2% rate it as a “sell.”
What Analysts Recommend for ETP and ETE ahead of Q2 Earnings
Of Wall Street analysts surveyed by Reuters, 74.0% of analysts rate ETE as a “buy” and the remaining 26.0% rate it as a “hold” as of July 28.
ETP, EEP, and WPZ: Are the Attractive Yields Worth the Risk?
ETP trades at a yield of 11.6% Energy Transfer Partners (ETP) is currently trading at a distribution yield of 11.6%. ETP’s 2Q16 distribution coverage stood at 0.91x. A coverage ratio below 1 remains a matter of concern for investors. During the 2Q16 earnings call, ETP CEO Kelcy Warren said, “But it is our intention that […]
Why Did Williams Partners Surge in the Past Month?
Williams Partners (WPZ) has returned -0.2% since the beginning of 2016. But it has rallied 55.9% in the past one month.
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.”
MLPs Recovered Slightly in the Week Ending August 25
MLPs recovered slightly in the week ending August 25—possibly due to an overcorrection in the first three weeks of the month.
Paulson & Co. adds a new stake in Talisman Energy
Talisman Energy is a global upstream oil and gas company headquartered in Canada. Revenue plunged to $44 million, down from $929 million in 2013.
Energy Transfer Partners Has Lost 2.1% in May: Can It Recover?
Recently, Energy Transfer Partners (ETP) merged with Sunoco Logistics Partners. Energy Transfer Partners has lost 2.1% since the beginning of May.
Energy Transfer Duo Offers High Upside Potential
Energy Transfer Partners and Energy Transfer Equity are among the top midstream companies that offer high upside potentials.
Analyzing the Best Performing Midstream MLPs on June 25
The best performing midstream MLP on Thursday, June 25 was Western Gas Partners (WES). It rose 0.5% yesterday. However, it’s close to its 52-week low.
Energy Transfer acquires Regency Energy Partners for $18 billion
On January 26, a Energy Transfer Partners (ETP) unit lost ~6.4%. A Regency Energy Partners (RGP) unit, meanwhile, gained ~5% to finish at $24.93.
Kinder Morgan: A wide-moat stock and impressive management
The return on shareholders’ equity, their expanding profit margins, and growth rates generated by Kinder Morgan speak to the job that management is doing.
Higher propane prices help frac spreads and natural gas processors
Frac spreads traded up slightly last week and have been relatively range-bound over the past several months.
What Analysts Are Recommending for Williams Companies
At a broader level, 60.0% of analysts rate Williams Companies (WMB) a “buy,” 26.7% rate it a “hold,” and the remaining 13.3% rate it a “sell.”
Why Frac Spreads Affect Some MLP Stocks
Companies in the natural gas processing space—many of which are MLPS—keep an eye on the fractionation or “frac” spread. Here’s why.
Williams Partners Got Upgrade after Financial Repositioning
Williams Partners (WPZ) was upgraded by Raymond James from “market perform” to “strong buy” last week.
Must-know: Kinder Morgan’s MLP assets
The primary cash inflows for KMI are from its general and limited partner stakes in KMP and EPB. KMI directly and indirectly owns approximately 10% of KMP.
Why MLPs Saw a New 52-Week Low Last Week
MLPs went through some carnage last week. The Alerian MLP Index (^AMZ), which tracks the performance of 50 energy MLPs, saw a new 52-week low of 258.45.
Asset Sales: Chesapeake Energy’s Key Focus in 2016
On August 10, 2016, CHK announced intentions to exit the Barnett Shale. This deal helped it eliminate ~$1.9 billion in commitments to Williams Partners.
MLPs’ Strong Earnings Growth Continued in 1Q18
Master limited partnerships or MLPs saw continued strong earnings growth in 1Q18 after a solid fourth quarter of 2017.
Why Williams Companies Is Outperforming Peers in 2017
Plains GP Holdings (PAGP) was the most battered last month of the four in our peer group, witnessing a new YTD (year-to-date) low of $19.8 in August.
How US Tax Cuts Impacted Spectra Energy Partners’ 4Q17 Earnings
Spectra Energy Partners reported operating revenue of -$138 million in 4Q17.
EPD, ETP, PAA, WPZ: What Do Current Valuations Indicate?
Energy Transfer Partners (ETP) and Enterprise Products Partners (EPD) are trading at forward EV-to-EBITDA multiples lower than their respective five-year historical averages.
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.
Why higher natural gas liquids prices help natural gas processors
Fractionation spreads increased on the back of higher natural gas liquids prices, a positive for natural gas processor master limited partnerships.
Should You Include Kinder Morgan in Your Portfolio?
We’ll look at what Wall Street analysts recommend for Kinder Morgan (KMI). At a broader level, ~52.6% of analysts rate Kinder Morgan a “buy,” ~42.1% rate it a “hold,” and ~5.3% rate it a “sell.”
Inside the Growth Prospects of ETE, WMB, PAGP, and WGP
Energy Transfer Partners (ETP) has a capital budget of $3.9 billion for 2017, of which $1.7 billion was spent in the first half of the year.
