Northern Tier Energy
 (NTI)

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  • Wed, Feb. 3, 5:39 PM
    • Northern Tier Energy (NYSE:NTI) declares $0.38/share quarterly dividend, -63.5% decrease from prior dividend of $1.04.
    • Forward yield 6.14%
    • Payable Feb. 19; for shareholders of record Feb. 12; ex-div Feb. 10.
    | Wed, Feb. 3, 5:39 PM | 26 Comments
  • Dec. 21, 2015, 5:47 PM
    • Northern Tier Energy (NYSE:NTI+9.1% AH after Western Refining (NYSE:WNR) agrees to acquire the ~62% of the company it does not already own in a revised offer that values NTI at $2.43B.
    • NTI unitholders will now receive $15/share in cash and 0.2986 of a share of WNR for each unit held; in October, WNR offered $17.50/share in cash and 0.2266 of a share for each NTI unit.
    • The companies say the merger will result in a diversified refining asset base with three top tier refineries that have direct pipeline access to advantaged crude oil basins, and that the deal includes increased flexibility to sell NTI traditional logistics assets to Western Refining Logistics (NYSE:WNRL).
    | Dec. 21, 2015, 5:47 PM | 50 Comments
  • Dec. 16, 2015, 12:13 PM
    • Congress has agreed to lift the 40-year-old ban on crude oil exports, but refiners are holding up well as the group wins a tax break on the cost of transporting oil as part of the deal.
    • The tax provision meant to blunt potential damage to domestic refiners of allowing unfettered crude exports would allow non-integrated refiners to count 75% of their oil transportation costs toward an existing manufacturing tax deduction.
    • Refiners are "positioned to succeed regardless,” says Carl Larry, head of oil and gas for Frost & Sullivan. “They can still make products cheaper than anywhere in the world... Regardless of whether the U.S. exports crude, they’ll be ahead of the game.”
    • Wells Fargo contends that lifting the ban will have only a minimal impact in the short term, and notes that Phillips 66 (PSX +1.6%) has indicated lifting the move would have no material impact at least for one year; Valero Energy (VLO +1.2%) is better positioned than most because it already relies on a larger percentage of foreign oil for its feedstock to make gasoline and other petroleum products, says Simmons analyst Jeff Dietert.
    • Also: TSO +2.5%, MPC +0.9%, HFC +2.4%, PBF +1.6%, WNR +4.9%, NTI +1.6%, ALJ +1%, CLMT -2.2%.
    • Earlier: Solar stocks soar as Congress proposes extending solar/wind tax credits
    | Dec. 16, 2015, 12:13 PM | 24 Comments
  • Dec. 16, 2015, 2:13 AM
    | Dec. 16, 2015, 2:13 AM | 131 Comments
  • Dec. 14, 2015, 7:25 PM
    • The deep discount for benchmark U.S. crude oil prices vs. global rates looks poised to disappear for the first time since the rise of the shale oil boom, Reuters reports.
    • U.S. WTI crude for delivery in March traded at one point today just $0.20/bbl below global Brent crude for the same month, the narrowest gap since 2010.
    • The sudden shift in the closely-watched spread seems to be sending a signal that the domestic oil market is likely to grow tighter while the global glut gets worse, which likely will spur a renewed rise in U.S. imports and erase the cost advantage of U.S. refiners who have made billions of dollars on cut-price domestic crude.
    • Some oil traders say the spread is responding to signs that the U.S. Congress may throw out the 40-year old ban on exporting U.S. crude, while others cite expectations of higher OPEC production following an easing of western sanctions against Iran that is weighing on Brent.
    • Refiners: PSX, VLO, TSO, MPC, HFC, PBF, WNR, NTI, ALJ, CLMT
    • ETFs: USO, OIL, UCO, UWTI, SCO, BNO, DBO, DWTI, DTO, USL, DNO, OLO, SZO, OLEM
    | Dec. 14, 2015, 7:25 PM | 62 Comments
  • Dec. 12, 2015, 8:25 AM
    • The 40-year-old ban on most U.S. crude oil exports "very likely" will be lifted in the government spending bill, according to reports citing congressional aides from both parties, as part of a deal D.C. lawmakers are negotiating as part of spending and tax measures Congress is aiming to pass by Dec. 16.
