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Thu, Oct. 16, 4:47 PM
- Westmoreland Coal (NASDAQ:WLB) agrees to acquire Oxford GP, the general partner of Oxford Resource Partners (NYSE:OXF), for at least $30M, and will contribute certain royalty bearing coal reserves to Oxford in return for OXF common units.
- OXF will continue to operate as a stand-alone, publicly-traded MLP, and WLB will own 77% of the fully-diluted limited partner interests in Oxford.
Wed, Oct. 8, 12:24 PM
- Morgan Stanley analysts are the latest to dump on coal stocks (NYSEARCA:KOL), as it lowers its price forecast for hard coking coal to $125/ton next year and says 2015 appears likely to bring a more gradual price recovery than previously expected.
- The firm downgrades Walter Energy (WLT -10.3%) to Equal Weight from Overweight with a $4 price target, down from $16, noting that WLT likely has sufficient liquidity through 2015 but citing the uncertain timing and magnitude of a price recovery as leaving an insufficient margin of safety.
- Peabody Energy (BTU -1.2%) is the firm's preferred play in coal because it is less liquidity constrained than other coal producers; BTU "offers multiple ways to win, with diversified met, domestic thermal and seaborne thermal exposure."
- Also: ACI -6.4%, CLF -5.6%, CLD -5.2%, ANR -3.4%, OXF -2.3%.
Sat, Sep. 27, 9:15 AM
- Worries that energy MLPs could struggle to produce gains this year have proven unfounded, as the group has produced double the return of the broader market so far this year and are yielding ~5.2%.
- Distributions during Q2 rose 6.8%, growth that can compensate for price declines as other income investments with less risk attract investors.
- Kinder Morgan's (KMI, KMP) consolidation is no longer seen as spelling the end of the MLP as a structure, and most analysts see continued robust growth and hefty valuations from the industry.
- The Alerian MLP Index has returned 17% YTD vs. 12% for the Philadelphia Utilities Index components and 8% for the S&P 500; among individual MLPs, Emerge Energy (NYSE:EMES) leads the pack with a 267% return while the laggard is Oxford Resource Partners (NYSE:OXF) with a loss of 57.5%.
- But the problem with MLPs is that the assets underlying them generally have a finite lifespan, and many have been bid up to very high prices; Enterprise Product Partners (NYSE:EPD), for example, is yielding just 3.8% and trading at 4.8x book value.
- ETFs: AMLP, AMJ, MLPL, YMLP, MLPI, MLPA, MLPN, EMLP, MLPX, MLPG, MLPS, MLPY, AMU, YMLI, ZMLP, ENFR, ATMP, MLPW, MLPC, IMLP, OSMS
Thu, Sep. 18, 10:21 AM| 8 Comments
Tue, Aug. 5, 7:07 AM| Comment!
Mon, Aug. 4, 5:30 PM
- ACM, ACT, ADM, AEE, AKRX, ALLT, AME, AMSC, ANSS, ARCC, ARCO, ARQL, BCRX, BLMN, CIE, CLDT, CNK, COH, CRZO, CVC, CVS, DWRE, EMR, END, ENZY, EXH, EXLP, EXPD, FE, FUN, GLDD, GTIV, GTXI, HCLP, HCP, HEP, IART, IFF, IIVI, INFI, IT, KWK, LIN, LPX, MDU, MGM, MMP, MSI, MWW, MZOR, NILE, NNN, [[NTi]], NVDQ, NWN, ODP, OXF, OZM, PMC, RBA, REGN, RHP, RIGL, RTI, SCMP, SCOR, SMG, SNSS, SPAR, STE, TDG, VMC, VSI, VTG, WLK, WNR, ZBRA, ZTS
Mon, Jul. 21, 3:09 PM
- Oxford Resource Partners (OXF +27.4%) soars after winning a $19.5M settlement against Kentucky utility Big Rivers Electric in a dispute over a coal contract.
- Today's big gain in OXF is a rare move for a stock that has lost most of its value in the past two years because of mounting debt and doubts about future coal demand.
Fri, May. 16, 5:03 AM
- The White House is considering forcing power plants to cut carbon emissions by 25% over a 15-year period, Bloomberg reports.
- The problem is that owners can only cut so much of a facility's emissions by increasing efficiency, so a lot of the reduction could have to come by "going outside the fence," such as by deepening the use of renewable energy, improving grid efficiency and encouraging customers to use less electricity.
