Nice up day unless you hold what i hold where once again i'm going nowhere fast. Atlas Energy Resources (ATN) remains on fire and is up another 1.45. Its been soaring ever since it announced its gas discovery. Markwest (MWE) is up 1 and change as well. Wachovia raised the stock to outperform.Raymond James ups Hiland Holdings (HPGP) to a strong buy from buy and the stock is up 70 cents. Williams Partners (WPZ) which was left for dead is up another point. Raymond James made this one a strong buy yesterday. And when Ray Jimmy's talks...people listen.
The mlp index is up a little over 1 point and its being dragged by some of the bigger cap mlps like Kinder Morgan (KMP)and Nustar (NS)which are down small fractions today.
Linn Energy (LINE) is up 4 points off its low. The unholy trinity is in jeopardy today as Constellation (CEP) and Eagle Rock(EROC) are up a few pennies. E V Partners (EVEP) is down and has not moved as volume has picked up lately....could be PIPE (priviate equity) pressure. Today is the last day of trading for February settlement...if that is important to any of these hedge funds.
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About Me
- joewxman
- a meteorologist with a knack for trading and investing in MLPS! I also like horse racing, enjoy cigars and a good port wine.
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2 comments:
Wachovia upgraded ATN, $41 PT
Key Takeaways. We are upgrading our rating on ATN to Outperform from Market
Perform following the partnership's announcement of positive drilling results in the
Marcellus Shale. Management indicated 3P reserve potential in the range of 4-6
Tcfe (compares to year-end reserves of 898 Bcfe). Assuming the partnership drills
its acreage over a ten-year period, our risk-adjusted DCF model suggests $19 per
unit of option value for the play. We calculate the market is crediting ATN with
just $8 per unit of option value for the Marcellus Shale. ATN represents a lowerrisk
way for investors to participate in the development of the Marcellus Shale,
while collecting an attractive tax-deferred yield of 7.4%. We're adjusting our
estimates and raising our valuation range by $10 per unit.
Marcellus Option Value Worth $19 Per Unit--Market Crediting ATN With $8
Per Unit. Risk-adjusting potential drilling locations by 25% implies 1,250
locations. Assuming ATN drills these locations over a ten-year period through its
drilling partnership structure and a terminal value for reserves not produced, we
forecast ATN could generate a cash flow stream worth $19 per unit currently.
Excluding the Marcellus Shale, we estimate ATN is worth $22 per unit. This
implies the market is crediting ATN with $8 per unit of value for the play.
Hi Joe -
What is the story with EVEP and PIPES? How much overhang is there and when does the lockup expire?
Thanks
- Keith
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