GlobeNewswire (Tue, 6:30PM)
GlobeNewswire (Jan 31, 2014)
Memorial Production Partners LP owns and acquires oil and natural gas properties in North America. Its properties are located in South and East Texas.
Wednesday, Mar 56:11 AM
Monday, Dec 92013, 11:59 AM
Monday, Dec 92013, 11:59 AM| 1 Comment
- Memorial Production Partners (MEMP -0.5%) is initiated with a Buy rating and $25 price target at UBS, which feels investors could continue to undervalue the young MLP pending more performance history.
- The firm believes MEMP provides one of the more attractive yields (~11%) in the upstream space with what the firm feels is a limited risk profile vs. peers, it boasts a reserve base transitioning from gas-focused to a more balanced oil/gas mix, it's diversifying geographically, and distributions have been well supported and grown significantly with acquisitions.
Tuesday, Nov 192013, 3:02 PM
Tuesday, Nov 192013, 3:02 PM| 2 Comments
- Memorial Production Partners (MEMP -4.4%) is upgraded to Buy from Hold with a $24 price target at MLV & Co. after the MLP's announced secondary offering of 7.1M units.
- The units, previously held by Memorial Resource Development, MEMP's sponsor, will be placed with institutions; as a secondary offering, there is no increase in units outstanding or associated dilution to current holders, but the firm surmises these facts have been misunderstood by the market.
- MEMP's current yield of 11.3% implies greater underlying risk than the portfolio merits.
Tuesday, Nov 192013, 9:05 AM|Tuesday, Nov 192013, 9:05 AM| Comment!
Thursday, Oct 242013, 11:06 AM
Thursday, Oct 242013, 11:06 AM| 3 Comments
- Energy analysts at Wunderlich feel more confident about upstream MLPs as 2013 rolls over, and the firm initiates coverage on some of the more conservative high-yielding names.
- Breitburn Energy (BBEP), Legacy Reserves (LGCY) and QR Energy (QRE) are initiated at Buy, believing they are trading at a discount to peers despite increasingly liquids-rich portfolios and a long and successful acquisition track records.
- Memorial Production Partners (MEMP) and Vanguard Natural Resources (VNR) also are started at Buy despite more gas-oriented portfolios.
- EV Energy (EVEP) is initiated with a Hold rating, citing limited upside until it divests its planned Utica acreage; Atlas Resources Partners (ARP) also starts at Hold pending clearer visibility toward its debt metrics and coverage ratio improvement.
Tuesday, Oct 222013, 6:17 AM|Tuesday, Oct 222013, 6:17 AM| Comment!
Wednesday, Oct 92013, 10:59 AM
Wednesday, Oct 92013, 10:59 AM| 16 Comments
- MLPs typically return ~90% of their income to unitholders, and a new report from Oppenheimer suggests some MLPs may have a tough time doing that; some companies are way too aggressive and may be forced to cut their distributions if suitable acquisitions and capital are not available, the firm says.
- Oppenheimer's top energy MLPs to buy: BreitBurn Energy Partners (BBEP), LRR Energy (LRE), Memorial Production Partners (MEMP), New Source Energy Partners (NSLP) and the more aggressive Mid-Con Energy Partners (MCEP).
- MLP stress is far less prevalent on the leading large cap names, such as Enterprise Products Partners (EPD), Kinder Morgan Partners (KMP), Plains All American (PAA) and Energy Transfer Partners (ETP); all have consistently raised their distributions over the years and appear likely to continue to do so.
- ETFs: AMJ, AMLP, MLPG, MLPI, MLPN, MLPY, MLPL, MLPW, MLPS, YMLP, MLPA, EMLP, AMU, IMLP, MLPJ, ATMP, YMLI.
Tuesday, Oct 12013, 4:44 PM
Tuesday, Oct 12013, 4:44 PM| Comment!
- Memorial Production Partners (MEMP) increases its distribution rate to $0.55/unit, an 11.1% increase, as it closes its previously announced $603M acquisition of oil and natural gas properties from its sponsor, Memorial Resource Development.
- MEMP also announces a public offering of 14.5M common units; MEMP intends to use net proceeds to pay down debt.
Wednesday, Sep 42013, 10:48 AM
Wednesday, Sep 42013, 10:48 AM| Comment!
- 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).
Wednesday, Aug 72013, 8:00 AM|Wednesday, Aug 72013, 8:00 AM| Comment!
Friday, Jul 192013, 6:36 AM
Monday, Jul 152013, 3:36 PMMemorial Production Partners (MEMP -0.3%) acquires certain oil and gas properties in the Permian Basin, East Texas, and the Rockies, from its sponsor, Memorial Resource Development, and affiliates of Natural Gas Partners for approximately $606M. The properties consist of 973 wells on 363K acres in Texas, New Mexico, Wyoming and Colorado. The company will operate 94% of total proved reserves and 74% of the producing wells. MEMP will also acquire about 275 bcfe of proved reserves, with 48% located in the Permian Basin, 31% in East Texas and 21% in the Rockies. |Monday, Jul 152013, 3:36 PM| Comment!
Wednesday, Jun 192013, 5:15 PM
Wednesday, May 82013, 6:09 AM
Tuesday, Mar 262013, 6:55 PMIt's understandable that MLP investors would be irritated as several - Calumet Specialty (CLMT) and Access Midstream (ACMP) are the latest - again revisit the trough for more capital and dilute their holdings, but demand for MLPs is so strong that unit prices of some involved in recent financings - BWP, DPM, EPB, EPD, MCEP - already have recouped initial losses and gained since their announcements. |Tuesday, Mar 262013, 6:55 PM| 18 Comments
Tuesday, Mar 192013, 4:27 PM
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