Wed, Oct. 19, 4:35 PM
Tue, Oct. 4, 2:56 PM
- Plains All American Pipeline (PAA -1.5%) is upgraded to Overweight from Equal Weight, and ONEOK (OKE -3.9%) is downgraded to Equal Weight from Overweight at Morgan Stanley.
- PAA looks attractive, “given its Permian basin positioning, with dominant gathering market share and underutilized assets that will benefit from increasing Permian crude production,” Stanley says, expects that by 2019 PAA will generate twice the EBITDA growth from additional capacity utilization than reflected by current consensus estimates.
- Valuations on near-term cash flows limits upside for OKE, the firm says, while noting that the company's fundamentals remain healthy, and it is optimistic about the coming natural gas liquids cycle in 2018-20.
- The firm's stock price targets are $37 for PAA and $50 for OKE, while it also maintains an Equal Weight rating and $14 target on Plains GP Holdings (PAGP -0.2%).
Mon, Oct. 3, 9:45 AM
- September monthly performance was: 0%
- 52-week performance vs. the S&P 500 is: +5%
- $0.30 in dividends were paid in September
- Top 10 Holdings as of 8/31/2016: ONEOK Inc (OKE): 2.65651%, Mattel Inc (MAT): 1.45713%, CenterPoint Energy Inc (CNP): 1.28361%, Frontier Communications Corp Class B (FTR): 1.10651%, Coach Inc (COH): 1.05319%, Macquarie Infrastructure Corp (MIC): 0.97241%, Microchip Technology Inc (MCHP): 0.92968%, CMS Energy Corp (CMS): 0.8697%, SCANA Corp (SCG): 0.85871%, The Western Union Co (WU): 0.82708%
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
Tue, Sep. 6, 11:20 AM
- August monthly performance was: -0.6%
- 52-week performance vs. the S&P 500 is: +5%
- $0.21 in dividends were paid in August
- Top 10 Holdings as of 7/29/2016: ONEOK Inc (OKE): 2.51645%, Mattel Inc (MAT): 1.45532%, CenterPoint Energy Inc (CNP): 1.35453%, Frontier Communications Corp Class B (FTR): 1.23381%, Coach Inc (COH): 1.17484%, CMS Energy Corp (CMS): 0.92805%, Macquarie Infrastructure Corp (MIC): 0.92426%, SCANA Corp (SCG): 0.9029%, Microchip Technology Inc (MCHP): 0.82578%, The AES Corp (AES): 0.82339%
Tue, Aug. 2, 4:52 PM
Tue, Aug. 2, 10:04 AM
- July monthly performance was: +2.99%
- 52-week performance vs. the S&P 500 is: +7%
- $0.24 in dividends were paid in July
- Top 10 Holdings as of 6/30/2016: ONEOK Inc (OKE): 2.68634%, Mattel Inc (MAT): 1.37579%, CenterPoint Energy Inc (CNP): 1.3705%, Frontier Communications Corp Class B (FTR): 1.18302%, Coach Inc (COH): 1.12088%, CMS Energy Corp (CMS): 0.94653%, SCANA Corp (SCG): 0.91588%, Macquarie Infrastructure Corp (MIC): 0.89711%, Helmerich & Payne Inc (HP): 0.8648%, Digital Realty Trust Inc (DLR): 0.85433%
Mon, Aug. 1, 5:35 PM
- ACLS, AFG, AGII, AIG, AMED, AMSG, AR, ARC, AVD, BEAT, BECN, BGFV, BPI, BRKR, CALD, CALX, CAR, CENT, CERN, CHEF, CHUY, CLI, CLUB, CRAY, CSU, CXO, CZR, DEI, DVN, DXCM, EA, ELGX, ENLK, ENPH, ESE, ESIO, EXAM, FANG, FARO, FGL, FISV, FIT, FMC, FMI, FNGN, FORM, FTAI, FTV, FUEL, GHDX, GLUU, GNW, GUID, HBI, HCI, HIW, HRZN, INN, JIVE, KAR, KFRC, LOCK, LQ, MATX, MDU, MOD, MRC, MRCY, MXWL, NBR, NEWR, NFX, NOVT, NPO, NYMT, OCLR, OESX, OHI, OKE, OKS, OMI, ORA, PAA, PAGP, PAYC, PBPB, PLT, PRMW, PRO, PZZA, QRVO, QUOT, REXX, RGR, RIGL, RLOC, RPAI, RPXC, RUBI, SF, SGY, SLCA, SM, STAG, SUPN, SYRG, TMH, TNAV, TPC, TRQ, TRUP, TSRA, TX, VNOM, VRSK, VTAE, WMGI, WR, WTR, XXIA, Y, ZAGG, ZEN
Thu, Jul. 28, 5:45 PM
Fri, Jul. 22, 5:37 PM
Wed, Jul. 6, 11:58 AM
- Investors may find it difficult to capitalize on propane's big rally, as the rally has come so quick and so fast that it may be too late to hop on board, WSJ reports.
