Wed, Aug. 12, 10:58 AM
- American Midstream Partners (AMID +0.3%) is upgraded to Neutral from Sell with a $13 price target, up from $10, at UBS after the 25% dropdown of ArcLight's 51.7% interest in the Delta House floating production system, which AMID expects will prompt an increase in annual distribution per unit growth to 5% post-closing.
- UBS says the news offsets the delay of the Republic Midstream Dropdown, which was pushed to 2016 due to construction delays and revisions to producer drilling programs, and the Republic dropdown will be smaller than previously estimated.
- AMID also is upgraded to Overweight from Equal Weight at Barclays, citing high growth visibility.
Tue, Aug. 11, 12:58 PM
- American Midstream Partners (AMID +43.4%) skyrockets following yesterday's news that its general partner, ArcLight Capital Partners, would drop down 25% of its 51% interest in Delta House for $162M.
- Delta House is a semi-submersible floating production system and associated oil and gas export pipelines in the deepwater Gulf of Mexico.
- The announcement provides the clarity to AMID's drop-down plans that investors were seeking, Wunderlich's Jeff Birnbaum says.
- Earlier: American Midstream Partners misses by $0.38, misses on revenue
Tue, Aug. 11, 12:45 PM
Mon, Aug. 10, 4:27 PM
Wed, Jul. 29, 7:27 PM
- Energy MLPs have been "whipsawed not just by fundamentally driven factors but also perhaps by more technically oriented trading," Wunderlich's Jeff Birnbaum writes, but despite a challenging backdrop, he still expects Q2 throughput trends generally will meet estimates and does not expect major guidance revisions for H2.
- Birnbaum's top picks are are Enterprise Products Partners (NYSE:EPD), Magellan Midstream Partners (NYSE:MMP) and Western Gas Partners (NYSE:WES); on EPD, he expects “solid” distribution coverage and says recent transactions will “create a slimmer, more integrated and growth-oriented asset base and better position the balance sheet for additional M&A.”
- He cuts price targets for American Midstream Partners (NYSE:AMID) and DCP Midstream Partners (NYSE:DPM) but keeps Buy ratings on both, and rates Targa Resource Partners (NYSE:NGLS) and Targa Resources (NYSE:TRGP) at Hold and thinks Q2 results may disappoint, but says the units are not expensive and may become an acquisition target in the future.
Mon, May 11, 4:24 PM
Mon, Mar. 9, 10:35 PM
Thu, Jan. 22, 4:57 PM
Thu, Jan. 22, 4:40 PM
- American Midstream Partners (NYSE:AMID) says it expects 2014 adjusted EBITDA to come in at the low end of its guidance range of $46M-$48M and sees Q4 and FY 2014 distribution coverage of ~1.2x and ~1x, respectively.
- Says its Q4 distribution is unchanged from Q3 and expects to sustain its current distribution level through 2015, including the impact of the recent decreases in commodity prices.
Tue, Jan. 13, 12:59 PM
- American Midstream Partners (AMID -0.8%) is initiated with a Buy rating and a $23 price target at Wunderlich, which sees Eagle Ford production, growth in its fee-based transmission and terminals segments, and dropdowns from its general partner driving a five-year 5.8% distribution compound annual growth rate.
- The firm adds that minimal natural gas liquids hedges (3% of H1 2015 exposure) and collapsing crude prices could make achieving its targeted 8%-10% distribution growth rate challenging in 2015.
Dec. 11, 2014, 6:45 PM
- A new BofA Merrill Lynch research report makes the case that this January’s returns for MLPs could be better than usual after the group's recent selling and underperformance this year.
- The analysts say sector laggards have a snapback ability in January because of tax-loss selling, no buyers committing new funds at the end of the year in an ability to avoid a K-1 being generated, and buyers stepping in before the MLPs go ex-distribution in February; they add that laggards from the prior two-month periods typically enjoy a bigger January than full-year laggards.
- The four MLPs rated Buy that have severely underperformed this month and last which Merrill says could show big gains in January are AMID, DKL, NGLS, CEQP.
Nov. 10, 2014, 4:13 PM
Oct. 14, 2014, 2:02 PM
- American Midstream Partners (NYSE:AMID) agrees to acquire Costar Midstream for ~$470M in cash and stock, a deal the company says will add a significant presence in East Texas, the Permian, and the Bakken plays.
- In addition, AMID says it plans to invest $70M-$80M over the next 12-18 months to complete Bakken, Longview rail, and Permian off-spec condensate blending development projects.
- Raises guidance for Q3 adjusted EBITDA to $46M-$48M from $42M-$45M and distributable cash flow guidance to $30M-$32M from $27M-$30M.
- Expects to raise quarterly distribution by 3%-5% beginning with the Q1 2015 distribution payable in May 2015.
- Shares have been halted for most of the day.
Aug. 19, 2014, 2:17 PM
- American Midstream Partners (AMID +0.8%) turns higher after pricing a scaled-down private placement of 4.6M equity units at $26.09 each, a 12% discount to Monday's closing price for the stock.
- AMID says it plans to use the $120M in gross proceeds to repay the $115M in debt borrowed through its revolving credit facility to complete its acquisition of natural gas processing and gathering assets from DCP Midstream.
- Prior to the acquisition closing, one of DCP's customers said it was moving its production from Mobile Bay and Dauphin Island in the Gulf of Mexico, reducing the value of the acquired assets; the companies then amended the purchase price, and AMID cut the size of its stock offering from its original $200M.
Aug. 11, 2014, 5:10 PM
Jul. 15, 2014, 7:58 AM
- American Midstream Partners (NYSE:AMID) agrees to acquire entities holding onshore natural gas processing and offshore natural gas gathering and transportation and oil gathering assets from DCP Midstream (NYSE:DPM) for $115M.
- The assets to be acquired include the Mobile Bay gas processing plant, Dauphin Island gathering and transmission system, and DCPs interest in the Main Pass Oil Gathering System, which AMID says collectively provide strong cash flow visibility and a growing, high-quality customer base.
- To fund the deal, AMID plans to sell $200M of its common units in a private placement.
AMID vs. ETF Alternatives
American Midstream Partners LP owns, operates, develops and acquires a portfolio of natural gas midstream energy assets The Company is engaged in the business of gathering, treating, processing, fractionating and transporting.
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