Genesis Energy, L.P.: More Room To Run? You Bet
Genesis Energy, LP: No IDRs And A Steal-Of-A-Deal Mean Higher Distributions For LP Unitholders
Michael Fitzsimmons • 40 Comments
Michael Fitzsimmons • 40 Comments
Genesis Energy: Midstream MLP Will Continue Growing Distributions
Clayton Rulli • 12 Comments
Clayton Rulli • 12 Comments
Fri, Jul. 22, 9:11 AM
Thu, Jul. 21, 4:57 PM
- Genesis Energy (NYSE:GEL) -3.3% AH after announcing a public offering of 8M common units, with an underwriters option to purchase up to an additional 1.2M units.
- GEL says it plans to use the proceeds for general partnership purposes, including funding acquisitions including organic growth projects, or repaying some of the borrowings outstanding under its revolving credit facility.
Thu, Jul. 7, 9:06 AM
Wed, Jul. 6, 12:29 PM
- Energy MLPs had one of the strongest quarters ever in Q2, with the Alerian MLP Infrastructure Index surging 18.1% in a major recovery since the losses seen early in the year, and the index is now up 8% YTD.
- DA Davidson’s Poe Fratt sees tempered MLP growth “on full display,” and remains positive on crude oil prices through 2017 despite recent weakness, believing that non-OPEC production finally is declining and lower capex has set the stage for better supply demand.
- Fratt’s best current ideas include Enterprise Products Partners (NYSE:EPD), Genesis Energy (NYSE:GEL), Magellan Midstream Partners (NYSE:MMP), and Spectra Energy Partners (NYSE:SEP), all of which he rates Buy.
- But Citi's Faisel Khan says investors should stay cautious given that the group faces tight liquidity and stretched balance sheets; he considers Legacy Reserves (NASDAQ:LGCY), Vanguard Natural Resources (NASDAQ:VNR) and EV Energy Partners (NASDAQ:EVEP) among the higher risk names, and that Atlas Resources Partners (NYSE:ARP) is "running out of options" and could be forced into bankruptcy.
- ETFs: AMLP, AMJ, KYN, TYG, KYE, SRV, CEM, MLPI, NML, FEN, NTG, KMF, MLPA, EMLP, FMO, AMZA, FEI, JMF, SRF, CBA, MLPN, GMZ, MLPX, GER, EMO, TTP, CTR, MLPS
Fri, Jul. 1, 12:29 PM
- Genesis Energy (GEL +1.7%) is upgraded to Buy from Neutral with a $46 price target at Citigroup, saying the stock "offers investors an underappreciated growth story driven by a visible ramp in its deepwater Gulf of Mexico pipelines and organic investments in its supply and logistics/onshore pipeline businesses."
- Citi expects GEL to generate ~10% distribution growth through the end of the decade, and thinks the company is set to benefit from its near $1B organic capex in H2 2016 or early 2017.
- The firm foresees additional cash flow growth in GEL's offshore business through 2020 driven by increased production from several key projects including Lucius and Heidelberg.
Tue, May 17, 7:12 PM
- The past week has rewarded the energy MLP sector with new YTD highs, mostly thanks to the gains in crude oil prices; the Alerian MLP ETF rose another 0.8% to $12.36 in today's trade, up from $11.77 a week ago and $7.97 in mid-February.
- DA Davison MLP analyst Poe Fratt tells Bloomberg he still sees good value in MLPs, saying MLP prices have only just started to inch up since early April, noting that while Treasury yields have fallen, yield spreads look more attractive.
- Fratt's best 2016 idea in energy MLPs is Enterprise Products Partners (NYSE:EPD), which he says remains well positioned in the challenging environment; the firm also rates Genesis Energy (NYSE:GEL), Spectra Energy Partners (NYSE:SEP) and Magellan Midstream Partners (NYSE:MMP) at Buy.
- ETFs: AMLP, AMJ, KYN, TYG, KYE, SRV, CEM, MLPI, NML, FEN, NTG, KMF, MLPA, EMLP, FMO, AMZA, FEI, JMF, SRF, CBA, MLPN, GMZ, MLPX, GER, EMO, TTP, CTR, MLPS, CEN, SMM, DSE, FPL, AMU, MIE, JMLP, ENFR, ATMP, MLPW, IMLP
Wed, May 4, 6:04 AM
Tue, May 3, 5:30 PM
- AFAM, ARCC, ARCO, ARQL, ASC, ATRO, AVA, AYR, BDC, BUD, CDW, CHH, CLH, CPK, CRK, CRL, CRTO, CRZO, CSTE, D, DLPH, DNOW, ECYT, EE, ENR, FUN, GEL, GNRC, GTE, HAIN, HE, HFC, HSC, HSNI, HTWR, HYH, ICE, INXN, IONS, IRT, KATE, KLIC, LGND, MEMP, MFA, MMP, MOS, MPW, MTOR, NBL, NGS, NJR, NRZ, NVMI, NXTM, OMF, ONCE, ORBK, PCG, PCLN, RDC, RDS.A, SBGI, SCMP, SE, SERV, SHOP, SMP, SPAR, SR, SRE, SSTK, STRA, TGH, TGI, TMHC, TREE, TWX, VIRT, VOYA, VSI, WD, WIX, ZTS
Wed, Apr. 13, 6:19 AM
Tue, Mar. 8, 5:17 PM
- A U.S. bankruptcy judge says Sabine Oil & Gas (OTCPK:SOGCQ) can reject contracts with midstream companies it made before oil and gas prices plunged.
