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at MarketWatch.com (Jun 27, 2012)
Dec. 18, 2013, 3:25 PM
- EQT Corp. (EQT -1.9%) remains in the doldrums after announcing a 2014 capital expenditure forecast of $2.4B, including $1.6B for well development and $475M for EQT Midstream (EQM +4.2%).
- EQT's 2014 operating cash flow is projected at ~$1.5B, including $55M for distribution to EQM unitholders; it sees total EBITDA of $1.675B-$1.73B, and guides EQM EBITDA of $170M-$175M.
- EQM expects distributable cash flow of $148M-$153M; per unit distribution of $2.14 would be 29% higher Y/Y.
- The capex program is expected to support 2015 sales volume of 575B-600B cfe.
Sep. 4, 2013, 10:48 AM
- Oppenheimer restarts coverage of energy MLPs, bullish on the asset class as a whole; the firm shows a bias in favor of investing in higher distribution growth, even if the yields are lower, and for owning general partners due to their incentive distribution rights structure.
- Started at Outperform: EQT Midstream (EQM +2.1%), Seadrill Partners (SDLP +0.7%), Tesoro Logistics (TLLP +1.6%), Memorial Production Partners (MEMP +2.4%), Western Gas Partners (WES +0.4%), Western Gas Equity Partners (WGP +0.7%).
- Started at Market Perform: Williams Partners (WPZ), Crosstex Energy (XTEX), ONEOK Partners (OKS), Genesis Energy (GEL).
- Also: New Source Energy (NSLP), Breitbrun Energy Partners (BBEP), LRR Energy (LRE), Mid-Con Energy Partners (MCEP).
Apr. 26, 2013, 3:57 PMCredit Suisse upgrades EQT Midstream Partners (EQM +4.7%) to Outperform after issuing Q1 results well ahead of the firm's expectations and increasing its FY 2013 guidance on EBITDA and distribution cash flow, and cuts Exterran Partners (EXLP) and DCP Midstream (DPM) on valuation (I, II). EQM is enjoying higher throughput on its assets as Marcellus shale activity remains robust. | Comment!
Mar. 13, 2013, 12:54 PMCredit Suisse grows more selective on MLPs, citing four whose valuations it thinks have grown excessive. El Paso Pipeline (EPB -1.9%) is cut to Neutral, as the firm sees decelerating distribution growth as drop-downs associated with the acquisition of El Paso Corp. by Kinder Morgan are absorbed. TLLP and EQM also are lowered, but CVR Refining (CVRR +1.9%) is raised to Outperform. | Comment!
Jul. 23, 2012, 2:28 PMCoverage of EQT Midstream (EQM +2.4%) is initiated with a Buy at BofA and ratings ranging from Outperform to Hold at four other firms (I, II, III, IV). A typical reaction comes from Deutsche Bank, which says "substantial drop-down opportunities" from parent EQT as well as EQM's organic value-enhancing projects support a double-digit distribution growth rate for several years. | Comment!
Jun. 27, 2012, 4:35 PMEQT Midstream (EQM) closed at $23.55 per common unit, +13% over its $21 IPO price. Analysts say EQM drew investor interest partly because its planned annual yield of 7% outpaces competitors such as Williams Partners (WPZ) and MarkWest Energy (MWE). EQT Corp. (EQT), the natural gas producer that formed the MLP, +4.1%. | Comment!
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