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MarkWest Energy Partners, L.P. (MWE)

- NYSE
  • Mon, Mar. 2, 12:59 PM
    • MarkWest Energy (MWE -0.3%) is downgraded to Hold from Buy with a $70 price target, down from $75, at Wunderlich, which says significant uncertainty remains with few near-term catalysts.
    • While Q4 results and 2015 guidance on adjusted EBITDA and distributable cash flow were better than many had feared, the firm says MWE's current valuation fairly reflects a reduced near-term distribution growth outlook.
    • Wunderlich says it is heartened that some parts of its thesis have materialized via MWE's revised guidance, such as the ability to delay capex while taking plant utilization rates higher, and limited 2015 equity needs relative to capex.
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  • Wed, Feb. 25, 9:10 AM
    • MarkWest Energy Partners (NYSE:MWE): Q4 EPS of $0.18 misses by $0.10.
    • Revenue of $538.24M (+18.7% Y/Y) misses by $84.55M.
    • Press Release
    | Comment!
  • Tue, Feb. 24, 5:30 PM
  • 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.
    | 3 Comments
  • Thu, Jan. 22, 6:22 AM
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  • 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.
    | 3 Comments
  • Nov. 28, 2014, 7:48 AM
    • The oil market will need to balance via slower U.S. shale growth and OPEC cuts at some later date (their next meeting is on June 5), says Goldman's Brian Singer, maintaining his team's WTI oil price outlook of $70-$75 per barrel for next year.
    • Among the energy sub-sectors, refiners and pipelines continue as favorites, and five of Goldman's eleven energy and utilities stocks on the Americas Conviction Buy list are from midstream/refining: KMI, MWE, PAGP, TRGP, TSO (all are lower premarket on oil's tumble).
    • Not buyers of oil services and E&P names, Goldman nevertheless does have favorites in these areas: CRR, BAS, RIG.
    | 20 Comments
  • Nov. 5, 2014, 4:09 PM
    • MarkWest Energy Partners (NYSE:MWE): Q3 EPS of $0.41 beats by $0.12.
    • Revenue of $607.1M (+44.4% Y/Y) beats by $13.29M.
    • Press Release
    | Comment!
  • Oct. 22, 2014, 4:58 PM
    • MarkWest Energy (NYSE:MWE) raises guidance for 2014 distributable cash flow to $680M-$700M and 2014 adjusted EBITDA to $860M-$880M; achieving the mid-point of the ranges would result in Y/Y growth of 43% for DCF and 44% for adjusted EBITDA.
    • MWE also raises its Q3 cash distribution to $0.89/unit, up from $0.88.
    • In an operational update, MWE says Q3 average utilization of all Marcellus processing facilities rose to 84% from 79% in Q2, and average utilization of Utica processing facilities increased to 63% from 56%.
    | Comment!
  • Sep. 9, 2014, 11:59 AM
    • MarkWest Energy (MWE -0.7%) is downgraded to Hold from Buy at Stifel, which believes MWE's current valuation fairly reflects forecast utilization increases and DPU growth over the next couple of years.
    • When comparing on an EV/consensus 2015 EBITDA estimate basis, MWE is trading at 15.5x vs. a peer average of 14.2x; if a calculation includes Class B units, which convert over the next three years, MWE's multiple increases to 16.3x.
    • Also, MWE's current yield is 4.4%, compared to its peer group of 5.1%.
    | Comment!
  • Aug. 28, 2014, 2:42 PM
    • MarkWest Energy's (MWE +3.2%) target price is raised to $88 from $83 at Wunderlich, which is confident in MWE's ability to achieve double-digit distributions growth after 2015 (Briefing.com).
    • Wunderlich says wells in the Marcellus and Utica continue to show improvement and have raised the operating outlook for E&P companies in the region; MWE, with its dominating position in the plays and a chain of organic expansion projects in the pipeline, would be a direct beneficiary to the rising production.
    • The firm also notes that MWE is adding another 400M cf/day of processing and 60M bbl/day of fractionation capacity at its Keystone complex.
    | Comment!
  • Aug. 26, 2014, 8:57 AM
    • Rex Energy (NASDAQ:REXX) says it has signed agreements with MarkWest Energy (NYSE:MWE) that will expand its natural gas processing capacity in Butler County, Pa.
    • Rex says its processing capacity will rise to at least 280M cf/day of gas by the end of 2015 with MWE's Bluestone III facility, and 405M cf/day by the middle of 2016 with Bluestone IV; MWE is in the middle of constructing both facilities.
    • Rex says the recently announced acquisition of Pennsylvania and Ohio acreage from Shell will significantly expand the Butler operated area, and the partnership with MWE will support its growth through increased processing and fractionation capacity.
    | Comment!
  • Aug. 12, 2014, 12:23 PM
    • "There are a lot of growth opportunities" following Richard Kinder's suggestion that he'll be looking to acquire rival pipeline operators, says Global Hunter analyst Sunil Sibal, who considers MarkWest Energy (NYSE:MWE) and Targa Resources (NYSE:TRGP) as prime buyout candidates.
    • MWE processes and transports natural gas from U.S. shale basins including the Marcellus and Utica, while TRGP has a footprint in the Permian and Bakken, as well as one of the Gulf coast’s two commercial export terminals for natural gas liquids - "assets which are very desirable in the current production growth environment,” Sibal says.
    • So far todfay: KMI -1.9%, KMP -2.4%, KMR -1.7%, EPB -1.9%.
    | 12 Comments
  • Aug. 6, 2014, 4:24 PM
    • MarkWest Energy Partners (NYSE:MWE): Q2 EPS of $0.05 may not be comparable to consensus of $0.17.
    • Revenue of $518.36M (+24.9% Y/Y) misses by $34.75M.
    • Press Release
    | Comment!
  • Jul. 29, 2014, 2:58 PM
    • MarkWest Energy (MWE +0.4%) is upgraded to Buy from Hold with an $83 price target, up from $68, at Wunderlich after recently providing a positive operations update that should instill greater confidence about its execution plans.
    • The firm says MWE is developing a premier midstream footprint in the Marcellus and Utica plays, with 12 major projects under construction of which five are expected to be completed this year; much of 2014 capital needs already are pre-funded, the firm adds.
    • As asset utilization ramps up, Wunderlich believes accelerating cash flows will generate a long-term and sustainable double-digit growth trajectory.
    | Comment!
  • Jun. 27, 2014, 11:20 AM
    • SunCoke Energy (SXC +3.8%) is added to Goldman Sachs' Conviction Buy List, citing potential catalysts that include buybacks and introduction of a dividend, tuck-in acquisitions and a potential sale of the coal business; shares are Buy rated with a $27 price target.
    • Goldman also adds MarkWest Energy (MWE +0.2%) on its updated list, but it's not enjoying the same bump as SXC; shares are Buy rated with a $78 target.
    | Comment!
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Company Description
MarkWest Energy Partners LP is engaged in the gathering, processing and transportation of natural gas; the gathering, transportation, fractionation, storage and marketing of NGLs; and the gathering and transportation of crude oil.