- But the judge says her ruling is not binding, potentially setting the stage for another legal battle over the pipeline operators' argument that the agreements cannot be broken because they are inextricably tied to the land on which Sabine operates.
- The ruling covers agreements with two companies, including an affiliate of Cheniere Energy (NYSEMKT:LNG), that gather natural gas for Sabine in specific geographic locations; Sabine has said that rejecting the contracts could save as much as $115M for the bankruptcy estate.
- Restructuring and energy experts have warned that a loss for Sabine's pipeline operators could inspire other bankrupt oil and gas producers to seek similar relief, spreading the distress that has plagued them to the midstream companies that process and transport oil and natural gas.
- Similar requests are pending in the chapter 11 cases of companies including Quicksilver Resources (OTCPK:KWKAQ) and Magnum Hunter Resources (OTCPK:MHRCQ); a Delaware judge is expected to rule on KWK's request by the end of the month.
- Pipeline stocks include: KMI, ENB, EEP, SE, SEP, WMB, ETE, ETP, OKS, PAA, PBA, MMP, CQP, BWP, BPL, WES, SXL, NS, NSH, TCP, NGL, DPM, GEL, HEP, APL, SEMG, TLLP, MMLP, TLP, SGU, BKEP
Wed, Mar. 2, 2:28 PM
- While energy supply and demand dynamics may be about to start improving, the benefits are not yet evident in the profit picture for midstream MLPs, Wunderlich's Jeff Birnbaum writes, as declining onshore crude production will continue to challenge midstream operators.
- E&P guidance and more recent EIA data indicates more significant declines may come in 2016 than expected several months ago, according to Birnbaum.
- Among individual MLPs, the analyst expects Plains All American (PAA +2.3%) to use its scale, downstream operations and lack of 2016 financing needs as weapons to take share from smaller competitors, and sees a rebound in Gulf of Mexico production as a positive for Genesis Energy (GEL +5.8%).
- With additional liquified petroleum gas export capacity online in 2016 and the prospect for a more normalized 2016-17 winter, the propane market should tighten relative to a sloppy 2015, which Birnbaum believes will benefit Enterprise Products Partners (EPD +3.5%), Targa Resources (TRGP +1.1%), DCP Midstream Partners (DPM +6.8%) and NGL Energy Partners (NGL -0.1%).
- ETFs: AMLP, AMJ, KYN, YMLP, TYG, SRV, KYE, CEM, MLPI, NML, FEN, NTG, MLPA, KMF, EMLP, FMO, FEI, JMF, MLPN, SRF, CBA, MLPG, MLPX, GMZ, EMO, MLPS, MLPY, TTP, CTR, AMZA, GER, ZMLP, CEN, YMLI, AMU, SMM, MIE, DSE, FPL, ENFR, ATMP, JMLP, MLPC, MLPW, IMLP
Thu, Feb. 18, 6:34 AM
Wed, Feb. 17, 5:30 PM
- AAN, AAWW, AGIO, ALE, BCC, CAB, CBB, CHH, COT, CVI, CVRR, DAN, DISCA, DISH, DNR, DUK, EIGI, ETR, GEL, GOV, H, HCN, HII, HOT, IDA, IDCC, IQNT, IRT, LDOS, LH, MFA, MGM, MNTA, MPEL, MTRN, MZOR, NHI, NI, ONE, PAAS, PCG, POOL, PPP, PRGO, RS, SCG, SIX, SODA, SYNT, TK, TNK, TTC, UAN, UPL, VA, VAL, WAB, WM, WMT, WST
Thu, Jan. 7, 7:14 AM
- Genesis Energy (NYSE:GEL) declares $0.655/share quarterly dividend, 2.3% increase from prior dividend of $0.64.
- Forward yield 7.49%
- Payable Feb. 12; for shareholders of record Jan. 29; ex-div Jan. 27.
Nov. 3, 2015, 6:35 AM
- Genesis Energy (NYSE:GEL): Q3 EPS of $3.38 may not be comparable to consensus of $0.40.
- Revenue of $572.33M (-40.6% Y/Y) misses by $224.95M.
Nov. 2, 2015, 5:30 PM
- ADM, AFSI, ALE, AMAG, AMSC, ANAC, ANIP, ARIA, AUDC, AXLL, AYR, BLMN, CBM, CDK, CEQP, CIE, CIT, DISCA, DNOW, EMR, EXPD, FI, FIS, FLWS, FSS, FTR, GCAP, GEL, GLDD, GLT, GTN, H, HCP, HRS, HTH, HW, HYH, IART, INCY, K, KMT, LPX, MBLY, MDCO, MHFI, MLM, MMP, MOS, NCLH, NGLS, NI, NMM, NNN, NRZ, NS, [[NTi]], NWN, NXST, NXTM, ODP, OZM, PERI, RDC, RHP, RRGB, SALE, SGNT, SMG, SRE, SSH, SUP, TASR, TGH, TRP, TWI, TZOO, UAM, UNT, VMC, VSH, WLK, WNR, WPC, WPG, ZTS
Genesis Energy LP operates as a master limited partnership, which focuses on midstream segment of the oil and gas industry in the Gulf Coast region of the United States, primarily Texas, Louisiana, Arkansas, Mississippi, Alabama, Florida, Wyoming and in the Gulf of Mexico. It provides integrated... More
Sector: Basic Materials
Industry: Oil & Gas Pipelines
Country: United States
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