- Trying to compel operators to rely on such external measures could run afoul of what the government is allowed to do under the Clean Air Act.
- ETFs: KOL, XLU, IDU, VPU, RYU, PUI, UPW, FXU, SDP, PSCU, FUTY, UTLT
- Coal Tickers: PCXCQ, BTU, WLT, CNX, ACI, ANR, JRCC, YZC, ARLP, AHGP, NRP, PVR, PVG, PVA, OXF, CLD, WLB, RNO
- Utilities: ED, POM, PEG, FE, NST, UTL, ETR, EXC, D, NU, PCG, DUK
Tue, May. 6, 7:09 AM
Mon, May. 5, 5:30 PM
- ACM, ACOR, AER, AKRX, AME, ARCC, ARCO, ARW, BCE, BCS, CBOE, CNK, COCO, CRTO, CRZO, CYNO, DISCA, DNR, DTV, DWRE, EMR, EXH, EXLP, FE, GDP, GLDD, HCP, HFC, HPT, HSH, HSIC, HTH, IFF, ISIS, KWK, MMP, MNTA, MONT, MOS, MPW, MSO, MVIS, MWIV, NRG, [[NTi]], NUS, ODP, OXF, PDCE, PQ, PRIM, RDC, RHP, RTI, RTRX, STWD, TDG, TGH, TPH, TW, UBS, VMC, VSH, VTG, WCG, WNR, XRAY, ZBRA, ZTS.
Tue, Apr. 15, 2:26 PM
- The D.C. Court of Appeals upholds EPA regulations requiring power plants to limit emissions hazardous air pollutants, siding with the EPA's determination that its regulations were appropriate and necessary.
- The 2-1 court majority rejects arguments the agency should have considered the costs of its regulations before moving forward, while the dissenting judge warns the costs of the EPA regulations would amount to more than $9B/year.
- Related tickers: KOL, BTU, WLT, CNX, ACI, ANR, JRCC, YZC, PCXCQ, ARLP, NRP, PVR, PVA, OXF, CLD, WLB
Tue, Apr. 8, 10:42 AM
- Consol Energy's (CNX +3.6%) upgraded coal outlook is lifting coal names higher across the board: ANR +9.2%, WLT +7.4%, ACI +5.6%, YZC +5.2%, BTU +3.8%, WLB +3.1%, OXF +3%, CLD +2%, KOL +1.9%.
- Stifel raises its CNX target price to $46 from $45, reflecting the strong market for northern Appalachian thermal coal, offsetting a weaker pricing and volume outlook for met coal (Briefing.com).
Wed, Apr. 2, 3:58 PM
- Coal stocks are higher after the head of BHP Billiiton's (BHP +0.9%) coal division said he expects world demand for coal to increase for decades to come, and that most demand growth for coal will come from outside China, which has been the primary driver of global commodity prices in recent years.
- The BHP exec also noted that coal demand in Europe is rising as nuclear plants are set to shut down and countries reduce their imports on Russian energy.
- The Market Vectors Coal ETF (KOL +0.7%) has gained 3.2% over the past week and is trading above its 200-day moving average, but the ETF is still down 4.2% YTD.
- JRCC +20.5%, OXF +4.5%, WLT +2.2%, CNX +2.1%, CLD +2%, ANR +1.9%, BTU +1.4%, YZC +0.6%, ACI -0.2%, WLB -1.2%.
Fri, Mar. 7, 12:39 PM
- Alpha Natural Resources (ANR -9.4%) is hit hard after Goldman Sachs last night cut its rating on the shares to Sell and lowered its price estimates for coal; other sector names are following suit.
- Goldman also cut its price estimate for met coal this year to $141/metric ton from $150 and lowered projections for next year and 2016 following increased Australian output, an expected slowdown in the growth of Chinese imports, and “limited U.S. supply rationalization."
- The firm maintains a Neutral rating on Walter Energy (WLT -5.6%) but cuts its price target to $10 from $12.
- Also: BTU -4.2%, ACI -4%, CNX -1.5%, OXF -1.6%, JRCC -1.5%, CLD -0.7%, KOL -2.1%.
Tue, Mar. 4, 7:06 AM
Tue, Mar. 4, 12:05 AM
OXF vs. ETF Alternatives
Oxford Resource Partners LP is a low-cost producer of high value thermal coal and surface mined coal in Ohio. Its reserves and operations are located in Northern Appalachia and the Illinois Basin.
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