Tue, Nov. 10, 9:13 AM
Mon, Nov. 9, 4:55 PM
- EQT Midstream Partners (NYSE:EQM) announces a public offering of 5.65M common units, with an underwriters option to purchase up to an additional 847.5K units.
- EQM says it plans to use the proceeds for general partnership purposes, including to fund a portion of its anticipated transmission and gathering expansion in 2016.
Wed, Oct. 28, 1:55 PM
- A group of high-quality drop-down energy MLPs has outperformed peers, declining 17% while the broader Alerian MLP index suffered a 36% beating, and Credit Suisse analysts say investors should look at buying them.
- Among the MLPs the firm likes is EQT Midstream Partners (NYSE:EQM), citing its $3.3B organic project backlog in the northeast U.S., its balance sheet and its “strong parent along with upside from dry Utica.”
- Credit Suisse upgrades Phillips 66 Partners (NYSE:PSXP) to Outperform from Neutral, believing the company is “poised to grab a larger share of the overall organic projects given its growing size and IG balance sheet."
- Exterran Partners (NASDAQ:EXLP) is recommended for its “strong 12% yield and 95%-plus utilization levels, along with potential organic projects," and VTTI Energy Partners (NYSE:VTTI) is praised for its “fixed, free-based cash flows from [a] geographically diverse asset base.”
Thu, Oct. 22, 5:20 PM
- EQT Corp. (NYSE:EQT) fell 8% in today's trade after saying it will suspend natural gas drilling outside of core areas in Pennsylvania and West Virginia.
- EQT CEO David Porges said in today's earnings conference call that EQT will focus on core acreage in the Marcellus and Deep Utica formations in southwestern Pennsylvania and northern West Virginia.
- EQT plans to drill 10-15 wells next year in the Deep Utica formation, which "could be larger than the Marcellus over time,” Porges says, offering a preliminary estimate for EQT's 2016 production growth at 15%-20% above 2015 levels.
- EQT Midstream (NYSE:EQM) fell 3.6% today.
Thu, Oct. 22, 6:53 AM
Wed, Oct. 21, 5:30 PM
- AB, ACAT, ACOR, ADS, AEP, ALK, APOL, ASPS, BCC, BEN, BHE, BMS, CAB, CAM, CAT, CBU, CEMP, COR, CRS, CY, DAN, DGX, DHR, DLX, DNKN, DOW, DPS, DST, EQM, EQT, FAF, FCX, FNB, GMT, GPK, GRA, HBAN, HUB.B, IVC, JNS, LAZ, LLY, LUV, MCD, MHO, MINI, MJN, MMM, NDAQ, NUE, NWE, ORI, PCP, PDS, PENN, PH, PHM, PRLB, PTEN, R, RCI, RS, RTN, SIRI, SJR, SNA, SQNS, STC, SWK, TCB, TROW, UA, UAL, UNP, USG, UTEK, WAB, WBC, WCC, XRS
Tue, Oct. 20, 11:32 AM
Thu, Sep. 10, 11:43 AM
- Another sign of the unease surrounding the oil industry is a slowdown in U.S. pipeline construction; the shale boom created a huge need for new pipelines in places such as North Dakota and west Texas, but many of the lines have been built and oil production has started to drop.
- "There’s not enough crude to fill the pipelines,” says Sandy Fielden, an analyst with consultants RBN Energy.
- But despite the tough MLP environment, J.P. Morgan‘s energy team has three favorites: Macquarie Infrastructure (NYSE:MIC) boasts an 8% yield, dividend growth and potential upside from M&A activity; EQT Midstream Partners (NYSE:EQM) has "the right mix," no direct commodity exposure and firm take or pay contracts; and Sunoco Logistics Partners (NYSE:SXL) has a strong project pipeline and 5.5% yield with more growth likely.
- 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
Tue, Aug. 11, 10:25 AM
- Credit Suisse upgrades the MLP sector to Overweight following the recent sharp selloff, saying reversion to mean yield ranges suggest a total return outlook of more than 40%.
