Although Small, New Source Energy Partners LP Worth A Look
Stephen Simpson, CFA
Stephen Simpson, CFA
Aug. 11, 2015, 10:48 AM
- New Source Energy Partners (NSLP +14.5%) is higher despite reporting a huge Q2 loss and filing to delay its Form 10-Q.
- NSLP said its Q2 adjusted EBITDA was $6M vs. $11.4M in the prior-year period, and distributable cash flow totaled $4.9M vs. $6.6M a year ago, citing weak oilfield services results coupled with lower oil and gas realizations; reduced H2 guidance reflects lower production and lower oilfield services margins.
- Wunderlich retains its Hold rating for NSLP but cuts its stock price target to $1 from $2.50 as it sees very limited financial flexibility, but it models 1.3x coverage for the Series A preferred distribution for H2.
- Baird downgrades shares to Neutral, along with JP Energy Partners (JPEP -20%) and Cone Midstream (CNNX -3.5%).
Jul. 29, 2015, 12:45 PM
Jul. 29, 2015, 9:52 AM
- New Source Energy Partners (NSLP -27.3%) plunges at the open after suspending its cash distribution, citing market conditions and the continued low commodity price environment.
- NSLP says it will continue to analyze accretive acquisitions to grow its E&P business while executing a restructuring plan through a potential monetization or spinout of the oilfield services business.
Jul. 27, 2015, 12:48 PM
Jul. 22, 2015, 12:45 PM
Jul. 8, 2015, 12:45 PM
Jun. 19, 2015, 12:46 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
Mar. 16, 2015, 2:55 PM
- New Source Energy Partners (NSLP -21.8%) sinks after announcing earlier that it will require an extension in filing to file its Form 10-K to allow for more time to finalize its year-end financial results.
- The 10-K had been required to be filed no later than today.
Mar. 16, 2015, 12:45 PM
Feb. 23, 2015, 12:44 PM
Dec. 23, 2014, 12:49 PM
- Stifel downgrades Breitburn Energy Partners (BBEP -1.7%), LRR Energy (LRE -4.4%) and New Source Energy Partners (NSLP -1.4%) to Hold from Buy due to pressure in the commodity markets and near-term concerns over credit facilities.
- The firm believes BBEP's ability to fund its reduced organic spending while funding the near-term shortfall in DPU coverage will be challenged, but it continues to believe the long-term outlook is attractive because of BBEP’s diversified geographic footprint.
- On LRE, Stifel says it is moving to the sidelines given near-term financing issues, even though LRE does not pose operational risk and the firm thinks the market likely is pricing in at least a DPU cut.
Mar. 5, 2014, 11:59 AM
- Robert W. Baird refreshes its outlook for master limited partnerships with six downgrades: five high-growth partnerships that now look fairly valued - NGL Energy Partners (NGL -1.8%), New Source Energy (NSLP -4%), Plains GP Holdings (PAGP -0.3%), Summit Midstream Partners (SMLP -0.6%) and Tallgrass Energy Partners (TEP -2.7%) - and are cut to Neutral from Outperform, and a reduction for Whiting USA Trust II (WHZ -0.7%) to Underperform from Neutral on elevated commodity risk.
- The firm recommends recycling capital into its top investment ideas: ONEOK Partners (OKS -1.2%), Plains All American Pipeline (PAA +0.9%), Rose Rock Midstream (RRMS +0.2%) and Crosstex Energy LP (XTEX -1.5%)
- Despite downgrading multiple high-quality MLPs, Baird says its long-term bullish view on the sector remains unchanged (Briefing.com).
Sep. 4, 2013, 10:48 AM
- Oppenheimer restarts coverage of energy MLPs, bullish on the asset class as a whole; the firm shows a bias in favor of investing in higher distribution growth, even if the yields are lower, and for owning general partners due to their incentive distribution rights structure.
- Started at Outperform: EQT Midstream (EQM +2.1%), Seadrill Partners (SDLP +0.7%), Tesoro Logistics (TLLP +1.6%), Memorial Production Partners (MEMP +2.4%), Western Gas Partners (WES +0.4%), Western Gas Equity Partners (WGP +0.7%).
- Started at Market Perform: Williams Partners (WPZ), Crosstex Energy (XTEX), ONEOK Partners (OKS), Genesis Energy (GEL).
- Also: New Source Energy (NSLP), Breitbrun Energy Partners (BBEP), LRR Energy (LRE), Mid-Con Energy Partners (MCEP).
New Source Energy Partners LP owns and acquires oil and natural gas properties in the United States. The company is actively engaged in the development and production of its onshore oil and liquids-rich portfolio that extends across conventional resource reservoirs in east-central Oklahoma. It... More
Sector: Basic Materials
Industry: Independent Oil & Gas
Country: United States
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