Wed, Feb. 25, 11:59 AM
- ONEOK Partners (OKS +0.7%) is downgraded to Neutral from Outperform with a $48 price target at Credit Suisse following the recent uptick in OKS shares and the continuing weak commodity price backdrop.
- The firm says OKS' reduced guidance appears realistic in light of ongoing uncertainty in commodity prices, but guidance cuts were more draconian than expected, particularly the 57% capex cuts for 2015 to ~$1.2B.
- Credit Suisse says the deep capex cuts slows its distribution growth outlook on the assumption that the suspended plants are pushed back about a year.
Mon, Feb. 23, 4:08 PM
Sun, Feb. 22, 5:35 PM
Wed, Jan. 21, 5:35 PM
Dec. 10, 2014, 7:15 PM
- Some energy limited partnerships - pipeline operators or wholesale distributors, with less risky business models than oil E&P companies - have escaped much of the carnage in energy stocks and may make attractive investments, MarketWatch's Philip Van Doorn writes.
- These 12 energy LPs, most of which fell today amid the energy sector rout, actually have posted gains since Nov. 1: TCP, EEQ, EEP, DM, BPL, SHLX, SGU, BIP, SRLP, APU, SEP, SPH.
- Credit Suisse analyst John Edwards recently said many energy LPs look oversold; his top picks in the sector include EEP as well as NGLS, GEL, OKS, CNNX, PAA, BWP and AM.
Dec. 2, 2014, 4:59 PM
- ONEOK (NYSE:OKE) +1% AH after saying it expects 2015 cash flow available for dividends in the range of $580M-$660M, reflecting higher anticipated cash distributions received from its general and limited partner interests in ONEOK Partners (NYSE:OKS).
- Guidance includes a 14% Y/Y increase in shareholder dividends declared; OKE also expects average annual dividend declared increases of 12%-15% between 2014-17.
- Also, ONEOK Partners announces higher 2015 financial guidance, expecting adjusted EBITDA to increase 19% Y/Y to a range of $1.77B-$1.99B and 2015 distributable cash flow to increase 18% to a range of $1.31B-$1.49B.
Nov. 28, 2014, 10:20 AM| 17 Comments
Nov. 11, 2014, 3:21 PM
- Prospects for energy MLPs remain bright despite lower crude oil prices, Credit Suisse’s John Edwards says, as Q3 distribution growth in the sector has averaged ~11% Y/Y and direct cash flow per unit rose 20% Y/Y on average.
- The analyst says he saw little change in capex plans from energy MLPs in Q3 reports: Kinder Morgan (KMI, KMP) said it had seen no impact to business, Enterprise Products Partners (NYSE:EPD) continues to expect to invest $3.7B-$4.2B for 2015 and 2016 - the same as indicated before the oil price pullback - and Spectra Energy Partners (NYSE:SEP) remains on track in its drive to a $35B program.
- Credit Suisse upgrades Midcoast Energy Partners (NYSE:MEP), ONEOK Partners (NYSE:OKS), Targa Resources Partners (NYSE:NGLS) and Western Gas Partners (NYSE:WES) to Outperform from Neutral, while reducing Magellan Midstream Partners (NYSE:MMP) to Neutral from Outperform.
- ETFs: AMLP, AMJ, MLPL, YMLP, MLPI, MLPA, MLPN, EMLP, MLPG, MLPX, MLPS, MLPY
Nov. 4, 2014, 4:24 PM
Nov. 3, 2014, 5:35 PM
- ADEP, AMRS, ATVI, AWAY, AXLL, BIO, BIOL, BIRT, CALD, CBSO, CDXS, CERS, CHUY, CKEC, COHR, CORT, COUP, CRTO, CSU, DOX, DVN, ENPH, EXAM, EXEL, FANG, FEYE, FOXA, FRGI, GAS, GHDX, HR, ITRI, IVR, JAZZ, JIVE, JKHY, JMBA, KAR, MITT, MOSY, MPO, MYGN, NP, NRP, NSTG, NYMT, OAS, OCLR, OKE, OKS, PACD, PAYC, PBPB, PCYC, PEGA, PHH, PRI, PXD, PZZA, REGI, REXX, RLOC, RNR, RP, SBAC, SN, SPA, SQNM, TMH, TNET, TRIP, TTGT, TWO, TWOU, TX, UIL, WPX, XEC, XNPT, ZAGG, ZU
Oct. 27, 2014, 4:30 PM
- ONEOK Partners (OKS, OKE) agrees to acquire natural gas liquids pipelines and related assets in the Permian Basin of west Texas and southeast New Mexico from Chevron (NYSE:CVX) for ~$800M.
