Mon, May 18, 7:45 PM
- Goldman Sachs had a lot to say about all corners of the energy sector today in addition to the cut in its long-term oil price forecast, its Sell recommendations for oil majors BP, Statoil (NYSE:STO) and Chevron (NYSE:CVX), and its gloomy outlook for offshore drillers Transocean (NYSE:RIG), Diamond Offshore (NYSE:DO) and Atwood Oceanics (NYSE:ATW).
- Goldman awards a Buy rating for Exxon Mobil (NYSE:XOM), "the only U.S. or European major that can generate sufficient free cash flow to cover its dividend near $60/bbl in 2016-17"; while the firm says other oil majors will be struggling to keep the dividend flat, XOM will be in a position to increase the dividend for the next several years.
- With its expectation for long-term weakness in oil and gas prices, Goldman sees risk exposure in many names that are reliant on commodity prices, suggesting selling LINE, DPM, NGLS, while predicting PAGP and NS would benefit from a removal of the U.S. crude oil export ban.
- The firm thinks many midstream MLP names now offer attractive valuations, recommending ENB, EPD, ETE, PAA, SXL, WNRL.
- Goldman sees an upturn for frac sand provider Emerge Energy (NYSE:EMES), upgrading shares to Buy from Neutral.
- Other Buys: CLR, NFX, CQP, HEP.
- Other Sells: TRP, TCP, GPOR, MUR, GTE
Wed, May 6, 4:45 PM| 3 Comments
Tue, May 5, 5:35 PM
- ACAS, ALB, ALDW, AMTG, ANAC, AREX, ATML, ATO, ATVI, AUQ, AWK, BEAT, BGC, BNFT, BREW, BRKR, BWC, CCRN, CECO, CF, CHEF, CHGG, CJES, CKP, CLR, CLVS, CODI, CPA, CPE, CSLT, CSOD, CUZ, CXW, CZR, DMD, DPM, ECR, EFC, EGN, ENSG, EPAM, EPM, EQC, ESS, ETE, ETP, EXTR, EXXI, FLTX, FNGN, FNV, FOXA, FRSH, GBDC, GMCR, GUID, HIVE, HR, HUBS, IL, IO, IVR, JKHY, JONE, KIM, KND, KW, LCI, LGCY, LHCG, MASI, MCHX, MELI, MET, MITT, MRIN, MRO, MTDR, NEWP, NLY, NP, NSIT, NSTG, NUS, OAS, ORA, OSUR, PAYC, PDLI, PEGA, PFMT, PGTI, PHH, PMT, PNNT, PRAA, PRI, PRU, PSEC, PTLA, QLTY, QTM, REG, RIG, RIGP, RST, RYN, SBY, SD, SGM, SLH, SN, SQNM, SUN, SWM, SXL, SZYM, TCAP, THRX, TRIP, TROX, TSLA, TTPH, TUMI, TWO, VECO, VNDA, VRNS, VVC, WBMD, WFM, WGL, WTI, XNPT
Tue, Apr. 28, 8:20 AM
Tue, Feb. 24, 5:05 PM| 2 Comments
Tue, Feb. 24, 9:15 AM
- Enterprise Products Partners (NYSE:EPD), Anadarko (NYSE:APC), DCP Midstream (NYSE:DPM) and MarkWest (NYSE:MWE) announce the formation of a joint venture under which EPD will assign 45% ownership interest in its wholly owned Panola natural gas liquids pipeline.
- EPD will retain a 55% interest and continue to serve as operator of the Panola pipeline; the remaining 45% will be split evenly among the other partners.
- The Texas-based Panola pipeline transports natural gas liquids to Mont Belvieu; following a successful open season, EPD recently announced plans to install 60 miles of new pipeline as part of an expansion project designed to increase capacity by 50K bbl/day.
Mon, Feb. 23, 5:35 PM
- ACAS, AMRS, ARC, AWAY, AWK, BBRG, BGFV, BNFT, BOOM, CBI, CENX, CLGX, CLR, CPRT, DPM, DWA, DY, DYN, EIX, EPR, EXEL, FLTX, FMI, FSLR, GB, GNMK, HEI, HEP, HLS, HPQ, HURN, HWAY, INFI, JAZZ, KONA, KRA, LC, MATX, MMSI, NDSN, NFX, NKTR, NLY, NSTG, NUVA, NYMT, ORA, PZZA, QEP, RJET, RLYP, RRC, RUBI, SAM, SGY, SLCA, SM, TNDM, TRNX, TXTR, VRSK, VVUS, WBMD, XCO, Y, ZAGG
Tue, Feb. 10, 12:39 PM
- Williams Partners (WPZ, WMB) says it has restarted its Geismar, La., chemical plant which was nearly destroyed in a deadly 2013 explosion, and is now producing ethylene for sale.
- The plant has been rebuilt and expanded, and Williams plans to ramp up production up to 1.95B lbs./year of ethylene.
- Separately, Williams and DCP Midstream Partners (NYSE:DPM) say they have begun operations from their newly extended Discovery natural gas gathering pipeline system capable of gathering more than 400M cf/day of natural gas.
