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SDLP vs. ETF Alternatives
Wednesday, Feb 1212:23 PM
Wednesday, Feb 1212:23 PM| 43 Comments
- Seadrill (SDRL -3.3%) may fail to secure the sales prices and external financing required to sustain its current dividend as equity and asset values are slipping, Wells Fargo worries as it downgrades shares to Underperform from Market Perform.
- The firm says SDRL's aggressive dividend policy has never been funded solely by the operations of its high-quality fleet, but instead through the sale of equity and convertible debt, equity in sponsored entities such as North Atlantic Drilling (NADL -1.3%) and Seadrill Partners (SDLP -1.5%), and the outright sale of rigs.
- The dividends of other drillers, including Ensco (ESV -0.9%), Noble (NE -0.2%), Transocean (RIG -0.2%) and Diamond Offshore (DO -0.2%), look safer for now, the firm says.
Monday, Dec 22013, 4:51 PM
Monday, Dec 22013, 4:51 PM| 5 Comments
- Seadrill Partners (SDLP) -3.3% AH after announcing a public offering of 12.9M common units; also, in a private placement, Seadrill (SDRL) will purchase $50M in units at public offering price.
- SDLP plans to use the net proceeds to fund its portion of the cash purchase price in connection with its acquisition of two semi-submersible drilling rigs.
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, May 12013, 2:27 PMSeadrill Partners (SDLP) is initiated with a Buy at Global Hunter, which likes SDLP's young fleet that's highly contracted with major oil companies and anticipates a long runway of attractive distribution growth driven by dropdown acquisitions from parent Seadrill (SDRL). The firm sees limited downside risk given SDLP's IDR/subordination structure and ample distribution coverage cushion. |Wednesday, May 12013, 2:27 PM| Comment!
Friday, Jan 252013, 6:45 AMSeadrill Partners LLC (SDLP) declares its first-ever distribution of $0.2906/unit, prorated for the period starting on 24 Oct. The quarterly distribution stands to $0.3875/unit or $1.55/unit on annualized basis. Forward yield 5.50%. For shareholders of record Feb. 04. Payable Feb. 14. Ex-div date Jan. 31. (PR) |Friday, Jan 252013, 6:45 AM| 1 Comment
Friday, Nov 162012, 11:54 AMSeadrill (SDRL) is upgraded to Outperform from Neutral at Credit Suisse, which says the IPO of Seadrill Partners (SDLP) was transformational for SDRL as it provides a platform to deliver and/or further growth. Also, SDRL has incentive distribution rights that should increase in value by $3-$5/share as SDRL drops down assets into SDLP. |Friday, Nov 162012, 11:54 AM| 2 Comments
Tuesday, Nov 132012, 10:58 AMSeadrill Partners (SDLP +1.1%) is initiated at Citigroup with a Buy rating and $30 price target based on applying a 5.3% yield to its cash distribution estimate of $1.59/unit. The firm says SDLP already trades at a hefty premium due to its fleet comprised solely of new and technologically advanced rigs and attractive cash flow payout structure. |Tuesday, Nov 132012, 10:58 AM| 1 Comment
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