SA News • Tue, Jan. 20
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Antero Midstream Partners: A Flood Of Positive News Could Send This MLP Even HigherDon Dion • Nov. 26, 2014
- December 1 marks the end of the quiet period for AM, the partnership for Denver-CO-based Antero Resources.
- Research has shown the seven days surrounding the end of the quiet period (five days before to two days after) frequently produce above market returns.
- There has been a flood of energy IPOs in 2014 - many of them MLPs, such as AM; these have largely been successful.
- With strong backing and revenues, AM is looking very attractive ahead of its quiet period expiration.
Antero Midstream Partners IPO Looks Strong And Steady
- AM, a MLP created by Antero Resources Corporation is set to price its IPO on Tues. night, 11.4; AM will offer 37,500,000 shares at an expected price of $20/share.
- AM’s net income, although relatively small at present, has increased from a net loss in prior years, while revenues have consistently increased.
- AM should have few competitors, given its major business with Antero Resources Corporation.
- We are also very encouraged by AM’s strong and numerous underwriters—and suggest investors consider buying into the company at its IPO.
Antero Midstream Partners IPO Offers Investors Long-Term 20% Income Growth With Low Risk
- Antero Midstream Partners will offer investors a +23% total return opportunity.
- Target yield will be 3.4% at $20 issuance price, likely to open near $30.
- Guaranteed 20-year cash flows, no commodity price risk and large drop down opportunities.
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Tue, Jan. 20, 4:38 PM
- Antero Resources (NYSE:AR) says it plans a 2015 capital budget of $1.8B, a 41% reduction from 2014's $3.05B capital budget, with a 2015 dilling and completion budget of $1.6B, down 33% Y/Y.
- AR plans to operate an average of 14 drilling rigs between the Marcellus and Utica Shale plays in 2015, down from 21 at year-end 2014, but forecasts a 40% increase in net daily production to 1.4B cfe/day.
- Antero Midstream Partners (NYSE:AM) plans a 2015 capital budget of $425M-$450M, which includes $250M-$260M on gathering infrastructure in the Marcellus and Utica shale plays; estimates distributable cash flow of $135M-$145M with a 1.1x to 1.2x DCF coverage ratio.
Dec. 10, 2014, 7:15 PM
- Some energy limited partnerships - pipeline operators or wholesale distributors, with less risky business models than oil E&P companies - have escaped much of the carnage in energy stocks and may make attractive investments, MarketWatch's Philip Van Doorn writes.
- These 12 energy LPs, most of which fell today amid the energy sector rout, actually have posted gains since Nov. 1: TCP, EEQ, EEP, DM, BPL, SHLX, SGU, BIP, SRLP, APU, SEP, SPH.
- Credit Suisse analyst John Edwards recently said many energy LPs look oversold; his top picks in the sector include EEP as well as NGLS, GEL, OKS, CNNX, PAA, BWP and AM.
Nov. 28, 2014, 10:20 AM| 17 Comments
Nov. 5, 2014, 12:58 PM
- Antero Midstream Partners (AM +16.5%), the partnership formed by Antero Resources (AR +1.4%), is trading near $30/unit in its trading debut after pricing its IPO at $25 yesterday, well above the $19-$21 expected price range and raising $1B in total gross proceeds.
- The IPO comes just a week after Shell Midstream Partners raised $1.06B, making it the largest MLP IPO on record, but the Antero deal would surpass the figure as underwriters exercise an option to sell additional shares.
- AM owns pipelines and compressor stations in the core of the Marcellus Shale in northwest Virginia and Utica Shale in southern Ohio, and provides services to AR under long-term, fixed-fee contracts.
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