NuStar Energy L.P.NYSE
NuStar's Assets Create A Defensive 9% Yield
Crudely Midstream • 11 Comments
Crudely Midstream • 11 Comments
NuStar Energy LP: Is The 11.6% Yield An Opportunity Or A Trap Door?
Michael Fitzsimmons • 56 Comments
Michael Fitzsimmons • 56 Comments
Wed, Nov. 2, 6:49 AM
Tue, Nov. 1, 5:30 PM
- ABC, ADP, AGN, ALKS, AMSC, ANTM, ARCC, ARCO, ASC, BABA, BAH, BDC, BG, BTE, CBB, CCJ, CDK, CDW, CEVA, CLH, CLX, CRL, CRTO, CSTE, DLPH, DNOW, DOC, EE, EL, EMES, FLWS, FUN, GLDD, GPT, HCN, HEP, HSIC, HST, HYH, INGR, INXN, IPI, JLL, KATE, MMP, MNTA, MVIS, NRZ, NS, NSM, NVMI, NWN, NYT, ODP, OMAM, ORBC, ORBK, OZM, PCRX, Q, SABR, SBGI, SE, SEP, SHOP, SJR, SNAK, SNR, SRE, STE, STWD, SUM, TEL, TGNA, TMHC, TOWR, TRP, TWX, VER, VMC, VOYA, VSI, WD, YELP, ZTS
Fri, Oct. 28, 8:14 AM
Thu, Oct. 20, 4:37 PM
- Martin Midstream Partners (NASDAQ:MMLP) agrees to sell its 900K-barrel Corpus Christi crude oil storage terminal and related assets to NuStar Logistics (NYSE:NS) for $107M, confirming an earlier report.
- At the same time, MMLP says it is reducing its quarterly dividend to $0.50/unit, a 38.5% reduction from $0.8125/unit in Q2.
- MMLP says the asset sale is a necessary first step to ultimately returning the company to a growth trajectory, and that the two actions "should provide a sound catalyst to reducing our currently elevated cost of capital by de-levering and improving increased distribution coverage to our unitholders."
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.
Sat, Sep. 10, 8:25 AM
- Energy MLPs enjoyed a lift this week (at least until yesterday) following news of the Enbridge-Spectra merger, particularly those lacking sponsorship by producers that may be targets for consolidation.
- Credit Suisse sees logical players to be involved in combinations to secure access to opportunities and capital including ETE/ETP, EPD, MMP, PAA/PAGP, OKE/OKS, WPZ, PSX/PSXP, MPC/MPLX, TRGP, NS/NSH, GEL and TEP/TEGP.
- FBR Capital says MLP valuations have improved ~45% from lows reached early this year, and expects macro trends to lift the sector; the firm thinks CAPL could enjoy double-digit growth for nearly seven years, and says MMLP is another notable outperformer whose valuation reflects more than enough discount for a distribution cut (which the firm is forecasting) - it also likes ENLK, EEP, TLP, SRLP, USAC, WLKP and USDP,
- RBC notes favorable sentiment in the MLP realm, highlighting attractive valuations particularly at ETP, BWP and AMID, and sees dropdown stories - out of favor YTD - such as VLP and SHLX offering visible growth that can support the stocks over the next 12 months.
- 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, IMLP
Fri, Aug. 26, 1:54 PM
- Sentiment is improving and "recovery emerging” around energy MLPs, Citi's Faisel Khan says, citing Improving commodity prices and tighter credit spreads as the main reasons, as some companies are positioning for volume growth.
- The analyst offers six "value picks": TRGP, OKS, NS, BWP, TLLP and CQP.
- Khan's "key thematic picks" are Energy Products Partners (NYSE:EPD), as a play on growth in natural gas liquids, Plains All American Pipeline (NYSE:PAA) and Plains GP Holdings (NYSE:PAGP) on growth in the Permian basin, and EnLink Midstream (NYSE:ENLC), as a play on Oklahoma expansion.
Fri, Aug. 12, 2:47 PM
- NuStar Energy (NS +1.3%) and NuStar GP Holdings (NSH +2.8%) are both upgraded to Buy from Neutral at Citigroup, driven mostly by increased Mexican refined product demand and future crude exports.
