Dec. 22, 2014, 5:35 PM
Oct. 14, 2014, 12:33 PM
- MLPs have been brutalized lately, with the benchmark Alerian MLP Index (AMJ +0.5%) plunging 13% in the past week and down another 3% earlier today, but at least some in the group have been trying to bounce back in the past hour or so.
- J.P. Morgan strategists are sticking with their bullish central thesis on MLPs, saying prolific production from unconventional energy plays will keep demand high for new energy infrastructure; the firm believes most core acreage in leading shale plays continues to be economic at current commodity prices, which should drive strong long-term growth prospects for MLPs.
- JPM favors MLPs owning high-quality, diversified assets with strong management teams and proven track records, naming Kinder Morgan (KMI -1.5%), Enterprise Products Partners (EPD +2.5%) and Plains All American Pipeline (PAA -1%).
- ETP +3.7% and OKS +2.5%, LINE +1.4%, but EROC -5.3%, CQP -4.5%, BBEP -2.5%, MMP -2.5%, TEP -2.1%, PSXP -2%, WPZ -1.1%, ACMP -0.5%.
- ETFs: AMLP, AMJ, MLPL, MLPI, MLPA, MLPN, EMLP, MLPX, MLPS, AMU, ENFR, ATMP, MLPW, IMLP, AMZA, OSMS
Jun. 17, 2014, 3:43 PM
- Williams Cos. (WMB +3.7%) adds to yesterday's 18% surge following an upgrade to Buy from Hold and a $67 price target at Deutsche Bank, which says it continues to see upside potential for the stock following its planned $6B acquisition of Access Midstream Partners (ACMP -5.6%).
- ACMP has given up its initial gains from news of the deal and dropped sharply, as shares are downgraded to Neutral from Buy at Ladenburg Thalmann; however, Wunderlich ups its target price for ACMP to $77 from $64, noting that the merged MLP's 2015 distributions should be 25% and 2016 should come in at least 20% above current guidance (briefing.com).
Jun. 16, 2014, 3:45 PM
- "This is all certainly being driven by the dividend," says BMO analyst Carl Kirst on the Williams Cos. (WMB +18.4%) promises a 32% dividend hike after it buys control of Access Midstream Partners (ACMP +1.7%) for $6B.
- Because all ACMP's revenue comes from fixed fees, ~80% of cash flow at WMB will be guaranteed after the takeover, Kirst says, with ACMP unitholders getting a higher payout in exchange for slower growth at the combined company.
- Maxim Group believes WMB will continue to raise its dividend at a ~10% rate for several years beyond 2017, given strong coverage ratios and opportunities due to expected continued increase in shale activity and the need for energy infrastructure development in the U.S. (Briefing.com)
- Also: WPZ +6.5%.
Jun. 16, 2014, 9:59 AM
- Williams Partners (WPZ +6.4%) opens with strong gains after general partner Williams Cos. (WMB +19.4%) unveils plans to merge its midstream spinoff with and into Access Midstream Partners (ACMP -1.3%) upon completion of a $6B acquisition.
- WPZ is upgraded to Buy from Hold at Tudor Pickering, which sees 20%-plus upside in the name thanks to the deal and says "long-term coverage problems are solved overnight" with the merger into "coverage-rich" ACMP.
Jun. 16, 2014, 8:58 AM
- Williams Cos. (WMB) +12.3% premarket after agreeing to buy Access Midstream Partners (ACMP) for $6B and is upgraded to Buy from Neutral at Jefferies with a $65 price target.
- Jefferies notes WMB's yield/dividend growth is now consistent with pure-play general partner peers; says Plains GP (PAGP), Targa Resources (TRGP) and ONEOK (OKE) trade with an average ~3.5% dividend yield, which would equate to a $71 price for WMB.
- Credit Suisse raises its WMB target price to $65 from $50, and believes a significant re-rating should ensue.
Mar. 10, 2014, 5:03 PM| Comment!
Dec. 4, 2013, 3:29 PM
- Access Midstream Partners (ACMP -3.9%) is lower after the pipeline company priced its 6M-unit secondary public offering at $51.45 each, a 4.7% discount to yesterday's closing price.
- Separately, Wunderlich initiated coverage of ACMP with a Hold rating and a $56 price target; while the firm views ACMP's business model as best in class with limited downside risk and top-tier distribution growth, it believes these factors are adequately reflected in the current valuation.
Dec. 3, 2013, 5:38 PM
Dec. 3, 2013, 4:29 PM
- Access Midstream Partners (ACMP) -1.7% AH after announcing a secondary public offering of 6M common units representing limited partner interests owned by Global Infrastructure Partners II.
- ACMP will receive no proceeds from the offering, and the number of outstanding common units will remain unchanged.
Sep. 18, 2013, 2:32 PM
- Energy MLPs are spiking higher after the Fed decides not to taper, ensuring a longer period of lower-cost capital: KMP +2.9%, KMI +4.1%, ETP +2.1%, WPZ +1.2%, WMB +1.1%, EPD +1.9%, PAA +1.2%, EEP +1.3%, MWE +3.1%, MMP +2.4%, ACMP +2.9%, APL +1.8%, DPM +2.4%, SXL +1.5%, BPL +1.1%, PBA +2.3%, TLLP +1.7%.
- Relevant ETFs: AMJ, AMLP, MLPG, MLPI, MLPN, MLPY, MLPL, MLPW, MLPS, YMLP, MLPA, EMLP, AMU, IMLP, MLPJ, ATMP, YMLI.
Aug. 12, 2013, 4:20 PM
Mar. 26, 2013, 5:45 PM
Mar. 26, 2013, 4:27 PM
Dec. 12, 2012, 2:41 PMS&P and Moody's weigh in to affirm the credit rating of Access Midstream (ACMP -4.7%) after the natural gas partnership buys most of Chesapeake's (CHK -0.3%) remaining natural gas and crude oil gathering assets for $2.16B and Williams Cos. (WMB -0.4%) acquires a stake in ACMP for $2.4B. S&P also affirms WMB’s rating, while Fitch says it expects no rating change. | 1 Comment
Dec. 11, 2012, 5:59 PMWilliams Cos. (WMB) agrees to acquire a 50% interest in Access GP and ~25% of limited partner units of Access Midstream Partners (ACMP) for ~$2.4B. The deal, together with ACMP's planned acquisition of Chesapeake's remaining midstream assets, expands WMB's presence in 10 major shale and unconventional producing areas. WMB also announces a 46.5M-share public offering of common stock. WMB -2.8% AH. | 2 Comments
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