- Jefferies analyst Christopher Sighinolfi had been bullish on many propane pipeline and processing companies when others were skeptical, but recently downgraded Oneok (OKE -1.2%), DCP Midstream Partners (DPM +0.8%), EnLink Midstream Partners (ENLK +0.1%) and Targa Resources (TRGP -0.1%) largely because they became too expensive.
- “We were also concerned with how confident and convicted clients seemed about the prospect for prices to just continue climbing and simultaneously dismissive they are” about declining volumes, Sighinolfi said.
- Others think propane could still rise quickly in the near term from exports and domestic heating and agriculture demand; Greg Sharenow of Pacific Investment Management says "propane is a significantly better value with inventories falling below last year’s level and exports already at a pretty substantial level.”
Fri, Jun. 17, 3:39 PM
- ONEOK (OKE +1.8%) pushes higher despite getting downgraded to Hold from Buy at Argus, which cites valuation following the stock's nearly 95% surge since January and the modest recovery in oil prices that is now reflected in the share price.
- While OKE has restructured several of its contracts to fee-based from percent-of-proceeds, which are expected to make it less sensitive to fluctuations in energy prices and volumes, but the firm is concerned about the debt levels and capital spending at ONEOK Partners (OKE +0.3%), given that the MLP accounts for 100% of OKE’s cash flow.
- OKE management has noted that OKS may need to issue new stock in late 2017, which Argus says would be dilutive to EPS.
Mon, May 9, 2:58 PM
- ONEOK (OKE -1.5%) is lower but by less than many of its peers after Barclays upgrades shares to Overweight from Equal Weight with a $49 price target, raised from $27, at Barclays, which says it has a line of sight into the company's growth because of its valuable asset footprint.
- The company has said it has $200M of extra earnings potential from reduced ethane rejection on its natural gas liquids segment that it can generate with minimal capital spending.
- The firm sees opportunity for OKE in the form of higher realizations for the ethane in the Mid-Continent where contracts are still primarily POP, volume growth in the Mid-Continent that will kick up due to rising prices for natural gas and natural gas liquids, the potential to raise bundled rates as capacity on the system gets tight, and the ability for low-cost expansions.
- Also: OKS -2.1%.
- Now read ONEOK Partners upgraded at Credit Suisse
Thu, May 5, 2:47 PM
- ONEOK Partners (OKS +0.8%) is upgraded to Neutral from Underperform with a $40 price target, raised from $33, at Credit Suisse, which believes OKS is now in position to meet or beat 2016 EBITDA guidance of $1.88B given higher ethane demand estimates, higher margins from re-contracting in the Williston Basin, and strong progress on well connects.
- Credit Suisse notes that OKS expects a $200M earnings boost from ethane transportation and fractionation services without the need for additional capex, and expects processing plants will move into full ethane recovery in early 2017, bringing 175K-200K bbl/day of ethane rejection back on to the OKS system.
- OKS is well-positioned in the Williston basin going forward, the firm says, as 38%-43% of total North Dakota flared gas is on OKS systems, and incremental processing capacity from Bear Creek in H2 should drive further volume upside.
- The firm maintains a Neutral rating on ONEOK (OKE +2.6%), general partner and owner of ~41% of OKS; it raises its price target to $42 from $34.
Tue, May 3, 4:28 PM
- ONEOK (NYSE:OKE): Q1 EPS of $0.40 misses by $0.01.
- Revenue of $1.8B (-0.6% Y/Y) misses by $310M.
Mon, May 2, 5:35 PM
- AGU, AMED, AMSG, ARC, AVD, BFAM, BGFV, BKH, BPI, CAI, CALD, CALX, CAR, CBS, CERS, CHEF, CHUY, CRAY, CSU, DVN, ENLK, ENPH, EPIQ, ETSY, FANG, FARO, FMI, GLUU, GMED, GNMK, HCI, HI, HRZN, IAG, IL, ILMN, INN, JKHY, KAMN, KAR, KFRC, LCI, LYV, MAC, MDU, MTCH, MTDR, MXWL, MYGN, NDLS, NFX, NKTR, NTRI, NYMT, OCLR, OKE, OKS, OMI, PAYC, PBPB, PKD, PLT, PRMW, PRO, PZZA, QUAD, QUOT, REG, REGI, RIGL, RLOC, RPXC, RSYS, RTRX, RUBI, SM, SPA, STAG, SUPN, TAHO, TNAV, TXMD, USNA, VIAV, VNOM, VRSK, VVUS, WES, WGP, WR, WTR, WU, XCO, XPO, XXIA, ZEN