Tue, May 12, 8:22 AM
- EQT GP Holdings (Pending:EQGP) prices its upsized 23M-unit IPO at $27/unit, above the $21-24 expected price range, raising $621M in total gross proceeds.
- EQGP is a limited partnership formed in January to own partnership interests in EQT Midstream Partners (NYSE:EQM); upon completion of the offering, EQGP will own 30.2% of the outstanding LP interests in EQM, a 2% general partner interest in EQM and all of the incentive distribution rights in EQM.
- Public ownership will represent an 8.6% LP interest in EQGP, or 9.9% if the underwriters exercise their overallotment option in full; EQT Corp. (NYSE:EQT) will hold a 91.4% LP interest and a non-economic general partner interest in EQGP, or 90.1% if the underwriters exercise their overallotment option in full.
- EQGP expects to pay an annualized distribution at an initial rate of $0.367, or an annual dividend yield of 1.6%, assuming the mid-point of the expected pricing range.
Thu, Apr. 23, 7:18 AM
Thu, Apr. 23, 6:29 AM
Wed, Apr. 22, 5:30 PM
- ABBV, AEP, ALK, ALXN, ASPS, AVT, BAX, BBT, BCC, BEAV, BHE, BKU, BMS, BTU, CAB, CAM, CAT, CFX, CLFD, CLI, CMS, COL, COR, CSL, DAN, DGX, DHR, DLX, DNKN, DOW, DPS, DPZ, DST, EQM, EQT, ERIC, FAF, FCX, FNB, GM, GMT, GPK, GRA, HP, HSY, HUB.B, IQNT, IR, IVC, JAH, JCI, JNS, KKR, LAZ, LLY, LTM, LUV, MDP, MDSO, MHO, MJN, MMM, MO, MTH, NDAQ, NUE, NVS, NWE, ORI, PENN, PEP, PG, PHM, PII, PNK, PRLB, PTEN, RS, RTIX, RTN, SFE, SNA, SQNS, STC, SUI, SWK, SXC, SYNT, UAL, UNP, USG, UTEK, WBC, WCC, WNS
Tue, Apr. 21, 3:57 PM
Wed, Mar. 11, 11:19 AM
- WGL Holdings (WGL +0.6%) says it has acquired a 7% stake in the proposed Mountain Valley Pipeline that is being built by EQT Corp. (NYSE:EQT), NextEra Energy (NYSE:NEE) and other partners; financial terms are not disclosed.
- The $3B-$3.5B pipeline is expected to connect EQT's Equitrans system with the southeastern U.S. through West Virginia and Virginia.
- NEE will hold a 35% interest in the venture, and EQT Midstream Partners (NYSE:EQM) is expected to assume EQT's 55% majority interest and to operate the pipeline.
Tue, Mar. 10, 4:39 PM
- EQT Midstream Partners (NYSE:EQM) agrees to acquire EQT Corp.'s (NYSE:EQT) Northern West Virginia Marcellus Gathering System, along with a preferred interest in an EQT subsidiary, for $1.05B.
- As of year-end 2014, 199 Marcellus wells and 20 Upper Devonian wells were being serviced by the gathering system, with an average daily gathered volume of ~410M cf/day.
- EQM expects to invest $370M over the next several years to complete planned expansion projects, including the installation of ~100 miles of gathering pipeline and five compressor units.
- EQM says the deal to be immediately accretive to its distributable cash flow per unit.
- To help fund part of the deal, EQM will launch a public offering of 8.25M common units, with an underwriters option to purchase up to an additional 1.237M units.
- EQM -1.4%, EQT -0.5% AH.
Thu, Feb. 5, 7:12 AM
Wed, Feb. 4, 5:30 PM
- ABB, ADS, AINV, AMSC, APO, ARW, AZN, BCE, BCO, BDC, BDX, BLL, BR, CFX, CHTR, CI, CMI, COTY, CSL, DFT, DLPH, DNKN, EL, EQM, EQT, ETR, FBP, FIS, GLT, GPI, GPK, GRA, GRUB, ICE, IT, IVC, KORS, LAZ, LIOX, LQDT, MDSO, MMP, MMS, MSCI, NGD, NUS, ODFL, OZM, PBH, PM, PPL, PRGO, PRLB, PTEN, RFP, RSTI, SBH, SIRI, SNA, SNCR, SPH, SQNS, TDC, TE, TEVA, TW, USG, UTEK, VLP, VMC, VSH, XYL
Thu, Jan. 22, 1:45 PM| Comment!
