Tue, Jun. 14, 2:02 PM
Tue, Jun. 14, 9:19 AM
Tue, Jun. 14, 8:40 AM
- Western Gas Equity Partners (NYSE:WGP) -9.3% premarket after announcing that limited partner and Anadarko Petroleum subsidiary Western Gas Resources priced a public offering of 12.5M common units, with an underwriters option to purchase up to an additional 1.875M units.
- Western Gas Resources expects to receive ~$481M in gross proceeds from the offering; WGP is not selling any units in the offering.
Thu, Mar. 17, 3:27 PM
- Credit Suisse analyst John Edwards issues a dozen downgrades - and one upgrade - among MLPs following the group's recent rally, believing the severity of the oil downturn has called into question the entire MLP model.
- "The prolonged downturn has challenged the robustness assumption on account of counterparty risks and contract renegotiation risks," Edwards writes.
- Downgraded to Underperform from Neutral: Columbia Pipeline (CPGX +2.4%), Magellan Midstream Partners (MMP -0.6%), ONEOK Partners (OKS +0.8%).
- Downgraded to Neutral from Outperform: Antero Midstream Partners (AM +0.8%), Enterprise Products Partners (EPD +2.7%), Enbridge Energy Partners (EEP +3.8%), EnLink Midstream Partners (ENLC +1.7%), Kinder Morgan (KMI +0.3%), Spectra Energy LP (SEP -0.1%), VTTI Energy Partners (VTTI +1.9%), Western Gas Equity Partners (WGP -0.1%), Western Gas Partners (WES +5%).
- Upgraded to Outperform from Neutral: Enable Midstream Partners (ENBL +14.6%).
Wed, Jan. 20, 12:45 PM
Wed, Jan. 20, 12:15 PM
- The slide in MLPs accelerates as crude oil prices still show no signs of bottoming; the Alerian MLP ETF (AMLP -8%) has plunged as much as 10% today and is down nearly 30% YTD.
- While acknowledging the obviously difficult upcoming Q4 earnings season, Wunderlich's Jeff Birnbaum sees Enterprise Products Partners (EPD -7.6%) and Magellan Midstream Partners (MMP -7.9%) having the best visibility into cash flows and limited counterparty risk; while the analyst lowers estimates for the two, he says each team has a strong balance sheet with which it can attempt to take advantage of market stresses and advance its footprint along the Gulf Coast.
- Birnbaum downgrades Western Gas Equity Partners (WGP -20.8%), citing a reduced distribution growth outlook and ongoing premium valuation, and American Midstream Partners (AMID -12%), believing a distribution cut is more likely with the latest move lower in the WTI futures curve.
- ETFs: AMLP, AMJ, KYN, MLPL, YMLP, TYG, SRV, KYE, CEM, MLPI, NML, FEN, NTG, MLPA, KMF, EMLP, FMO, MLPN, SRF, FEI, JMF, CBA, MLPG, MLPX, GMZ, EMO, MLPS, MLPY, TTP, CTR, YMLI, AMU, CEN, MLPJ, ZMLP, GER, AMZA, SMM, MIE, DSE, ENFR, FPL, ATMP, JMLP, MLPC, MLPW, IMLP
Tue, Jan. 19, 5:39 PM
Jun. 4, 2015, 3:58 PM
- Western Gas Equity Partners (WGP -8.2%) tumbles following Anadarko Petroleum's (APC -0.5%) plans, announced late yesterday, for a secondary offering of 2M WGP common equity units.
- APC also said it will concurrently sell 6.5M of its tangible equity units at $50 a piece, with each consisting of a prepaid equity purchase contract and a senior amortizing note.
- WGP is an APC subsidiary that was formed to hold partnership interests in Western Gas Partners (WES -2.8%), another APC subsidiary that owns and operates pipeline and other midstream energy assets; APC owns 193.4M WGP units, or 88.3% of its outstanding stock, which would fall to ~87.4% after the upcoming offering is completed.
May 13, 2015, 3:49 PM
- Energy MLPs are trading with mixed results, which is not in line with an analyst's expectation that several names in the space may be outperformers today after Williams Cos. (WMB +6.2%) agreed to buy Williams Partners (WPZ +22.7%).
- In an earlier note to investors, Credit Suisse named Plains GP Holdings (PAGP +1%), Targa Resources (TRGP +1.1%), NuStar GP Holdings (NSH -0.1%) and Western Gas Equity (WGP -0.7%) as MLPs that could climb on the news.
- Meanwhile, Wells Fargo says the deal is positive, since it reduces the WMB's cost of capital, will immediately increase its profits, and enhances its dividend growth outlook.
- Among major energy MLPs: EPD -1.5%, ETP +0.9%, PAA +0.2%, EEP -0.2%, MWE +2.2%, MMP -0.3%.
Nov. 28, 2014, 10:20 AM| Nov. 28, 2014, 10:20 AM | 17 Comments
Jul. 15, 2014, 8:42 AM
- Anadarko Petroleum (NYSE:APC) +1.5% premarket after providing a financial update, including the establishment of a new unsecured five-year credit facility, the issuance of senior notes, and the sale of Western Gas Equity Partners (NYSE:WGP) common units.
- Oil and natural gas revenues from both operated and non-operated production totaled ~$675M in 2013, and is trending higher in 2014 based on Q1 results, CFO Bob Gwin says.
- APC says it pared its stake in WGP and made $335M in cash on the offering.
Jun. 30, 2014, 6:07 PM
Jun. 30, 2014, 5:35 PM
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).
Jan. 2, 2013, 12:49 PMWestern Gas Equity Partners (WGP +6.8%) surges after at least two firms start coverage with strong ratings. Barclays initiates at Overweight, forecasting WGP will be able to grow distribution by 41% in 2013 and 30% in 2014. Citigroup comes in at Buy, saying units remain attractive given the visibility to multiple years of double-digit growth supported by strong midstream fundamentals. | Jan. 2, 2013, 12:49 PM
Western Gas Equity Partners LP is an emerging growth company, which are formed to own three types of partnership interests in Western Gas Partners LP, a publicly traded limited partnership. Western Gas Partners is a growth-oriented Delaware master limited partnership organized by Anadarko... More
Sector: Basic Materials
Industry: Oil & Gas Equipment & Services
Country: United States
Other News & PR