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Tue, Oct. 14, 12:33 PM
- MLPs have been brutalized lately, with the benchmark Alerian MLP Index (AMJ +0.5%) plunging 13% in the past week and down another 3% earlier today, but at least some in the group have been trying to bounce back in the past hour or so.
- J.P. Morgan strategists are sticking with their bullish central thesis on MLPs, saying prolific production from unconventional energy plays will keep demand high for new energy infrastructure; the firm believes most core acreage in leading shale plays continues to be economic at current commodity prices, which should drive strong long-term growth prospects for MLPs.
- JPM favors MLPs owning high-quality, diversified assets with strong management teams and proven track records, naming Kinder Morgan (KMI -1.5%), Enterprise Products Partners (EPD +2.5%) and Plains All American Pipeline (PAA -1%).
- ETP +3.7% and OKS +2.5%, LINE +1.4%, but EROC -5.3%, CQP -4.5%, BBEP -2.5%, MMP -2.5%, TEP -2.1%, PSXP -2%, WPZ -1.1%, ACMP -0.5%.
- ETFs: AMLP, AMJ, MLPL, MLPI, MLPA, MLPN, EMLP, MLPX, MLPS, AMU, ENFR, ATMP, MLPW, IMLP, AMZA, OSMS
Tue, Jul. 29, 4:17 PM
Mon, Jul. 28, 5:35 PM
- ACHC, ACMP, AEC, AEGN, AEGR, AFL, AJG, AMCC, AMGN, AMP, APC, APU, ARI, AXP, AXS, BGFV, BLDP, BOOM, BWLD, BXP, CALX, CAP, CBG, CBL, CEB, CEMP, CHMT, CHRW, CINF, CLD, CLMS, CPWR, CRAY, CSLT, CVD, DLR, DOX, DWA, EEFT, EQR, ESRX, EW, EXAM, EZPW, FARO, FBP, FISV, GAS, GNW, GPN, GPRE, HTA, HURN, IGT, INAP, INVN, IPHI, IVR, KIM, LNDC, MAR, MOVE, NATI, NCR, NEM, NEU, NFX, NTRI, NUVA, PEI, PLT, PNRA, QGEN, RBC, RGR, RKT, RNG, RNR, ROG, RPXC, RT, RUBI, SB, SLCA, SM, SQNM, TMH, TRN, TWTR, TX, UGI, ULTI, USNA, VRSK, VRTX, WNC, WSH, WTS, X, XCO, XPO
Tue, Jul. 1, 3:58 PM
- Williams Cos. (WMB +0.6%) completes its acquisition of the 50% general partner interest and 55.1M limited partner units in Access Midstream Partners (ACMP +1%).
- WMB says the merged MLP would have a 2015 distribution increase of at least 25% above ACMP's current guidance of $2.79/unit, would have a best-in-class distribution growth rate of 10%-12% annually through 2017, and enjoy strong investment-grade ratings: WMB foresees distribution coverage of ~1.2x in 2015 and at or above 1.1x through 2017.
- Howard Weil raises its target price for WMB to $68 from $43, noting that not only has ACMP been one of the fastest growing MLP's but the assets are essentially in all of the growing U.S. basins, with the largest drivers of growth in WMB's wheelhouse in the Northeast, the Gulf Coast and the Rockies (Briefing.com).
Tue, Jun. 17, 3:43 PM
- Williams Cos. (WMB +3.7%) adds to yesterday's 18% surge following an upgrade to Buy from Hold and a $67 price target at Deutsche Bank, which says it continues to see upside potential for the stock following its planned $6B acquisition of Access Midstream Partners (ACMP -5.6%).
- ACMP has given up its initial gains from news of the deal and dropped sharply, as shares are downgraded to Neutral from Buy at Ladenburg Thalmann; however, Wunderlich ups its target price for ACMP to $77 from $64, noting that the merged MLP's 2015 distributions should be 25% and 2016 should come in at least 20% above current guidance (briefing.com).
Mon, Jun. 16, 3:45 PM
- "This is all certainly being driven by the dividend," says BMO analyst Carl Kirst on the Williams Cos. (WMB +18.4%) promises a 32% dividend hike after it buys control of Access Midstream Partners (ACMP +1.7%) for $6B.
- Because all ACMP's revenue comes from fixed fees, ~80% of cash flow at WMB will be guaranteed after the takeover, Kirst says, with ACMP unitholders getting a higher payout in exchange for slower growth at the combined company.
- Maxim Group believes WMB will continue to raise its dividend at a ~10% rate for several years beyond 2017, given strong coverage ratios and opportunities due to expected continued increase in shale activity and the need for energy infrastructure development in the U.S. (Briefing.com)
- Also: WPZ +6.5%.
Mon, Jun. 16, 9:59 AM
- Williams Partners (WPZ +6.4%) opens with strong gains after general partner Williams Cos. (WMB +19.4%) unveils plans to merge its midstream spinoff with and into Access Midstream Partners (ACMP -1.3%) upon completion of a $6B acquisition.