Thu, Jan. 15, 11:42 AM
- A new report from J.P. Morgan’s energy team reminds investors that despite the Q4 meltdown from declining crude oil prices, MLPs still clawed out a 5% total return in 2014, far better than the -8% total return for the overall energy sector.
- Still, the firm is sticking with top blue chip MLPs and defensive natural gas names, tabbing six Outperform-rated stocks that can stand some volatility as part of a growth and income portfolio: EPD, KMI, PAA, BWP, DM, EQM.
- Others are more pessimistic on the group: S&P Capital IQ's Stewart Glickman says there isn't a single E&P MLP that has healthy fundamentals, though some companies such as PAA and RGP are now cheap enough to be potentially good deals.
- Renaissance Capital's Nick Einhorn thinks a better alternative is to invest in funds that own groups of the MLPs.
- ETFs: AMLP, AMJ, MLPL, YMLP, MLPI, MLPA, MLPN, EMLP, MLPG, MLPX, MLPS, MLPY, AMU, YMLI, ZMLP, AMZA, ENFR, ATMP, MLPC, MLPW, IMLP, OSMS, YGRO, MLPO
Dec. 23, 2014, 6:55 PM
- Goldman Sachs' David Kostin thinks it’s time for patient investors with at least a 12-month time horizon to begin loading up on energy companies.
- The Goldman team recommends refiners such as Marathon Petroleum (NYSE:MPC) and Phillips 66 (NYSE:PSX), as well as midstream companies that are less sensitive to oil prices and offer the potential for dividend growth, including EQT Midstream Partners (NYSE:EQM), Kinder Morgan (NYSE:KMI) and Cheniere Energy (NYSEMKT:LNG).
- With capital spending sure to take a hit and oil prices likely to remain volatile, oil service companies probably aren’t the way to go, but Goldman considers the more defensive names such as Atwood Oceanics (NYSE:ATW), Schlumberger (NYSE:SLB) and Oceaneering (NYSE:OII) as the best of a bad lot.
Dec. 8, 2014, 11:45 AM
- EQT Corp. (EQT -6.5%) says it forecasts FY 2015 capital spending of ~$2.5B and expects production sales volume of 575B-600B cfe.
- EQT says it plans to drill 181 Marcellus wells with an average lateral length of 5,500 ft., all of which will be on multi-well pads to maximize operational efficiency and well economics; EQT owns ~580K net Marcellus acres.
- EQT Midstream Partners (EQM -8.3%) expects 2015 adjusted EBITDA at $330M-$345M and distributable cash flow of $280M-$295M, a ~22% Y/Y increase.
- EQT also has it has filed for an IPO of an MLP that will own the general partner and the incentive distribution rights of EQM as well as EQT’s 21.3M limited partner units.
Oct. 31, 2014, 6:50 PM
- The recent wild behavior in the energy MLP sector - tumbling nearly 3x more than the S&P 500 during the first 10 trading days of October before rallying this week, with an assist from Shell Midstream Partners (NYSE:SHLX), which went public in a $1.1B offering and gained 46% - should not weaken the investment case for those who are choosy and hold for the long term, analysts say.
- Investors worry that some E&P companies won’t be able to make money in a low oil price environment, and MLPs in the same business face tough times, but those upstream MLPs make up only ~5% of the total value of the sector, perhaps suggesting that the across-the-board decline was too extreme.
- MLPs may remain expensive relative to their own history, but their average distribution of 5.5% in annual income - which should grow at ~7%/year in the next few years to 12%-plus - is plenty attractive relative to everything else.
- To steer clear of the risk that lower energy prices will crimp profits, analysts advise concentrating on midstream operators; among the most stable are ETP, ETE, EQM, MMP, PAA, PAGP and SXL.
- ETFs: AMLP, AMJ, MLPL, YMLP, MLPI, MLPA, MLPN, EMLP, MLPG, MLPX, MLPS, MLPY
Oct. 23, 2014, 7:06 AM
Oct. 22, 2014, 5:30 PM
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