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Wed, Jan. 13, 7:05 PM| Wed, Jan. 13, 7:05 PM | 20 Comments
Dec. 28, 2015, 12:40 PM
Nov. 23, 2015, 2:39 PM
- Atlas Resource Partners (ARP -33.6%) is slashed by a third after agreeing to cut its annual distribution to $0.15/unit from $1.30/unit in exchange for certain borrowing concessions from its lenders, including improved terms on its leverage covenants.
- ARP says its revised borrowing base has been reduced by $50M, or 6.7%, from its prior level to $700M.
- ARP says its total leverage ratio as of the end of Q3 was ~5.1x; the next borrowing base re-determination is expected to occur in May 2016.
Nov. 23, 2015, 12:45 PM
Nov. 9, 2015, 5:15 PM
- Atlas Resource Partners (NYSE:ARP): Q3 EPS of -$5.73 may not be comparable to consensus of -$0.09.
- Revenue of $257.9M (+24.8% Y/Y) beats by $102.48M.
Oct. 12, 2015, 12:58 PM
- Linn Energy (LINE -10.1%) is downgraded to Underperform from Market Perform with a $2 price target, and Mid-Con Energy Partners (MCEP -9.9%) is cut to Market Perform from Outperform with a $4 target, at FBR Capital.
- The firm says it does not see any residual value for LINE unitholders unless commodity prices improve meaningfully, and it expects another distribution cut at MCEP by the end of 2016.
- However, FBR reiterates Outperform ratings on Atlas Resource Partners (ARP -5.1%), Legacy Reserves (LGCY -8.8%), Memorial Production Partners (MEMP -7.6%) and Vanguard Natural Resources (VNR -4.8%), saying the market is "discounting too dire a scenario" for certain partnerships.
Oct. 5, 2015, 10:32 AM
- The energy sector is an early leader in today's trading even after Standard & Poor's issued negative outlooks for Exxon Mobil (XOM +0.3%) and Chevron (CVX +1.9%) after Friday's close, citing high debt levels and low energy prices.
- XOM "has substantially more debt than during the last cyclical commodity price trough in 2009, while upstream production and costs are at similar levels,” S&P said, adding that “a sustained period of lower oil and gas prices will significantly reduce the company’s operating cash flow in 2015 and 2016 from 2014 levels, resulting in rising debt balances as the company sustains its capital investments and dividends.”
- The ratings agency anticipates CVX "will outspend internally generated cash flow to fund major project capital spending and dividends."
- While S&P stopped short of credit downgrades - it held CVX’s long-term credit rating at AA and XOM’s at AAA - it did downgrade 12 others: CHK, WLL, UPL, DNR, LINE, BBG, LGCY, TPLM, ARP, CWEI, MPO, EXXI.
- Outlooks also were lowered for NOG and EVEP.
- Ratings were affirmed for COP, WPX, WTI and CRK.
Sep. 14, 2015, 7:21 PM
- Citigroup analysts foresee a second round of distribution cuts is coming to the energy MLP sector, predicting companies in the sector will have drawn down their revolving credit lines by a combined 61% by year's end.
- The two upstream MLPs the Citi analysts consider at the highest risk of a "meaningful" distribution cut are Legacy Reserves (NASDAQ:LGCY) and Atlas Resource Partners (NYSE:ARP).
- The only two MLPs the analysts recommend are Memorial Production Partners (NASDAQ:MEMP) and EV Energy Partners (NASDAQ:EVEP), mostly for valuation reasons.
- ETFs: AMLP, AMJ, KYN, MLPL, TYG, SRV, KYE, CEM, MLPI, NML, FEN, NTG, MLPA, KMF, EMLP, FMO, MLPN, SRF, FEI, JMF, CBA, MLPX, GMZ, EMO, MLPS, TTP, CTR, AMU, CEN, GER, AMZA, SMM, MIE, DSE, ENFR, FPL, ATMP, JMLP, MLPW, IMLP
Sep. 1, 2015, 9:13 AM
Aug. 27, 2015, 4:36 PM
- Atlas Resource Partners (NYSE:ARP) declares $0.1083/share monthly dividend, in line with previous.
- Forward yield 38.56%
- Payable Sept. 14; for shareholders of record Sept. 8; ex-div Sept. 3.
Aug. 7, 2015, 12:44 PM
Aug. 7, 2015, 8:39 AM
- Small cap Atlas Resource Partners (NYSE:ARP) is up 23% premarket on light volume.
- The company released Q2 results after the close yesterday; gas and oil production was down 10% while well construction and completion was up 4%.
- CEO Daniel Herz said ARP is pursuing strategic activities intended to position it "to take advantage of opportunities in the current market environment."
Aug. 6, 2015, 11:14 PM
- Atlas Resource Partners (NYSE:ARP): Q2 EPS of -$0.55 may not be comparable to consensus of -$0.09.
- Revenue of $96.13M (-30.8% Y/Y) misses by $53.76M.
Aug. 5, 2015, 12:48 PM
Jul. 21, 2015, 10:47 AM
- LinnCo (LNCO +4.1%) is downgraded to Outperform from Strong Buy with a $9 price target, down from $15, by Raymond James analyst Keven Smith, a longtime supporter of LNCO and Linn Energy (LINE +4.4%).
- Smith's positive view on LNCO has been based on Linn’s strong hedging book, low decline asset base, and unique ability to acquire E&P C-corps which mitigated the weakness of the oil markets; given the YTD lack of acquisitions and the higher equity cost of capital due to a lower stock price, he is dialing back acquisition expectations for the partnership and his forecast for Linn’s sustainable distribution rate.
- Smith also drops his price target on LINE to $8 from $14 while maintaining his outperform rating, predicting LINE will need to lower its distribution in 2016 if oil remains below $60.
- Smith also downgrades Atlas Resource Partners (ARP +1%) to Underperform, saying ARP could hit its leverage covenant of 5.25x its trailing 12-month total debt/EBITDA ratio; he expects ARP and Memorial Production Partners (MEMP +1.4%) to cut their distribution rates.
Jun. 15, 2015, 12:30 PM
- Wunderlich analyst Jay Dobson finds a few worthwhile investments in an otherwise weak upstream energy exploration MLP sector that has too much debt on average and has suffered from the dramatic decline in oil, natural gas and natural gas liquids prices since late 2014.
- Also, a lack of hedging discipline has left the industry more exposed to the declining prices and, in some cases, with very limited financial flexibility, Dobson says.
- But four Buy-rated MLPs are best positioned for the current energy environment, sharing the attributes of solid liquidity, a runway for improvement, and aggressive action, Dobson says: Memorial Production Partners (MEMP +0.3%), Vanguard Natural Resources (VNR +1.8%), LRR Energy (LRE +3.5%) and Legacy Reserves (LGCY +0.4%).
- Rated Hold: ARP, BBEP, MCEP, NSLP, EVEP
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