Nov. 5, 2014, 9:04 AM
Oct. 10, 2014, 10:55 AM
- In what's looking like at least a short-term capitulation move, investors are bailing out of upstream MLPs.
- Linn Energy (LINE -7.1%), BreitBurn Energy (BBEP -8.8%), EV Energy (EVEP -7.8%), Eagle Rock Energy (EROC -4.7%), QR Energy (QRE -8.1%), Legacy Reserves (LGCY -6.5%), Vanguard Natural Resources (VNR -10.3%).
- The JPMorgan Alerian MLP ETN (AMJ -2.9%) is down 12.4% over the last month.
- ETFs: AMLP, AMJ, MLPL, MLPI, MLPA, MLPN, EMLP, MLPX, MLPS, AMU, ENFR, ATMP, MLPW, IMLP, AMZA, OSMS
- Previously: Breitburn Energy shelves $400M high-yield bond offering
Aug. 25, 2014, 5:35 PM
Jul. 28, 2014, 3:59 PM
- QRE Energy (QRE +2.8%) is upgraded to Buy from Hold with a $24.50 price target, up from $18, at Wunderlich, which believes shares are trading at a significant discount to arbitrage parity and offers a 32% total return.
- QRE and BreitBurn Energy Partners (NASDAQ:BBEP) recently announced the signing of a merger deal in which BBEP would acquire QRE in a unit-for-unit exchange; the firm notes its Buy rating is anchored on its investment thesis for BBEP, assuming that the merger would go through.
Jul. 24, 2014, 9:18 AM
Jul. 24, 2014, 7:27 AM
- Breitburn Energy Partners (NASDAQ:BBEP) agrees to acquire QR Energy (NYSE:QRE) in a unit-for-unit exchange implying a transaction value of ~$3B.
- QR unitholders will receive ~72M common units of BBEP, or 0.9856 of a unit, for each unit of QR Energy they own; the consideration to be received by QR unitholders is valued at $22.48/unit, a 19% premium to yesterday's closing price.
- BBEP's senior management team will lead the combined company; once the deal closes, BBEP will add a new director to its board that is mutually agreed upon by both companies.
- QRE +8.8%, BBEP -3.1% premarket.
Jul. 15, 2014, 10:31 AM
- RBC points out in a new report that hawkish Fed commentary has tapped the brakes on MLPs to start Q3 after a strong first half of 2014, but the firm continues to view the fundamental backdrop for MLPs as highly attractive for investment.
- RBC's MLPs rated Outperform or better with the highest distributions: ARP, BBEP, ETP, LGCY, LINE, MCEP, QRE.
- ETFs: AMLP, AMJ, AMU, MLPL, MLPI, MLPG, ENFR
May 7, 2014, 7:17 AM
May 6, 2014, 5:30 PM
- AGN, ALE, AOL, ARIA, ARQL, ATRO, AVA, AYR, BAM, BUD, CHK, CLH, COT, CTSH, DUK, DVN, DWSN, DX, EE, ENB, END, FWLT, GTIV, GWPH, HNT, HTZ, HUM, INXN, KELYA, KING, LAMR, LGND, LINC, LMIA, MDLZ, MEMP, MZOR, NAVB, NJR, NTLS, NVDQ, POM, PRGO, QRE, RIGL, ROC, SBGI, SE, SEP, SFUN, SNSS, SPAR, SPB, STRA, SUSP, SUSS, TAP, THI, TLM, TMHC, TPC, TRGT, USAC, VOYA, VSI, WBAI, WPX, WRES, XEC.
Mar. 3, 2014, 12:39 PM
- QR Energy (QRE +3.2%) says it is simplifying its capital structure by purchasing its general partner, QRE GP.
- The owners of the GP agree to forgo future management incentive fees and their current ~0.1% general partner interest in exchange for the right to earn up to 11.6M Class B units, in four equal annual installments, provided certain QRE performance thresholds are met.
- QRE says the deal is 7% accretive to distributable cash flow per unit in 2014 and lowers its cost of capital, which should enhance competiveness in the acquisition market.
- Also: Q4 earnings.
Mar. 3, 2014, 7:07 AM
Oct. 25, 2013, 9:50 AM
Oct. 24, 2013, 11:06 AM
- 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.
Oct. 15, 2013, 5:48 PM
- UBS sees opportunity ahead for energy MLPs, believing some of the "issues" that have clouded prospects - including negative scrutiny about practices at Linn Energy (LINE) and LinnCo (LNCO) which cast a cloud over the upstream MLP group - will fade.
- Many risk factors are priced in at current levels, and there are some valuation opportunities, the firm says.
- Mid-Con Energy Partners (MCEP) wins UBS accolades on its higher distribution potential and limited exposure to downside scenarios; other top picks are BreitBurn Energy Partners (BBEP) and LRR Energy (LRE).
- UBS actually awards LINE a Buy rating, along with QR Energy (QRE); it's neutral on Legacy Reserves (LGCY), LNCO and Vanguard Natural Resources (VNR).
Aug. 20, 2013, 10:46 AM
Aug. 7, 2013, 8:20 AM
QR Energy LP, through its wholly owned subsidiary, owns & acquires producing oil & natural gas properties in North America. Its properties consist of mature, legacy onshore oil & natural gas reservoirs with long-lived, predictable production profiles.
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