- WPZ is upgraded to Buy from Hold at Tudor Pickering, which sees 20%-plus upside in the name thanks to the deal and says "long-term coverage problems are solved overnight" with the merger into "coverage-rich" ACMP.
Mon, Jun. 16, 8:58 AM
- Williams Cos. (WMB) +12.3% premarket after agreeing to buy Access Midstream Partners (ACMP) for $6B and is upgraded to Buy from Neutral at Jefferies with a $65 price target.
- Jefferies notes WMB's yield/dividend growth is now consistent with pure-play general partner peers; says Plains GP (PAGP), Targa Resources (TRGP) and ONEOK (OKE) trade with an average ~3.5% dividend yield, which would equate to a $71 price for WMB.
- Credit Suisse raises its WMB target price to $65 from $50, and believes a significant re-rating should ensue.
Mon, Jun. 16, 3:19 AM
- Williams Companies (WMB) has agreed to pay nearly $6B to acquire the 50% stake it does not already own in Access Midstream Partners (ACMP), from infrastructure fund manager Global Infrastructure Partners.
- Another potential deal is being looked at - merging Williams Partners (WPZ) with Access Midstream Partners. If successful, it would form a close to $100B master limited partnership, one of the largest MLPs by enterprise value.
- Williams also announced plans to increase its third-quarter dividend by 32%, to 56 cents per share. Dividend growth is estimated to grow 15% annually between 2014 and 2017.
Tue, Apr. 29, 4:21 PM| Comment!
Mon, Apr. 28, 5:35 PM
- ACE, ACHC, ACMP, AEC, AEGN, AFL, ANIK, ARI, AUY, AXS, AZPN, BGFV, BOOM, BXP, CALX, CAP, CEB, CEMP, CHE, CHRW, CLD, CMRE, CNQR, COLM, CRAY, DLB, DNB, DWA, EBAY, EEFT, EIX, EPR, ESRX, EZPW, FARO, FEIC, FISV, GMED, GNW, GPRE, HURN, IPHI, LOGM, MAC, MAR, MEOH, MWA, NANO, NATI, NCR, NDLS, NFX, NUVA, OHI, OI, PNRA, PRXL, REXX, RFMD, RNG, RNR, RPXC, RVBD, SIMG, SKT, SLCA, SM, STR, STX, SWI, TE, THG, TMH, TRLA, TRN, TTS, TWTR, ULTI, USNA, VNR, VPRT, VRSK, WSH, X, XCO.
Sat, Apr. 12, 8:25 AM
- Ohio geologists for the first time have linked earthquake activity in the Marcellus Shale to fracking, a new connection that could have implications for oil and gas drilling in the state and beyond.
- As a result, Ohio is setting new permitting conditions in quake-sensitive areas and has halted drilling indefinitely at the site of five quakes last month in the Youngstown area.
- Earthquakes recently rattled residents in Oklahoma, putting that state on track for record quake activity this year, which some seismologists say may be tied to oil and gas exploration.
- Among companies drilling in the Marcellus and Utica shales: RRC, CHK, COG, ACMP, APC, ATLS, CVX, CNX, DTE, EOG, EQT, XCO, XOM, MWE, NBL, RGP, REXX, RICE, RDS.A, RDS.B,SWN, STO, SXL, TLM, WMB, WPX.
Mon, Mar. 10, 5:03 PM| Comment!
Fri, Mar. 7, 12:11 PM
- Two energy investors presenting at Capital Link's MLP stress the desirability of crude oil and natural gas liquids over natural gas, and the importance of geographic diversity in suggesting six MLPs to buy now.
- Kyri Loupis, head of energy and infrastructure at Goldman Sachs, likes Oiltanking Partners (OILT), Lehigh Gas Partners (LGP) and EQT Midstream Partners (EQM) - smaller MLPs with strong growth prospects, healthy balance sheets and small distribution obligations to general partners.
- Dan Spears, a portfolio manager at Swank Capital, prefers larger pipeline players Access Midstream Partners (ACMP), Energy Transfer Equity (ETE) and NGL Energy Partners (NGL).
Mon, Mar. 3, 3:39 PM
- Access Midstream Partners (ACMP +1%) is upgraded to Buy from Hold with a $64 price target, raised from $56, at Wunderlich ahead of the MLP's May analyst day.
- The firm expects ACMP to provide solid guidance for 2016 EBITDA along with a continuation of 15% distribution growth, which should lead to consensus estimate revisions.
- While some MLPs under coverage have provided lower than expected growth outlooks, the firm thinks ACMP offers good visibility on 15%-plus growth through 2016 underpinned by its diverse asset base, contractual model and strong coverage/balance sheet.
Fri, Feb. 28, 9:11 AM
- Chesapeake Energy (CHK) announces two agreements to sell midstream compression assets for a combined $520M, as it continues to streamline its portfolio towards improving its balance sheet with "minimal impact" on 2014 cash flow guidance.
- Access Midstream Partners (ACMP) will purchase 103 compression units with a combined capacity of ~200K hp from CHK subsidiary MidCon Compression for $160M, and Exterran Partners (EXLP) will purchase 334 compression units with a combined capacity of ~440K hp for $360M.
- CHK +0.4% premarket.
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