- The deal includes an 80% interest in the West Texas LPG Pipeline Limited Partnership and 100% interest in the Mesquite Pipeline, which collectively consist of ~2,600 miles of NGL gathering pipelines.
- With these projects, ONEOK says it has announced total investments of $8.3B-$9B during 2010-16 for acquisitions and capital growth projects related to natural gas gathering and processing, and NGLs.
Oct. 22, 2014, 7:38 PM| 1 Comment
Oct. 14, 2014, 12:33 PM
- MLPs have been brutalized lately, with the benchmark Alerian MLP Index (AMJ +0.5%) plunging 13% in the past week and down another 3% earlier today, but at least some in the group have been trying to bounce back in the past hour or so.
- J.P. Morgan strategists are sticking with their bullish central thesis on MLPs, saying prolific production from unconventional energy plays will keep demand high for new energy infrastructure; the firm believes most core acreage in leading shale plays continues to be economic at current commodity prices, which should drive strong long-term growth prospects for MLPs.
- JPM favors MLPs owning high-quality, diversified assets with strong management teams and proven track records, naming Kinder Morgan (KMI -1.5%), Enterprise Products Partners (EPD +2.5%) and Plains All American Pipeline (PAA -1%).
- ETP +3.7% and OKS +2.5%, LINE +1.4%, but EROC -5.3%, CQP -4.5%, BBEP -2.5%, MMP -2.5%, TEP -2.1%, PSXP -2%, WPZ -1.1%, ACMP -0.5%.
- ETFs: AMLP, AMJ, MLPL, MLPI, MLPA, MLPN, EMLP, MLPX, MLPS, AMU, ENFR, ATMP, MLPW, IMLP, AMZA, OSMS
Oct. 9, 2014, 5:53 PM
- Nuevo Midstream, a Texas pipeline company backed by P-E firm EnCap FlatRock Midstream, is seeking a buyer and could fetch $1.5B, Bloomberg reports.
- Nuevo is said to have drawn interest from potential buyers including Oneok (OKE, OKS) and Regency Energy Partners (NYSE:RGP).
- Takeovers involving companies that help transport, store and process oil and natural gas after have surged past $100B so far this year.
Oct. 8, 2014, 12:05 PM
- One of the best ways to play the growing demand around the world for natural gas, as well as the onset of colder weather, is to look for the top natural gas MLPs, and 24/7 Wall St. has screened the Jefferies list of top natural gas MLPs for those with the best upside potential and the top yield.
- AmeriGas Partners (NYSE:APU) is a retail and wholesale distributor of propane gas and related equipment and supplies in the U.S.; propane usually trades at almost 2x the price of spot gas.
- ONEOK Partners (NYSE:OKS) sported a distribution coverage ratio of 1.02x in Q2; a ratio greater than 1x indicates safety for distributions and distribution growth as well as cash availability to fund growth projects.
- Also making the cut: WMB, DPM.
Sep. 22, 2014, 4:31 PM
- Oneok Partners (NYSE:OKS) says it plans to invest $480M-$680M over the next two years to construct new natural gas processing facilities and related infrastructure in North Dakota and Wyoming.
- OKS says it will build a new 80M cf/day natural gas processing facility and related infrastructure to process natural gas produced from the Bakken Shale in the Williston Basin, as well as a new 100M cf/day natural gas processing facility and related infrastructure to process natural gas produced from the NGL-rich formations of the Powder River Basin.
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