- The firm notes that the overwhelming majority of distributions have been made, and MLPs are tracking to 7.8% Y/Y growth (excluding upstream and coal), above last year and at the high end of its 5%-8% forecast range for this year.
- Credit Suisse says its top picks in the group are Genesis Energy (NYSE:GEL), Tallgrass Energy Partners (NYSE:TEP) and Energy Transfer Equity (NYSE:ETE).
- The firm also says defensive names with low commodity exposure make the most sense going forward and have held up best in the current bear market, including pipeline-oriented MLPs such as Spectra Energy (NYSE:SE) and Kinder Morgan (NYSE:KMI), and the just-upgraded ONEOK Partners (NYSE:OKS) and Magellan Midstream (NYSE:MMP).
- Small cap Midcoast Energy Partners (NYSE:MEP) is vastly oversold, the firm says, noting it has garnered parental support for 2.5 years.
- Also viewed favorably: WES, CNNX, ENLK, EQM, PBFX, PSXP, WNRL, VLP
- ETFs: AMLP, AMJ, KYN, MLPL, YMLP, TYG, SRV, KYE, CEM, MLPI, NML, FEN, NTG, MLPA, KMF, EMLP, FMO, MLPN, SRF, FEI, JMF, CBA, MLPG, MLPX, GMZ, EMO, MLPS, MLPY, TTP, CTR
Thu, Jul. 23, 5:18 PM
- Despite a mixed Q2 performance, EQT Corp. (NYSE:EQT) pushed to a 5.4% gain in today's trade after reporting strong test results in its first well in the dry gas window of the deep Utica Shale play.
- The well came on at a rate of 72.9M cf/day of gas during a 24-hour test, reportedly the highest initial production rate for any well in the play and possibly the highest rate ever for any shale gas well.
- EQT's well result extends the technical boundary of the deep dry gas Utica play and implies the play's economic sweet spot may be much larger in size than initially believed, according to industry analyst Richard Zeits.
Thu, Jul. 23, 8:55 AM
- EQT Midstream Partners (NYSE:EQM) says it will construct a natural gas header pipeline in southwestern Pennsylvania to support Range Resources' (NYSE:RRC) dry Marcellus and Utica development.
- The partnership will invest ~$250M for the construction of 32 miles of pipeline and installation of ~32K horsepower of compression.
- EQM and RRC say they plan to complete the project in two phases, with phase one expected to be in-service by Q3 2016 and phase two by mid-year 2017.
- Earlier: EQT Midstream misses by $0.03, misses on revenue
Thu, Jul. 23, 7:39 AM
Wed, Jul. 22, 5:30 PM
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Tue, Jul. 21, 4:46 PM
Mon, Jun. 22, 11:45 AM
- EQT Corp. (EQT -0.2%) is reinstated with a Buy rating and $100 price target at Barclays, as the formation of EQT GP Holdings (EQGP +0.2%) provides a benchmark for market expectations of what the general partner is worth.
- The firm says EQT's balance sheet is strong following the IPO of EQGP, and revised drilling plans indicate EQT likely will see E&P growth in the mid-teens in 2016 with 26% growth in 2015.
- If the stock continues to trade at a discount to peers, the firm expects EQT management to evaluate strategic alternatives for a potential split in the future, especially as the team has always been focused on creating shareholder value and has discussed this option on recent earnings conference calls.
- Barclays rates both EQGP and EQT Midstream (EQM +3.5%) at Overweight.
Thu, May 28, 6:19 PM
- Morgan Stanley’s MLP analysts initiate coverage of eight major dropdown MLPs, citing attractive attributes such as high-quality asset bases, magnitude and sustainability of growth, and strong and supportive sponsorship.
- Lead analyst Brian Lasky's top pick in the group is Dominion Midstream Partners (NYSE:DM), which he says warrants a premium valuation to midstream industry and sponsor-backed dropdown peers based on its top-tier distribution growth rate, strong sponsor commitment, depth of inventory, and - most important - strategic asset positioning, with an ability to replenish its inventory.
- Lasky says these MLPs and their sponsors also have surprised to the upside, positioning the companies for attractive growth and visibility: AM, CNNX, CPPL, EQM, SUN, TLLP, VLP.
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