Well it took one good push and we're back at a new all time high close in MLP land. Enterprise Products Partners (EPD) has a 14% weighting in the index and with an 80 cent up move yesterday, it gave a big push to the mlp index.
So we've given up forecasting a correction and will just let it happen when it happens.
Meanwhile earnings news this morning from Crosstex Energy (XTEX) and now we know why there was no distribution boost as the DCF coverage ratio was a .86 which is not good. However the company did say that cash flow was diverted to completing projects and that they exepct cash flow to grow "rapidly" in future quarters. This should be all priced in but i'm never a good guesser at these things...and I admit that i do have an optimistic bent. But at least in the press release i don't see anything that wasn't already known or that i had already figured out.
Also Duke Midstream posted earniings numbers last night that looked impressive. The company has completed its recent purchase and so far we see no signs of them coming to market with an equity sale. The stock continues to climb and sits above 43. Stargas announces earnings as it continues to move foward.
Nothing yet in upgrades or downgrades but it is early. Stock futures are a little soft this morning which really means nothing these days...energy prices are higher this morning...10 year rates hold flat.
Watch the Hiland Partners (HLND) conference call this morning as a potential stock mover if they indicate that distribution growth will resume after no raise this quarter.
joseph cioffi's Source Page - Associated Content
No comments:
Post a Comment