May. 21, 2014, 12:56 PM
- OGE Energy (OGE +0.5%) is reinstated with an Overweight rating and $41 target price at Barclays, which sees considerable earnings growth potential from OGE's recently formed Enable Midstream Partners (ENBL -0.2%).
- Barclays believes cash distributions provided from ENBL can sufficiently fund OGE's environmental capital requirements while also providing opportunity for dividend growth.
- The firm also initiates ENBL at Overweight with a $28 price target of $28, viewing ENBL as a relatively low-risk MLP with an attractive organic growth profile around highly integrated natural gas production and transportation assets exposed to the best liquids rich plays in Oklahoma.
- Finally, Barclays reinstates coverage of CenterPoint Energy (CNP) at Equal Weight with a $26 target; the firm likes the constructive regulation and underlying demand growth in Texas at the utilities and ENBL distribution growth, but believes shares are fairly valued at present.
- CNP and OGE subsidiaries own respective 54.7% and 26.7% of limited partner interests in ENBL.
May. 1, 2014, 8:28 AM
Apr. 30, 2014, 5:30 PM
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Apr. 24, 2014, 5:09 PM| Comment!
Apr. 11, 2014, 10:19 AM
- Enable Midstream Partners (ENBL) opened at $21.50 after pricing its IPO at $20, the midpoint of the expected $19-$21 range, and shares have continued higher to $21.92, up 9.6%.
- CenterPoint Energy (CNP) and OGE Energy (OGE), through subsidiaries, will own respective 54.7% and 26.7% of the limited partner interests in the owner of natural gas and crude oil infrastructure assets.
- IPO Preview
Apr. 1, 2014, 11:56 AM
- Enable Midstream Partners says it plans to raise $500M by offering 25M units in its IPO, expecting shares to price at $19-$21 each.
- Enable, which focuses on natural gas and oil infrastructure in the U.S., was formed last year as a limited partnership among CenterPoint Energy (CNP), OGE Energy (OGE) and ArcLight Capital.
- As of Dec. 31, ENBL's energy infrastructure portfolio included ~11K miles of gathering pipelines and 12 major processing plants; total revenue for 2013 was $2.49B.
Feb. 26, 2014, 8:18 AM| Comment!
Feb. 26, 2014, 12:05 AM
Feb. 25, 2014, 5:30 PM
Jan. 21, 2014, 6:35 AM| Comment!
Nov. 26, 2013, 1:47 PM
- Enable Midstream, an MLP jointly owned by CenterPoint (CNP -5.6%), OGE Energy (OGE -6.1%), and private ArcLight Capital, has filed for a $500M IPO under the symbol ENBL. The long-expected offering is set to take place in Q1 2014; Morgan Stanley, Barclays, and Goldman are underwriting. (PR) (S-1)
- Enable had revenue of $2.296B (+23% Y/Y) over the first nine months of 2013, and net income of $336M (down from $539M in the year-ago period).
- Distributable cash flow for the period was $414M, down 13% Y/Y. As of Sep. 30, the MLP had $2.295B in debt on its balance sheet.
Nov. 6, 2013, 2:38 PM
- CenterPoint Energy (CNP +2.7%) shares enjoy afternoon strength as CEO David McClanahan says he won't rule out alternatives vs. a midstream MLP IPO.
- "We are moving ahead full speed" on the IPO, McClanahan said in today's earnings call, "but that doesn’t rule out any other alternatives. If there is another way to get public and create more shareholder value, we will consider that."
- Shares had been little changed after Q3 earnings beat estimates but revenue fell far short of expectations.
Nov. 6, 2013, 8:38 AM| Comment!
Nov. 6, 2013, 12:05 AM| Comment!
Nov. 5, 2013, 5:30 PM| Comment!
Oct. 29, 2013, 9:58 AM
- David McClanahan will step down as CEO and president of CenterPoint Energy (CNP +0.1%) at the end of the year, to be replaced by COO Scott Prochazka.
- Prochazka has been COO for 18 months after joining CNP in 2001; he had worked for Dow Chemical.
- McClanahan began his career with CNP's predecessor company, Houston Lighting & Power, and became president and CEO in 2001.
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