Wed, Feb. 4, 8:58 AM
- DCP Midstream (NYSE:DPM) says it will relocate or cut ~200 jobs and consolidate much of its remaining workforce in Denver and Houston.
- The company says plans for the cuts and moves were in motion before oil prices began falling last year, although the price drop made cuts more urgent.
- Phillips 66 CEO Greg Garland said in last week's earnings call that DCP was struggling and would cut its capital budget to $800M this year from $1.6B in 2014; DCP Midstream is a 50-50 partnership of PSX and Spectra Energy.
Wed, Jan. 21, 6:20 PM
- The energy analyst team at Credit Suisse today cut price targets on 10 top MLPs even while upgrading Energy Transfer Partners, expecting the group to remain broadly under pressure in the near term until crude oil prices find a floor and despite positive valuation indicators based on yield spreads.
- Credit Suisse expects crude to bottom some time later in Q1, most likely in March as refineries are in full turnaround season, undercutting crude oil demand; the debate is how long crude takes to rebound off the lows.
- The firm applied price target cuts for BBEP, DPM, ENLC, [ETP, [EVEP]], MWE, MEP, NGLS, TRGP and RGP.
Dec. 4, 2014, 5:40 PM
- MLPs approach 2015 facing challenges including lower oil prices that could pressure smaller entities, but Wunderlich says North American E&P companies continue to become more efficient, balance sheets are generally in solid shape and capital remains available.
- Wunderlich sees MLPs building on the uptick in M&A activity seen this year, with E&P-sponsored MLPs - particularly in the refining and downstream sectors - as acquirers, and the most sought-after targets those with access to waterborne and international markets (dock space, export terminals, pipeline connections to Mexico, etc.).
- The firm prefers names that are substantially hedged, with EnLink Midstream (NYSE:ENLK), Western Gas Equity Partners (NYSE:WGP), Western Gas Partners (NYSE:WES) and DCP Midstream (NYSE:DPM) offering the most attractive total returns.
- ETFs: AMLP, AMJ, MLPL, MLPI, MLPA, MLPN, EMLP, MLPG, MLPX, MLPS, MLPY, AMU, MLPJ, AMZA, ENFR, ATMP, MLPW, MLPC, IMLP
Nov. 28, 2014, 10:20 AM| 17 Comments
Nov. 5, 2014, 4:58 PM| Comment!
Nov. 4, 2014, 5:35 PM
- ABTL, ACAS, ACLS, ALNY, ALSK, ANDE, AR, AREX, ASH, ATO, ATSG, AVG, AWK, BALT, BCOR, BIOS, BKD, BREW, BWC, CBS, CDE, CF, CLR, CODI, CPE, CSOD, CTL, CVG, CXO, DATA, DEPO, DK, DPM, DRYS, DVR, DYN, ECOL, ECYT, EFC, ENS, ENSG, ETE, ETP, EXAR, EXXI, FMI, FNV, G, GNW, GPOR, GSM, HOLX, HTCH, IL, INWK, IO, JCOM, KGC, KW, LBTYA, LHCG, LPSN, MBI, MCHX, MCP, MDR, MDWD, MED, MHLD, MIDD, MRIN, MTDR, MTRX, MUSA, MWE, NDLS, NLY, NVAX, NWSA, OILT, ORA, ORIG, OSUR, PAA, PLNR, PMT, PODD, POWR, PPO, PRGN, PRU, PTC, QCOM, QEP, QUAD, RGP, RNDY, RUTH, SB, SBY, SCTY, SD, SKUL, SLF, SSNI, SSRI, STMP, SUSP, SWIR, SWM, SXL, SYMC, SZYM, TCAP, TEAR, TEG, TERP, THOR, TNGO, TPC, TRAK, TROX, TRUE, TS, TSLA, TSRO, TTEC, TXTR, UHAL, VVUS, WBMD, WFM, WMC, WMGI, WR, WTI, WWWW, XPO, Z
Oct. 28, 2014, 2:49 PM| Comment!
Oct. 8, 2014, 12:05 PM
- One of the best ways to play the growing demand around the world for natural gas, as well as the onset of colder weather, is to look for the top natural gas MLPs, and 24/7 Wall St. has screened the Jefferies list of top natural gas MLPs for those with the best upside potential and the top yield.
- AmeriGas Partners (NYSE:APU) is a retail and wholesale distributor of propane gas and related equipment and supplies in the U.S.; propane usually trades at almost 2x the price of spot gas.
- ONEOK Partners (NYSE:OKS) sported a distribution coverage ratio of 1.02x in Q2; a ratio greater than 1x indicates safety for distributions and distribution growth as well as cash availability to fund growth projects.
- Also making the cut: WMB, DPM.
DPM vs. ETF Alternatives
DCP Midstream Partners LP along with its subsidiaries is engaged gathering, compressing, treating, processing, transporting, storing and selling natural gas; NGLs and condensate; and transporting, storing and selling propane in wholesale markets.
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