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Rose Rock Midstream: A Buy High, Sell Higher MLP With 54% Crude EBITDA
- Rose Rock Midstream MLP recently announced a 2014 distribution growth rate of 25%.
- Management intends to keep the distribution coverage ratio at 1.1x-1.2x.
- New GP drop downs will drive growth despite IDRs reaching higher tiers.
Thu, Nov. 6, 4:39 PM| Comment!
Thu, Oct. 23, 6:05 PM
Fri, Aug. 15, 9:12 AM
- Rose Rock Midstream (NYSE:RRMS) subsidiary White Cliffs Pipeline says it is considering a new pipeline from the Denver-Julesburg Basin to the Cushing, Okla., hub, and will conduct a non-binding open season to gauge interest in the potential new project.
- Meanwhile, WCPL announces an open season for the remaining expansion capacity to transport crude oil from its origination station near Platteville, Colo., to Cushing; WCPL recently expanded capacity by ~80K bbl/day.
Thu, Aug. 7, 5:19 PM| Comment!
Mon, Jul. 14, 4:40 PM
- White Cliffs Pipeline plans to begin the commissioning this month of its expansion project, a looping of the existing crude oil pipeline from Platteville, Colo., to Cushing, Okla., to become fully operational in August.
- White Cliffs capacity will increase to ~150K bbl/day from 76K, helping to meet the rising demand for midstream services by offering long-haul transportation from the Denver Julesburg Basin.
- Rose Rock Midstream (NYSE:RRMS) will continue as pipeline operator; other owners are Plains All American Pipeline (NYSE:PAA), Western Gas Partners (NYSE:WES) and Noble Energy (NYSE:NBL).
Fri, Jun. 6, 12:54 PM
- Rose Rock Midstream (RRMS +3.7%) enjoys strong gains a day after announcing the acquisition of crude oil trucking assets from Chesapeake Energy.
- UBS maintains its Buy rating on RRMS and raises its price target to $49 from $46; financial terms were not disclosed, but the firm estimates RRMS will pay ~$50M at a ~5.5x multiple, similar to its Barcas trucking acquisition given similar size and location of assets (Briefing.com).
- UBS says the deal supports its thesis that RRMS will increase distributions at a mid-teens compound annual growth rate over the next three years, driven by organic growth investments and acquisitions.
Thu, Jun. 5, 11:59 AM
- Rose Rock Midstream (RRMS +0.2%) agrees to acquire crude oil trucking operations from Chesapeake Energy (CHK +1.1%) for an undisclosed sum, in a deal that will expand RRMS' reach into key oil producing shale basins.
- The deal includes 124 trucks, 122 trailers and other equipment in Texas, Oklahoma and Ohio; following the closing, RRMS will operate a fleet of more than 250 trucks with ~350 employees, servicing the Bakken, DJ/Niobrara, Eagle Ford, Granite Wash, Mississippi Lime, Permian, San Juan and Utica plays.
Fri, Mar. 28, 5:32 PM
- Citi analysts suggest five core holdings among MLPs and upgrade two other names to Buy, expecting growing U.S. hydrocarbon production that requires more infrastructure and improving prices for natural gas liquids.
- Citi forecasts a 10% total return by the entire MLP sector during the next 12 months.
- The firm's core recommendations: Williams Energy Partners (WPZ), Cheniere Energy Partners (CQP), Enterprise Product Partners (EPD), Northern Tier Energy Partners (NTI), Boardwalk Pipeline Partners (BWP).
- Upgrades to Buy from Neutral: Tallgrass Energy Partners (TEP), El Paso Pipeline Partners (EPB).
- Upgrades to Neutral from Sell: Niska Gas Storage (NKA), TC Pipelines (TCP).
- Downgrades to Neutral from Buy: Genesis Energy (GEL), Rose Rock Midstream (RRMS).
- ETFs: AMLP, AMJ, MLPL, YMLP, MLPI, MLPA, ENY, MLPN, MLPG, EMLP, MLPS, MLPX, MLPY, MLPJ, AMU, YMLI, ATMP, ZMLP, MLPW, IMLP, ENFR, MLPC
Thu, Mar. 6, 4:40 PM
- SemGroup (SEMG) and Rose Rock Midstream (RRMS) announce that Carlin Conner has been named President and CEO of both companies, effective April 1.
- Conner is chairman of Oiltanking Partners (OILT) and was president and CEO of OILT's general partner until November after spending 13 years at the company.
Wed, Mar. 5, 11:59 AM
- Robert W. Baird refreshes its outlook for master limited partnerships with six downgrades: five high-growth partnerships that now look fairly valued - NGL Energy Partners (NGL -1.8%), New Source Energy (NSLP -4%), Plains GP Holdings (PAGP -0.3%), Summit Midstream Partners (SMLP -0.6%) and Tallgrass Energy Partners (TEP -2.7%) - and are cut to Neutral from Outperform, and a reduction for Whiting USA Trust II (WHZ -0.7%) to Underperform from Neutral on elevated commodity risk.
- The firm recommends recycling capital into its top investment ideas: ONEOK Partners (OKS -1.2%), Plains All American Pipeline (PAA +0.9%), Rose Rock Midstream (RRMS +0.2%) and Crosstex Energy LP (XTEX -1.5%)
- Despite downgrading multiple high-quality MLPs, Baird says its long-term bullish view on the sector remains unchanged (Briefing.com).
Thu, Feb. 27, 6:11 PM
Oct. 28, 2013, 12:42 PM
- Rose Rock Midstream (RRMS +0.8%) is initiated with a Buy rating and $39 price target at Stifel Nicolaus, which estimates a total return potential of 16.9% with the combined anticipated price appreciation of 11.7% and 5.2% current yield.
- The majority of RRMS assets are located in the Cushing crude oil marketing hub, and the partnership has exposure to the growing production in the Bakken, DJ Basin, Niobrara Shale, Granite Wash, and Mississippi Lime via its crude oil gathering and transportation pipelines.
Aug. 13, 2013, 9:11 AM
Aug. 12, 2013, 4:26 PM| Comment!
Aug. 9, 2013, 9:08 AM| Comment!
Aug. 8, 2013, 4:58 PM| Comment!
RRMS vs. ETF Alternatives
Rose Rock Midstream LPowns, operates, develops and acquires a diversified portfolio of midstream energy assets. It is engaged in the business of crude oil gathering, transportation, storage, distribution and marketing.
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