    • In the deal said to be coming together, Congress would lift the export ban while also adopting environmental and renewable energy measures, including long-term extensions of wind and solar tax credits; also under discussion is a tax credit for independent domestic refineries, especially a few in the Northeast whose profits could be hurt if oil exports are allowed.
    • "There’s a view that this is the last chance" ahead of a presidential election year, says ClearView Energy Partners managing director Kevin Book.
    • Refiners: PSX, VLO, TSO, MPC, HFC, PBF, WNR, NTI, ALJ, CLMT
    • ETFs: USO, OIL, UCO, UWTI, SCO, BNO, DBO, DWTI, DTO, USL, DNO, OLO, SZO, OLEM
    | Dec. 12, 2015, 8:25 AM | 163 Comments
  • Dec. 4, 2015, 12:41 PM
    • Credit Suisse analyst Edward Westlake says favorable market conditions that drove the oil refining business this year will carry over into next year, making many refiner stocks strong buys.
    • Global gasoline demand grew at 3x its historical rate in 2015, and while consensus expectations for gasoline demand predict a regression closer to the long-term trend in 2016, Westlake sees at least another year of strong demand growth remaining.
    • The analyst says he has been surprised at Q4 performance so far , and predicts a 2016 environment conducive to earnings strength, especially among coastal names.
    • Credit Suisse has Outperform ratings on these refiners: VLO +1.6%, NTI +0.5%, CLMT +1.5%, MPC +3%, TSO +1.2%, ALDW -2.3%, WNR +1.6%, PBF +0.2%, DK +1.7%.
    | Dec. 4, 2015, 12:41 PM | 22 Comments
  • Nov. 3, 2015, 5:58 AM
    • Northern Tier Energy (NYSE:NTI): Q3 EPS of $1.51 beats by $0.29.
    • Revenue of $891.6M (-42.5% Y/Y) beats by $47.36M.
    | Nov. 3, 2015, 5:58 AM | 12 Comments
  • Oct. 26, 2015, 9:15 AM
    | Oct. 26, 2015, 9:15 AM
  • Oct. 26, 2015, 7:28 AM
    • Western Refining (NYSE:WNR) says it has offered to buy the shares of Northern Tier Energy (NYSE:NTI) it does not already own in a deal that values the refiner at ~$2.52B.
    • WNR, which currently has a ~38% stake in NTI, says it has offered $17.50 in cash and 0.2266 of its share for each NTI unit.
    • NTI +9.1% premarket.
    | Oct. 26, 2015, 7:28 AM | 78 Comments
  • Oct. 21, 2015, 2:56 PM
    • Citi analyst Faisel Khan downgrades some U.S. refiner stocks, believing that narrowing differentials resulting from recent pipeline expansions and production slowdowns in the U.S. will continue to weigh on refiner margins in the near future.
    • The firm’s latest forecast calls for a Brent-WTI differential of only $4.50/bbl, much lower than the previous forecast of $8/bbl.
    • Khan cuts ratings for HollyFrontier (HFC -0.4%), Western Refining (WNR -1.6%), CVR Refining (CVRR +0.3%), Alon USA Partners (ALDW +2.4%) and Northern Tier Energy (NTI -2.2%) to Neutral from Buy.
    • But the firm maintains its Buy rating on Phillips 66 (PSX -0.5%), Marathon Petroleum (MPC -0.8%) and Valero Energy (VLO -0.6%), which Khan says have diversified their revenue streams into pipelines, gas processing or chemicals.
    | Oct. 21, 2015, 2:56 PM | 32 Comments
  • Aug. 14, 2015, 12:47 PM
    • The Obama administration will allow limited sales of crude oil to Mexico for the first time, Reuters reports, citing a senior administration official who says the U.S. Commerce Department is "acting favorably on a number of applications" to export U.S. crude in exchange for imported Mexican oil.