- Citi's bullish thesis on NuStar also is centered on RINs and ethanol blending capability, less burdensome IDRs and improving cost of capital, as well as downside risk protection due to contracts and strategic assets.
- The firm expects NuStar to raise equity, delever and resume its distribution growth over the next few years on favorable fund flows, improving capital markets and a 23% IDR cap; it projects ~3% distribution growth at NS and ~5% at NSH through 2020.
Tue, Aug. 2, 6:34 AM
Mon, Aug. 1, 5:30 PM
- ABC, ACCO, ADM, AET, AFSI, ALLT, ARW, AVP, BOFI, CAH, CARB, CEQP, CHH, CIE, CMI, CPPL, CSTM, CVS, DISCA, ECL, EIGI, EMR, ENOC, EPC, ETN, ETR, EXPD, FDP, GEO, GLT, GNRC, H, HCLP, HCN, HEP, HMC, HRS, HW, IDCC, IDXX, IIVI, IPI, IQNT, JLL, MLM, MMP, MNK, MOS, MZOR, NI, NJR, NNN, NRZ, NS, NWN, OZM, PBI, PFE, PG, PNW, RCL, RDC, RHP, SABR, SALE, SCAI, SHOO, SHPG, SODA, STX, SUI, TAP, TDC, VG, VSH, WCG, WNR, WNRL, XYL, ZEUS
Fri, Jul. 29, 5:20 PM
Wed, Apr. 27, 1:56 PM
- NuStar Energy (NS +5.1%) is sharply higher after reporting better than expected Q1 earnings and a distribution coverage ratio exceeding 1x for the eighth straight quarter.
- NS maintains its quarterly distribution of $1.095/unit, with Q1 distribution coverage of 1.14x, and says it expects to cover its distribution in 2016 for the third straight year.
- NS says its FY 2016 guidance remains unchanged, expecting EBITDA of $335M-$355M in its pipeline segment, $310M-$330M in its storage segment, and $15M-$35M in its fuels marketing segment.
- NS also says 2016 strategic capital spending has cut roughly in half to $180M-$200M.
- NSH +4.8%.
- Now read High dividend stock yields 9%, reports this week, insiders buying
Wed, Apr. 27, 6:43 AM
- NuStar (NYSE:NS) declares $1.095/share quarterly dividend, in line with previous.
- Forward yield 9.41%
- Payable May 13; for shareholders of record May 9; ex-div May 5.
Wed, Apr. 27, 6:31 AM
- NuStar (NYSE:NS): Q1 EPS of $0.57 beats by $0.06.
- Revenue of $405.7M (-26.9% Y/Y) misses by $115.99M.
Tue, Apr. 26, 5:30 PM
- ACCO, AGCO, ANTM, AOS, AVY, BA, BEN, BGCP, BHI, BOKF, BSX, CFR, CMCSA, CSL, DHX, DPS, DX, EVER, EVR, FDML, FI, GCI, GD, GIB, GPI, GRA, GRMN, GT, HES, HLT, IART, IP, JLL, LDOS, LEA, LLL, LRN, MDLZ, MKTX, MVIS, NAP, NDAQ, NEO, NMR, NOC, NS, OC, OSIS, PB, RDN, RES, ROK, ROL, SAIA, SC, SIX, SLAB, SLGN, SMED, SO, SONS, STM, STNG, STT, SUP, SXC, TGNA, TKR, TPH, UMC, UTX, VLY, WEX, WOOF
Fri, Apr. 1, 6:54 PM
- The huge investor outflow from MLPs has created a handful of major value opportunities in the space, Simmons analysts say, naming Enterprise Products Partners (NYSE:EPD) and Holly Energy Partners (NYSE:HEP) as their top Buy ideas.
- The firm believes that not all MLPs are as financially solid as they claim, preferring names that can fully cover current distribution payments and have financed growth projects in 2016 and EBITDA outlook clarity.
- Simmons also names EnLink Midstream Partners (NYSE:ENLK) as a higher risk/higher reward play for more aggressive investors; the firm rates ENLK, EPD, HEP and Delek Logistics Partners (NYSE:DKL) at Outperform.
- Rated Neutral: KMI, JPEP, NS, EEP, PAA, PAGP, OKS, ENLC.
- Now read High dividend stock has 46 dividend hikes, earnings estimates rising, insiders are buying