PR Newswire (Apr 10, 2014)
PR Newswire (Apr 3, 2014)
PR Newswire (Mar 4, 2014)
PR Newswire (Jan 27, 2014)
Alon USA Partners LP refines crude oil into finished products and markets them in West Texas, Central Texas, Oklahoma, New Mexico and Arizona. Its integrated downstream business operates mainly in South Central & Southwestern regions of the United States.
Monday, Mar 173:59 PM
Monday, Mar 173:59 PM| 2 Comments
- Alon USA Partners (ALDW +3%) is upgraded to Buy from Neutral with a $19 price target, up from $16, at Citigroup.
- Expectations of faster growth from the Delaware and Midland basins in 2014 and slower ramp-up in the Permian pipeline projects have presented an opportunity for ALDW to capitalize over the near to intermediate term, the firm says.
- Combined with lower allocation for annual catalyst and turnaround reserves by $15M-$16M makes additional $0.25/share available for distribution, the firm says in expecting total distributions for 2015 to rise by $0.25-$0.45.
Tuesday, Mar 45:46 PM
Tuesday, Mar 412:10 AM
Monday, Mar 35:35 PM
Thursday, Nov 142013, 2:36 PM
Thursday, Nov 142013, 2:36 PM| 13 Comments
- Refiners such as Marathon Petroleum (MPC +4.9%) and Valero (VLO +4%) are surging today, and Barron's Ben Levisohn says it’s all about the oil spread.
- While Brent crude has stayed steady for the last three months, trading at ~$109/bbl, WTI has dropped 12% to ~$94; the more expensive Brent is relative to WTI, the better it is for U.S. refiners.
- VLO, for example, has gained 17% during the past three months, and much of its price has followed the Brent-WTI spread.
- Also: PSX +2.1%, TSO +2.7%, HFC +3.2%, WNR +4.3%, ALJ +5.2%, ALDW +1.3%, CLMT +2.6%, CVI +1.3%.
Tuesday, Nov 122013, 12:45 PM|Tuesday, Nov 122013, 12:45 PM| Comment!
Monday, Nov 112013, 2:27 PM
Monday, Nov 112013, 2:27 PM| Comment!
- Alon USA Energy (ALJ +8.2%) and Alon Partners (ALDW +4.1%) are surging, despite weakness today in the broader refining sector, as Credit Suisse upgrades shares.
- ALJ could be worth up to $15/share, including the $2.25/share expected contribution from the Bakersfield start-up - delivery of this project is key; at current levels, the stock still provides ~20% upside in the scenario where Bakersfield does not proceed or ~40% if it does.
- On ALDW, for investors willing to overlook the possibility of no distribution payout in Q4 2013 and Q1 2014, the firm says the rolling 12-month potential forward yield starting in Q2 2014 is 15% and rises to ~20% by Q4.
Thursday, Nov 72013, 6:14 PM|Thursday, Nov 72013, 6:14 PM| 2 Comments
Thursday, Nov 72013, 7:59 AM
Thursday, Nov 72013, 7:59 AM| Comment!
- Alon USA Partners (ALDW) -6.9% premarket after reporting a Q3 earnings loss of $0.26/share, which may not be comparable to the $0.04 consensus estimate; revenue rose 6.8% Y/Y to $882M.
- ALDW says no cash will be available for distribution this quarter, citing "a volatile and deteriorating margin environment resulting primarily from decreasing discounts for West Texas crude oil."
- Q3 also was affected by backwardation in the crude market and unplanned downtime at the Big Spring refinery in September which resulted in additional expenses and lost opportunity costs of $0.19/unit.
Wednesday, Oct 22013, 4:57 PM
Wednesday, Oct 22013, 4:57 PM| 6 Comments
- More on Citigroup's take on oil refiners: The firm expects to see a bottoming of earnings in Q4 for most names, but companies overweight the Midcontinent and/or Midwest could experience a difficult earnings environment through Q1 2014.
- The diverging earnings performance will result in positive price appreciation for some refiners - such as Valero (VLO) and Tesoro (TSO), which earn upgrades to Buy - but underperformance for others, such as on Alon USA (ALDW), CVR Refining (CVRR), Holly Frontier (HFC) and PBF Energy (PBF), which will remain pressured by narrowing price differences between WTI and Brent crude.
- TSO will benefit next year from a tighter gasoline market in California, and VLO will benefit from wider heavy-light differentials in H2 2014 as increased Canadian heavy crude flows to the U.S. Gulf coast, Citi says (earlier: I, II).
Friday, Sep 202013, 11:59 AM
Friday, Sep 202013, 11:59 AM| 16 Comments
- Exxon Mobil (XOM) leads the list of energy stocks that institutions and sophisticated investors are shorting, according to a new report from Credit Suisse.
- Short sellers see no growth in XOM's overall business, poor execution on recent initiatives, and the need of a portfolio upgrade after totally missing out on huge new plays in east and west Africa.
- All the variable rate, high-dividend refiners are being shorted heavily, especially by the hedge funds; examples cited are ALDW, CVRR, NTI.
- Offshore drillers including DO, ESV and RIG also are short-selling targets, which CS sees as part of a bifurcation trade against the stocks.
Wednesday, Jul 242013, 11:11 AMCredit Suisse downgrades Northern Tier Energy (NTI -2.2%) and Alon USA Partners (ALDW +0.9%) to Neutral as part of a review of refiners after Valero's (VLO) conference call, where management continued to position RINs as a major 2014 hurdle and seemed less optimistic about Gulf Coast crude discounts until 2015. The firm also expresses EPS caution for variable rate refiner MLPs and VLO, ALJ and PBF. |Wednesday, Jul 242013, 11:11 AM| 8 Comments
Friday, Jul 192013, 2:07 PM"The spread is dead," Global Hunter proclaims, as WTI crude (USO) rises above Brent (BNO) for the first time in nearly three years two days after the EIA reported a third consecutive weekly supply decline. Some analysts say a WTI premium may be here to stay, supported by a relatively better outlook for the U.S. economy and falling stockpiles. Brent meanwhile, may struggle amid receding geopolitical risks and global macroeconomic weakness. Refiners: ALDW -0.34%, CVI -0.22%, TSO +1.64%, HFC + 3.29%, MPC +1.32%, NTI -0.41%, DK +3.36%. |Friday, Jul 192013, 2:07 PM| 17 Comments
Friday, Jul 122013, 11:07 AMValero Energy (VLO +3.8%) has recouped early losses following a disappointing Q2 update and is making new highs for the day, as downside guidance apparently was priced in. Most refining peers also are higher: ALJ +3.7%, WNR +3.6%, HFC +3.5%, TSO +3.2%, CVI +2.9%, ALDW +2.6%, MPC +2.6%, PSX +2.5%, DK +1.8%, CVRR +1.7%, NTI +1.7%. |Friday, Jul 122013, 11:07 AM| 9 Comments
Wednesday, Jul 102013, 2:49 PMIt's another rough day for the big refinery stocks, whose margins are getting squeezed in the collapse in WTI-Brent spreads. Alon USA Energy (ALJ -9.1%) is hit especially hard after Barclays warns of a possible downside surprise in its upcoming earnings. Also: ALDW -5.9%, CVI -5.4%, CVRR -5%, TSO -4.5%, HFC -3.6%, PSX -3.3%, WNR -2.6%, MPC -2.6%, NTI -2.5%, DK -2.5%, VLO -2%. |Wednesday, Jul 102013, 2:49 PM| 4 Comments
Wednesday, Jul 32013, 11:15 AM
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