What’s behind MLP Performances for the Week Ended November 10?
Of the total 95 MLPs, 62 ended last week in the red, 30 ended in the green, and the remaining three ended flat. Energy Transfer Partners (ETP) fell 5.5%.
Are Analysts Bullish on Williams Companies?
About 78.0% of analysts rate Williams Companies (WMB) a “buy,” while the remaining 22.0% rate it a “hold” as of August 21, 2017.
These Midstream Players Have Created Maximum Wealth for Investors
In this series, we’ll look at the historical outliers in midstream energy, which have generated massive wealth amid turbulent times.
Analysts Expect Flat Earnings from Williams Partners in 1Q18
Williams Companies (WMB) and its MLP subsidiary, Williams Partners (WPZ), are scheduled to release their 1Q18 earnings on May 2.
How Wall Street Analysts View Williams Companies
Of the analysts covering Williams Companies (WMB) on September 5, 2017, 78.0% rated it as a “buy,” and the remaining 22.0% rated it as a “hold.”
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 the Natural Gas Compression Industry
Natural gas compression is essential for transporting natural gas. Compression is used several times in the natural gas production and transportation cycle.
A key overview of Enterprise Products Partners’ 2Q14 results
The company recorded $12.5 billion in total revenues for 2Q14, up 12.3% from the $11.1 billion recorded in 2Q13. The increase was primarily due to higher volumes in the crude oil marketing and NGL marketing businesses.
How Did ETP’s Debt Level Change Last Year?
Energy Transfer Partners’ outstanding debt has more than doubled if we compare the pre-merger and post-merger periods.
Key Updates on Williams Partners’ Transco Projects after 1Q17
Williams Companies (WMB) has lost 1.4% since the beginning of 2017. In comparison, Williams Partners (WPZ) has gained 6.0% in 2017 year-to-date.
Why Crestwood Rallied Despite Distribution Cuts and Lower Guidance
Crestwood Equity Partners announced a quarterly distribution of $0.6 per unit on April 21. This represents a 56% cut in quarterly distribution.
Will Williams Partners’ Coverage Ratio Improve in 2Q17?
Williams Partners (WPZ) recently declared a distribution of $0.60 per unit for 2Q17—a 29% decrease from its distribution per unit of $0.85 in 2Q16.
Analyzing Short Interest in Williams ahead of 4Q16 Earnings
Short interest in Williams Companies (WMB) as a percentage of shares outstanding has fallen to 1.4%. That’s lower than the 2016 average of 2.8%.
Regency’s PVR Midstream acquisition means Marcellus Shale exposure
Regency recently acquired a foothold in the Marcellus by buying PVR Partners LP in March this year in a deal worth $5.6 billion, specifically to boost its footprint in the Appalachian Basin.
Why gas production and price impact midstream energy suppliers
Generally, most of the midstream companies enter into contracts with the producers of natural gas, such as Chesapeake Energy (CHK) or Range Resources (RRC).
Investment-grade bonds: Monsanto and energy firms make a splash
Corporates accounted for about 44% of the total investment-grade debt (LQD) issuance for the week ended June 27. Financial sector (VFH) issuers accounted for ~38%.
Why the pace of natural gas production remains steady
Despite the lower natural gas prices, natural gas production growth has remained steady over the past few years. According to the EIA, in 2013, total U.S. natural gas production increased by 1%.
What is ethane and why is it important for energy companies?
This series will discuss how ethane is important across the energy chain–from upstream and midstream to downstream energy companies.
Williams Companies Missed the Q2 2018 Earnings Estimate
Williams Companies (WMB) and Williams Partners (WPZ) reported their second-quarter earnings on August 1 after the market closed.
What Analysts Think about Williams Companies Stock
Of the 18 analysts covering Williams Companies (WMB), seven recommend “strong buy,” seven recommend “buy,” and four recommend “hold.”
MLPs Rose Due to Strong Crude Oil and Higher Drilling Activity
The Alerian MLP Index (^AMZ), which includes 50 energy MLPs, rose 3.1% last week and ended at 267.6.
Williams Partners Up 7% on Merger Announcement with GP
Williams Partners (WPZ) rallied 7% early yesterday following a merger announcement with its GP, Williams Companies (WMB).
Is Energy Transfer Partners Exploring a C Corporation Structure?
High leverage and a complex capital structure have been a drag on Energy Transfer Partners’ market performance.
KMI, EPD, WPZ, MPLX: Analysts Are Bullish on Midstream Companies
Of the analysts covering Kinder Morgan (KMI), 64% recommended “buy,” and 36% recommended “hold.”
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.
WMB at 52-Week Lows: Can It Regain Upward Momentum?
William Companies (WMB) recently saw a 52-week low of $24.10 and has lost ~17.5% since the start of 2018. WMB has recovered since then.
Why MLPs Underperformed the Energy Sector Last Week
MLPs underperformed the energy sector and the broader US markets last week. Let’s take a look.
NGL Energy Partners Has Fallen 16% in 2018: What’s Next?
NGL Energy Partners (NGL) is trading at a yield of ~12.2%. The stock has fallen 16% so far in 2018.
