Dominion Midstream Partners LPNYSE
Thu, Dec. 1, 4:51 PM
- Consideration for the $1.725B deal included $823M in cash to Dominion Resources (NYSE:D), $167M of common units, and $300M of convertible preferred units. Dominion Midstream (NYSE:DM) also assumed Questar Pipeline's $435M in debt.
- The deal is expected to be immediately accretive to DM's distributable cash flow per unit.
- Dominion will use the cash and other money from related financing activities to pay down $1.2B of debt at the parent level.
Mon, Oct. 31, 7:36 AM
- Dominion Midstream (NYSE:DM) agrees to acquire Questar Pipeline from Dominion Resources (NYSE:D) for ~$1.725B, including debt.
- DM says the dropdown deal will more than double its existing adjusted EBITDA, be immediately accretive to distributable cash flow, and support its plan to grow distributions to unitholders at a 22% compounded annual growth rate.
- Questar Pipeline owns and operates FERC-regulated natural gas transmission and storage assets in Colorado, Utah and Wyoming.
- To help fund the deal, DM launches a 12M-unit public offering, with an underwriters option to purchase up to an additional 1.8M common units.
Mon, Oct. 31, 6:11 AM
Sun, Oct. 30, 5:30 PM
Sun, Oct. 23, 11:17 AM
Wed, Sep. 14, 3:57 PM
- World Point Terminals (WPT +2.7%) is upgraded to Buy from Hold with a $16 price target at Stifel, which believes WPT provides stable assets and distributions at an attractive price.
- Stifel says WPT's asset base, while small and scattered, is steady and largely fee-based, and the partnership has a solid track record of paying $0.30/quarter with coverage typically at 1.2x-1.3x, for a current 8.3% yield.
- The firm also upgrades NuStar Energy (NS +0.7%), ONEOK Partners (OKS +1.2%) and Dominion Midstream Partners (DM -0.5%) to Buy from Hold, citing current valuations and yields that provide strong risk/return profiles.
Thu, Aug. 18, 7:41 AM
- The team downgrades Magellan Midstream Partners (NYSE:MMP) and Dominion Midstream Partners (NYSE:DM) to Equalweight from Overweight, and upgrades Kinder Morgan (NYSE:KMI) to Overweight.
- Kinder Morgan has been the best performer this year, up 46% vs. a 4.5% gain for MMP and a 15% decline for Dominion.
- On a year-over-year basis, the scoreboard checks out somewhat differently, with MMP's 1% gain leading the way versus declines of 36% for KMI and 24% for DM.
Mon, Aug. 8, 2:44 PM
- Dominion Resources (D -0.4%) is downgraded to Equal Weight from Overweight with a $79 price target, trimmed from $82, at Morgan Stanley, which says shares are fairly valued on a more balanced risk/reward outlook.
- Stanley says the primary drivers its downgrade are anticipated lower sales growth at the VEPCO regulated utility in light of recent data points, and lower commodity prices impacting profitability at the Millstone nuclear plant.
- The firm adds that Dominion and Dominion Midstream Partners (DM +1.5%) are well positioned to benefit in the longer term from secular demand growth for Appalachian gas production, driven by favorable positioning in the Marcellus/Utica region.
Wed, Aug. 3, 7:33 AM
Tue, Aug. 2, 5:30 PM
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Fri, Jul. 22, 12:00 PM
Wed, May 4, 7:33 AM
- Dominion Midstream (NYSE:DM): Q1 EPS of $0.29 misses by $0.02.
- Revenue of $83M (+5.9% Y/Y) misses by $7.53M.
Tue, Apr. 19, 10:23 AM
- Dominion Midstream (NYSE:DM) declares $0.2245share quarterly dividend, 5.2% increase from prior dividend of $0.2135.
- Forward yield 2.82%
- Payable May 13; for shareholders of record May 3; ex-div April 29.
Thu, Feb. 25, 7:25 PM
- Morgan Stanley analyst Tom Abrams sees improvement in the MLP multiple compression that has weighed on the group throughout the oil downturn, and the firm expands its MLP coverage by initiating ratings on several midstream names.
- While MLP prices could yet fall to new lows, Abrams believes progress has been made in approaching a bottom; however, he says investors should continue to avoid MLPs with overly-levered balance sheets, funding issues, weak cash flows and high distribution risk.
- Initiated with an Overweight rating: BPL, PSXP, VLP, DM, CPPL.
- Initiated at Equal Weight: MMP, CPGX, EQGP, EQM, WGP, WES, NS, NSH.
- Initiated at Underweight: EEP, ENBL, EEQ, MEP.
Mon, Feb. 1, 7:09 AM
- Dominion Midstream (NYSE:DM): Q4 EPS of $0.32 beats by $0.02.
- Revenue of $82.7M (+22.5% Y/Y) misses by $15.94M.
Thu, Jan. 21, 2:49 PM
- Dominion Midstream (NYSE:DM) declares $0.2135/share quarterly dividend, 8.7% increase from prior dividend of $0.20.
- Forward yield 3.36%
- Payable Feb. 15; for shareholders of record Feb. 5; ex-div Feb. 3.