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).
Mid-Con Energy (MCEP) announces a 4M unit offering , consisting of 1M common units representing limited partner interests, plus an additional 3M units for Yorktown Energy Partners VI, Yorktown Energy Partners VII, and Yorktown Energy Partners VIII. RBC Capital Markets, Raymond James, UBS and Wells Fargo Securities are acting as joint book-running managers, with Baird, Oppenheimer and Stephens as co-managers for the offering. Shares -2.2% AH.
Mid-Con Energy Partners LP owns, operates, acquires, exploits and develops oil and natural gas producing properties in North America. The Company's properties are located in the Mid-Continent region of the United States.