    • The shipments, likely to be lighter, high-quality shale oil, would help Mexico's aging refineries produce more premium fuels, while U.S. refiners would continue to get Mexican heavy oil, a better match for them than the light oil coming from Texas and North Dakota.
    • Although limited in scope, the move toward freeing up trade will please U.S. oil producers such as Pioneer Natural Resources (NYSE:PXD) and ConocoPhillips (NYSE:COP), which say the restrictions force them to sell oil at below global market rates, and may add momentum to efforts mostly to repeal what advocates see as a relic of the 1970s.
    • Among relevant oil stocks: XOM, CVX, BP, RDS.A, RDS.B, OAS, NOG, CLR, WLL, EOX, SM, SFY, PVA, GST, SN, CRK, BBG, CWEI
    • Relevant refining stocks: VLO, HFC, MPC, TSO, WNR, ALJ, PSX, PBF, DK, NTI, ALDW
    • ETFs: XLE, XOP, XES, IEO, IEZ, PXE, NDP
    | Aug. 14, 2015, 12:47 PM | 207 Comments
  • Aug. 4, 2015, 6:02 AM
    • Northern Tier Energy (NYSE:NTI): Q2 EPS of $0.98 misses by $0.04.
    • Revenue of $959.8M (-40.0% Y/Y) beats by $40.07M.
    | Aug. 4, 2015, 6:02 AM | 18 Comments
  • Jul. 9, 2015, 10:47 AM
    • Northern Tier Energy (NTI +0.4%) is initiated with an Outperform rating and $30 price target at RBC, which cites NTI's sole refinery - St. Paul Park - as "one of the most advantaged crude slates in the U.S.," mainly on account of its pipeline access to local Bakken and Canadian crudes.
    • The firm considers NTI as undervalued because of a general lack of investor interest in the variable-rate MLP refiner structure, as well as the company's dependence on only one refinery.
    • At the same time, RBC starts Western Refining (WNR +0.4%) at Sector Perform with a $48 target, saying WNR is caught between two opposing strategic directions - to purchase the remaining 62% of NTI or to sell its refineries to NTI; the uncertainty could be an overhang in the medium term.
    • The firm praises WNR's impressive asset portfolio, which it says includes two of the most advantaged refineries in the U.S. and access to local growing crude supplies in the Permian and Four Corners Basins.
    | Jul. 9, 2015, 10:47 AM | 10 Comments
  • Jun. 18, 2015, 7:17 PM
    • U.S. oil refiners will maintain positive free cash flows until the seasonally stronger Q4 revives earnings, as they can beat a short-term supply crunch by boosting the use of OPEC oil and diverting exports headed for Canada, Cowen analyst Sam Margolin writes.
    • Refiners are getting squeezed by a drop-off in domestic supplies as drillers pull back, but Margolis sees the crunch as temporary and expects supplies of West Texas crude to rebound in response to demand during H2.
    • The analyst maintains an Outperform rating on Valero (NYSE:VLO), Tesoro (NYSE:TSO), Marathon Petroleum (NYSE:MPC), Western Refining (NYSE:WNR) and PBF Energy (NYSE:PBF) he predicts Q2 earnings will come in above consensus for VLO, TSO and WNR.
    • Margolin rates HollyFrontier (NYSE:HFC), Alon USA Energy (NYSE:ALJ), Calumet Specialty Products (NASDAQ:CLMT) and Northern Tier Energy (NYSE:NTI) at Market Perform.
    | Jun. 18, 2015, 7:17 PM | 17 Comments
  • May 5, 2015, 6:03 AM
    • Northern Tier Energy (NYSE:NTI): Q1 EPS of $1.08 beats by $0.21.
    • Revenue of $793.8M (-41.2% Y/Y) misses by $48.56M.
    | May 5, 2015, 6:03 AM | 7 Comments
Company Description
Northern Tier Energy LP is an independent downstream energy company with refining, retail and pipeline operations that serve the PADD II region of the United States.