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%.
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.
Which Segment Drove Williams Partners’ 4Q17 Performance?
Williams Partners’ (WPZ) Atlantic Gulf segment posted a 4.6% YoY decline in its adjusted EBITDA during the fourth quarter.
The MLP-Treasury Yield Spread Widens
The yield spread between the Alerian MLP Index (^AMZ) and the ten-year Treasury has widened due to the recent correction.
A Sneak Peek at Williams Partners’ 4Q17 Gathering Volumes
Williams Partners, the largest natural gas gatherer in the Marcellus and Utica regions, is expected to see strong volume growth in the regions in the fourth quarter.
MLPs Cool Off after a Strong 2-Week Rally
MLPs (master limited partnerships) cooled off last week, which ended on January 19, after two weeks of a strong rally.
Williams Partners’ Distribution Growth Plans
Williams Partners (WPZ) expects its 2017 distributable cash flow to lie between $2.6 and $2.8 billion. At the midpoint, this range represents a ~9.0% YoY (year-over-year) decline.
How USAC Deal Could Boost ETP’s Market Performance
Energy Transfer Partners (ETP) had a strong start to the year with a rise of ~6.5% in 2018 YTD (year-to-date).
MLPs Continue to Outperform Broader US Markets in 2018
MLPs maintained their winning streak in the second week of 2018. The Alerian MLP Index (^AMZ) rose 4.6% last week and ended at 300.5.
WMB Has Risen ~9% in 2018 So Far: Can the Gains Continue?
Williams Companies (WMB) has had a massive start to the year. It’s risen nearly 9% in seven trading sessions in 2018. Overall, the C corporation GP (general partner) has risen ~14% since the start of December 2017.
Where Energy Transfer Partners Could Trade in the Upcoming Days
Energy Transfer Partners’ (ETP) 30-day implied volatility was 26% as of December 27, 2017, which is slightly lower than the 15-day average of 26.7%.
What Impacted MLPs’ Performance in 2017 despite Strong Crude Oil?
The Alerian MLP Index (^AMZ) had a strong end to 2017 and rose 4.7% during December. Overall, AMZ fell ~13.0% to end the year at 275.1.
MLPs Had a Massive Start to 2018
MLPs had a massive start to 2018. The Alerian MLP Index (or AMZ), which includes 50 energy MLPs, rose 5% last week, which ended January 5, 2018.
What Drove MLPs in the Week Ending December 15?
MLPs were strong in the week ending December 15, 2017. The Alerian MLP Index (^AMZ) had a strong start last week although it fell slightly on Friday.
What’s Been Impacting MLP Performances as of December 8?
Most MLPs (master limited partnerships) closed the week ended December 1 in the red, after seeing some gains earlier in the week.
What’s behind ETP’s Strong Distributable Cash Flow Growth?
Energy Transfer Partners’ DCF rose 27.5% YoY to $1,049 million in 3Q17 compared to $823 million in 3Q16.
Understanding the Slight Recovery among MLPs Last Week
MLPs (master limited partnerships) recovered slightly last week (ended December 1, 2017), after three weeks of sluggishness.
What’s EPD’s Correlation with Natural Gas?
In this article, we’ll look into the commodity price exposure of the MLP at the seventh spot, Enterprise Products Partners (EPD).
Raymond James Cut Enterprise Products Partners’ Price Target
Of the analysts surveyed by Reuters, 92% rated Enterprise Products Partners as a “buy,” and 8% rated it as a “hold.”
The Key General Partners of MLPs: ETE, WMB, PAGP, and WGP
The four MLP partners we’ll compare in this series are Energy Transfer Equity, Western Gas Equity Partners, Plains GP Holdings, and Williams Companies.
Short Interest in Enterprise Products and Magellan Rose Recently
The short interest as a percentage of float in Enterprise Products Partners’ (EPD) stock is 1.8%—higher than the 1.7% in mid-August.
BofA Merrill Lynch Adds Position in Enterprise Products Partners
In this series, we’ll be looking at the institutional activity of some major MLPs during 2Q17 and their recent analyst recommendations.
Williams Companies, Williams Partners: Price Forecasts after 2Q17
Williams Companies (WMB) and Williams Partners (WPZ) had a weak start to the month of July. They fell 0.40% and 4.3%, respectively, in two trading sessions.
Where Did MLPs’ Valuations Head during May 2017?
The Alerian MLP Index (^AMZ) was trading at a yield spread of ~5.0% to the ten-year Treasury rate by the end of May 2017.
WMB Underperformed AMLP and SPY Last Week: Can It Bounce Back?
Williams Companies (WMB) had a positive start to last week. However, it entered negative territory following its plunge later in the week.
Williams Companies’ Updated Ratings after Wells Fargo Upgrade
The average broker target price of $33.10 for WMB implies a 9.2% price return in the next 12 months from its May 12, 2017, closing price of $30.30.
What Does WPZ’s Valuation Indicate after Its 1Q17 Earnings?
Williams Partners (WPZ) is currently trading at a price-to-distributable cash flow of 13.1x. The partnership is trading above the historical average of 7.7x.