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Wed, Jan. 6, 12:47 PM
- J.P. Morgan says it expects the harsh oil and gas market conditions will force distribution cuts in 2016 from EV Energy Partners (EVEP -3%), Memorial Production Partners (MEMP -4.6%) and Legacy Reserves (LGCY -5.9%).
- "The market has come to the realization that supportive yield-based valuation metrics remain inadequate as distributions appear unsustainable against liquidity and balance sheet concerns,” JPM analyst Gabriel Daoud writes.
- The firm also downgrades Vanguard Natural Resources (VNR +0.4%) to Neutral from Overweight with a $5 price target, cut in half from $10, and lowers its price target for BP Prudhoe Bay Royalty Trust (BPT -6.1%) to $11 from $18.
Dec. 30, 2015, 5:38 PM
Dec. 30, 2015, 12:46 PM
- Hit hard two days ago as oil fell below $37/barrel, oil/gas industry names are seeing more pain today after the EIA reported U.S. crude inventories rose by 2.6M barrels last week - expectations were for a decline. The report comes shortly after the API estimated U.S. crude inventories rose by 2.9M barrels during the most recent weekly period.
- After rising yesterday, WTI crude is down 3.1% to $36.71/barrel. Brent crude is down 2.9% to $36.69/barrel. Nymex natural gas is down 7.3% to $2.20/MMBtu.
- The biggest decliners include Chesapeake Energy (CHK -4.1%), Petrobras (PBR -4.1%), Linn Energy (LINE -7.5%), Gulfport Energy (GPOR -5.2%), SeaDrill (SDRL -5.5%), MV Oil Trust (MVO -4.5%), EV Energy Partners (EVEP -6.7%), and Southwestern Energy (SWN -5.7%).
- Other notable decliners include Hercules Offshore (HERO -5.2%), Marathon Oil (MRO -4%), Devon Energy (DVN -4.4%), Encana (ECA -4.1%), Range Resources (RRC -4.7%), Sandridge Mississippian Trust (SDR -4%), Newfield Exploration (NFX -3.8%), BP Prudhoe Bay Royalty Trust (BPT -3.1%), Enerplus (ERF -3.9%), and ONEOK Partners (OKS -2.5%).
- ETFs: XLE, VDE, ERX, OIH, XOP, ERY, DIG, DUG, BGR, IYE, IEO, FENY, PXE, FIF, PXJ, NDP, RYE, FXN, DDG, DRIP, GUSH
Nov. 9, 2015, 3:48 PM
- EV Energy Partners (EVEP -26.1%) sinks by more than 25% after reporting a 54% Y/Y drop in Q3 revenue, falling gar short of expectations, and warning distributable cash flow likely will fall below levels needed to maintain its $0.50/share quarterly distribution.
- "Over the next several months, as the budgeting process for 2016 is completed, EVEP will address its future quarterly distribution levels and policies to align future distributions with projected distributable cash flow," the company says.
- Q3 production was 9.7 Bcf of natural gas, 212 Mbbl of oil and 526 Mbbl of natural gas liquids, or ~153M cfe/day, a 13% Y/Y decrease and 6% lower Q/Q.
Nov. 9, 2015, 12:45 PM
Sep. 4, 2015, 12:45 PM
Aug. 24, 2015, 10:59 AM
- EV Energy (EVEP -6.2%) is downgraded to Underperform from Neutral with a $5 price target, cut from $13, at Baird, which notes that after selling its UEO assets for $575M, the company has yet to fill the cash flow gap required to maintain its already haircut distribution into 2016.
- With an onerous cost of equity, EVEP will be hard pressed to win an auction, and buying assets even at size may not do enough to hold off another distribution cut, the firm says.
Aug. 13, 2015, 12:45 PM
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
Apr. 15, 2015, 3:54 PM
- EV Energy (EVEP +9.7%) is upgraded to Outperform from Sector Perform with a $22 stock price target, raised from $20, at RBC Capital, which notes that EVEP's recently announced sale of its 21% stake in the Utica East Ohio UEO midstream project for $575M marks an attractive price.
- With re-determination risk passed and liquidity at a max, the firm believes the potential reinvestment of proceeds marks a visible catalyst and shifts EVEP's risk/reward profile for the better.
Feb. 2, 2015, 2:58 PM
- EV Energy Partners (EVEP +10.1%) is strongly higher despite its announcement earlier it was cutting its Q4 cash distribution to $0.50/unit from its $0.774 payout for Q3, and estimates a 2015 distribution coverage ratio of more than 1.15x.
- EVEP says coverage could improve if it is able to divest its midstream assets, Utica acreage or Eagle Ford acreage.
- EVEP also said it expects Q4 daily production to average ~171M cf/day, down 2.7% from Q3 levels, which lifted overall 2014 production to ~63.55B cf, up 3% Y/Y; EVEP foresees 59.34B-64.94B cf of natural gas during 2015.
- Reduces 2015 E&P capex plans to $55M-$65M vs. ~$100M for 2014.
Dec. 26, 2014, 4:23 PM
- Though most large-cap energy stocks closed the day with modest gains or losses, a slew of small-cap and mid-cap U.S. oil and gas plays sold off on a day that saw WTI crude once more fall below $55/barrel, and Henry Hub natural gas drop below $3/mmBtu for the first time since 2012, before bouncing a little.
- Decliners: EXXI -4.4%. SGY -4.5%. HK -4.1%. EVEP -2.3%. NFX -3.2%. SDR -3.3%. SN -5.2%. SD -5.9%. LGCY -2.2%. CHKR -3.3%.
Oct. 16, 2014, 5:37 PM
Oct. 10, 2014, 10:55 AM
- In what's looking like at least a short-term capitulation move, investors are bailing out of upstream MLPs.
- Linn Energy (LINE -7.1%), BreitBurn Energy (BBEP -8.8%), EV Energy (EVEP -7.8%), Eagle Rock Energy (EROC -4.7%), QR Energy (QRE -8.1%), Legacy Reserves (LGCY -6.5%), Vanguard Natural Resources (VNR -10.3%).
- The JPMorgan Alerian MLP ETN (AMJ -2.9%) is down 12.4% over the last month.
- ETFs: AMLP, AMJ, MLPL, MLPI, MLPA, MLPN, EMLP, MLPX, MLPS, AMU, ENFR, ATMP, MLPW, IMLP, AMZA, OSMS
- Previously: Breitburn Energy shelves $400M high-yield bond offering
Feb. 21, 2014, 11:57 AM
- EV Energy Partners (EVEP +5.2%) is upgraded to Buy from Hold with a $40 target price at Wunderlich, citing alleviating infrastructure constraints in the Utica which provides greater visibility towards production ramp-up in the basin and potentially benefiting EVEP's monetization plans of its Utica's assets.
- The start-up of the UEO processing plant, the de-ethanizer and the ATEX pipeline should create a positive ripple effect on EVEP's cash flow and its Utica valuation, the firm says.
- The firm thinks EVEP is now at an inflection point, presenting an attractive risk/reward opportunity.
Oct. 17, 2013, 4:24 PM
- EV Energy Partners (EVEP) -4.6% AH after announcing a public offering of 5M common units.
- EVEP says it plans to use net proceeds to pay down debt.
EV Energy Partners LP is engaged in the acquisition, development and production of oil and natural gas properties. Its midstream segment is engaged in the construction and operation of natural gas processing and natural gas liquids fractionation.
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