23.23 0.00 (0.00%)
After hours: 4:33PM EDT
|Bid||22.83 x 1200|
|Ask||24.00 x 2200|
|Day's Range||22.82 - 23.49|
|52 Week Range||18.38 - 27.70|
|Beta (3Y Monthly)||0.53|
|PE Ratio (TTM)||40.97|
|Earnings Date||Nov 5, 2018 - Nov 9, 2018|
|Forward Dividend & Yield||1.20 (4.96%)|
|1y Target Est||28.13|
EPIC is planning on transforming its 730-mile NGL pipeline into a crude oil shipping one to provide producers with interim easement.
Oil producers in the Permian Basin have started selling a new stream of light crude, said people familiar with the matter, securing a market for the increasingly less dense oil being pumped from the largest U.S. shale play. Sales of West Texas Intermediate Light, or WTI Light, started in September with deliveries into Midland, Texas, the people said. The new stream is being primarily blended to produce so-called Domestic Sweet crude, WTI Midland or benchmark WTI for delivery at Cushing, Oklahoma, the people said.
Plains All American (PAA) has an impressive earnings surprise history and currently possesses the right combination of the two key ingredients for a likely beat in its next quarterly report.
Credit Suisse updated its ratings on several MLP and midstream stocks last week. Credit Suisse started coverage on Plains All American Pipeline (PAA), Plains GP Holdings (PAGP), Williams Companies (WMB), Energy Transfer Equity (ETE), Kinder Morgan (KMI), MPLX (MPLX), and Enterprise Products Partners (EPD) with an “outperform” rating.
NEW YORK, Oct. 12, 2018 -- In new independent research reports released early this morning, Fundamental Markets released its latest key findings for all current investors,.
The yield spread between the Alerian MLP Index yield and the US ten-year Treasury yield contracted to 5.0% at the end of Q3 from 5.1% at the end of Q2. The AMZ yield fell until the middle of August but rose again to 8.0% at the end of Q3, the same level as at the end of Q2. However, the ten-year Treasury yield rose to 3.07% at the end of Q3 from 2.85% at the end of Q2. The rise in Treasury yield contributed to the shrinking of the spread between AMZ and the Treasury yield.
Andeavor Logistics (ANDX), Magellan Midstream Partners (MMP), and Plains All American Pipeline (PAA), top Alerian MLP Index constituents by market capitalization, are trading at price-to-DCF (distributable cash flow) ratios higher than the peer average. Andeavor Logistics, Magellan Midstream Partners, and Plains All American Pipeline are trading at price-to-DCF ratios of ~12.4x, 14.6x, and 17.2x, respectively.
In the week ending October 5, the top midstream stocks included Kinder Morgan (KMI), Enterprise Products Partners (EPD), MPLX (MPLX), and Plains All American Pipeline (PAA). MPLX rose 2.6%, Enterprise Products Partners and Kinder Morgan each rose 1.9%, and Plains All American Pipeline rose 1.8%. The Energy Select Sector SPDR ETF (XLE) rose 1.9%, while the Alerian MLP Index rose 1.8% for the week. In comparison, the S&P 500 Index fell 1% during the week.
Oil service on the third and final phase of EPIC Midstream Holdings LP’s NGL pipeline is expected to start in the third quarter of next year, the company said in a statement Friday. The company had previously said the crude pipeline would enter service in the second half of 2019.
Plains All American Pipeline, L.P. (NYSE: PAA) and Plains GP Holdings (NYSE: PAGP) today announced their quarterly distributions with respect to the third quarter of 2018. PAA announced a quarterly cash distribution of $0.30 per common unit ($1.20 per unit on an annualized basis), which is unchanged from the distribution paid in August 2018. PAGP announced a corresponding quarterly cash distribution of $0.30 per Class A share ($1.20 per Class A share on an annualized basis), which is unchanged from the distribution paid in August 2018.
Plains All American Pipeline, L.P. and Plains GP Holdings announced they will release third-quarter 2018 earnings after market close on Tuesday, November 6
Top midstream stocks including Kinder Morgan (KMI), Williams Companies (WMB), and ONEOK (OKE) fell last week. Williams Companies fell 2.5% for the week, whereas ONEOK and Kinder Morgan fell 1.9% and 1.8%, respectively. The Alerian MLP Index fell 1.3% for the week. On the other hand, the Energy Select Sector SPDR ETF (XLE) rose 0.9% last week.
All of the analysts surveyed by Reuters covering Enterprise Products Partners (EPD) and MPLX (MPLX) rated the stocks as “buy.” About 88% of the analysts covering Energy Transfer Equity (ETE) rated it as a “buy,” while 12% rated it as a “hold.” Roughly 59% of the analysts covering Magellan Midstream Partners (MMP) rated it as a “buy.” About 58% of the analysts rated Plains All American Pipeline (PAA) as a “buy,” 38% rated it as a “hold,” and ~4% rated it as a “sell.”
Plains All American Pipeline, L.P. , Magellan Midstream Partners, L.P. , and OMERS, the defined benefit pension plan for municipal employees in Ontario, Canada , along with OMERS Infrastructure Management Inc.
Plains All American Pipeline (PAA) has risen ~14% in 2018 and outperformed its MLP peers. Enterprise Products Partners (EPD) has risen 8%. The Alerian MLP ETF (AMLP) has fallen ~3%. Crude oil prices have risen ~19% during the same period. Energy Transfer Equity (ETE) has fallen ~1%, while MPLX (MPLX) has fallen ~4% YTD (year-to-date).
The Alerian MLP Index (AMZ) is trading at a yield of ~7.9%, which is ~5% higher than US ten-year Treasury yields. Usually, MLP yields move in the same direction as Treasury yields in the long term. MLP yields trade at a spread over Treasuries. Investors expect a premium for the additional risk that comes with MLPs compared to risk-free Treasuries.
The US crude oil production was 11 million barrels per day for the week ending September 14, according to data from the EIA (U.S. Energy Information Administration). Crude oil reached this level first in the week ending July 13—the highest ever level. According to the EIA, US crude oil production exceeded Saudi Arabia’s production in February for the first time in more than 20 years. In June and August, US crude oil production exceeded Russia’s production for the first time since 1999.
Before the steep fall in crude oil prices in 2014, energy MLPs were considered largely independent of crude oil prices. The midstream MLPs mainly transport and store crude oil, natural gas, and other products. Usually, they aren’t involved in selling or buying these commodities. However, the sustained low-price environment proved otherwise. Midstream MLPs were correlated to oil prices during this period.
Of the 22 analysts surveyed by Reuters covering Enterprise Products Partners (EPD), 13 recommend a “strong buy,” while nine recommend a “buy.” There aren’t any “hold” or “sell” recommendation for Enterprise Products Partners. The mean target price for Enterprise Products provided by surveyed analysts is $33.5. The target price implies an upside potential of ~15% from the current price of $29.01.