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Wednesday, May 31, 2006

Lunch time and we've been rallying again in the MLP group along with the rest of the tape. But 2pm and the fed minutes will tell the tale today so in the meantime yesterday's MLP gains being extended. Most gains are fractional in nature and nothing is news driven. Enbridge got a boost from Sir Kramer last night and the stock is higher as he equates it to the next Kinder Morgan (KMI). Crosstex (XTXI) is down on profit taking as it has made quite a run in the last 2 weeks while the market has been dropping.
Good Morning

So we begin another day after a big sell-off. Futures are a little higher this morning which for me is not a good sign but i won't jump to conclusions yet. Crude and gas a little lower this morning. We will be looking for follow-through buying in the group this morning as we benefit from the Kinder Morgan buyout. Nothing in the upgrade/downgrade department so far and no corporate least so far.

Tuesday, May 30, 2006

Most MLPS finished higher on a day where the market took gas...we on the other hand finished well. Most MLPS were up nicely and finished off the days highs but not by too much. Some sold off late...and a few that were down worked back to the flat line. The question for me is tomorrow. If the market keeps selling off we could see selling spread into our group. But at least for now relative strength wise we're at the front of the line and thats a good place to be when shares are being dumped.

After market news on INERGY (NRGY) as we have an insider buy on the open market.

BTW here is my shopping list in this sell-off

Valero LP...nice insider buying
Oneok LP....decent chart pattern and holding up well
Martin Midstream Partners (MMLP) Insider buying
Crosstex LP (XTEX)...oversold and should rally
Crosstex (XTXI)..will buy if and only if it pulls back to the low 80s which is where the 34 day moving average is. My guess is this will happen only if we see a panic of some kind but i am laying a buy order down at that level.
Energy Transfer Partners...same logic as Crosstex...around or under 42.
Well with the overall market imploding we appear to be the only group showing higher prices as the Kinder Morgan deal lends support. Still if we had better market conditions overall we would probably be much higher. Kinder Morgan Partners is the biggest winner up 2 and change and we have 1 point plus gains in Plains All American and Energy Transfer Partners. Strong fractional plusses in a host of issues.

There always are a few not in the party mood and Crosstex LP is one of them down 25 cents, Regency Partners is down 50 cents and Hiland is also losing ground. DOW down 108 as we write here and i still think ultimately we are going to break down below 11k.
Kinder Morgan (KMI) is up 18 and change at 102...while Kinder Morgan Partners (KMP) is up just shy of 2 points at 47.

No other news or upgrades/downgrades so we await the open.
Kinder Morgan last trade at 104. Bid 103 ask 104.50...Kinder Morgan Partners is bidding 45.10 which is above the Friday close asking 50.40.
Looks like the market is saying 100 dollars aint enough as we are bidding 101.01 asking 103 with the last trade at 101.00. Kinder Morgan Pipeline is bidding 45.04 asking 50.40.
Good Morning.
We continue with the Kinder Morgan (KMI) story as pre-open bids and asks have arrived. The stock is bidding 97 and offered at trades yet. Kinder Morgan Partners (KMP) showing bid 43.50 ask 50.40. CNBC guys opining that the 100 dollar bid is perhaps a disappointment to those who have held this stock and have seen returns of nearly 40% per year since 1999. We'll see if the market takes this over the bid price and if the buying spreads to other pipelines. We now actually have a trade in kinder at 99 up nearly 15 points and it is now bidding at 99.01.

No other news but it is early and no upgrades or downgrades so far.

Monday, May 29, 2006

Good Monday Evening to all and hope everyone's memorial holiday weekend was a restful and enjoying one...and that we all took the time to observe the day in our own way to rememeber those who have given thier lives for our country.

Now lets begin with some breaking news tonight that will surely make for an interesting Tuesday. Richard Kinder of Kinder Morgan has announced an offer to take Kinder Morgan (KMI) priviate at 100 dollars a share. We can of course know what the obvious benefit is to KMI share holders as the stock closed Friday around 84 so their looking at open tomorrow of 97 ish i guess. But there are implications for Kinder Morgan Partners (KMP) and they should be positive. This is an excerpt from the inital pr release of the buyout.

This buyout proposal reflects the confidence that senior management and the sponsors have in the future growth potential of Kinder Morgan Energy Partners, L.P. (NYSE: KMP - News), as KMI's ownership of the general partner of, and other partnership interests in, KMP represents KMI's largest and fastest growing asset," said Kinder. "KMP would directly benefit in two ways. First, this transaction would enable a new crude oil hedging facility to be implemented for the CO2 business segment that would lock in $1.5 billion in proceeds from future crude sales without requiring the posting of margin. Second, upon completion of the transaction, KMI would offer KMP the option to acquire the Trans Mountain Pipeline and its future expansion opportunities at an attractive price, subject to KMP board approval."

So my guess is that KMP holders should see some nice upside from this. Also isn't it interesting that Richard Kinder waited until after the Enron trial was over to announce this buyout! You can't help but wonder that Mr Kinder did this to drive a symbolic stake in the heart of those who forced him out of Enron at its beginnings with his 40 million in pipeline. A stroke of brilliance imho.

Crude is slightly higher tonight and s&P futures are moving sideways. Looks like we could have a very interesting day tomorrow.

Friday, May 26, 2006

Firm day today and except for Hiland which is down 1 on its GP IPO...most MLPS are nicely higher. Crosstex (XTXI) made the bottom of my target in this breakout as it topped in the low 90s...some late profit taking going on right now. Some nice fractional gains in a host of issues. A hand full of losers but most down just small fractions.

Happy Memorial Day Weekend to all and please take the time to remember our troops in Iraq and those that have given their lives for our country.
Good Friday morning!
Okay start this morinng with futures up and everyone has one eye on the exits for the holiday weekend. News this morning from Hiland Partners(HLND) as they announce an IPO for the GP which they just folded into the company a few months ago.

Nothing else is on the wire so far today and there are no upgrades or downgrades. Ten year is at 5.08% uo a couple of ticks on the yield this morning. So looks like a firm open and then we'll see if trading slows to a crawl after that.

Just an observation here but except for Crosstex (XTXI) and Energy Transfer Equity (ETE) the GP's have not done very well. Some like Magellan Holdings and recent IPO Alliance Resource Holdings (AHGP) are trading well below their IPO prices. And with more supply coming on like Atlas Pipeline, Buckeye, and a few others...there could be more pressure on prices of GP's. The exceptions will be the ones that have special circumstances with regards to their growth like Crosstex (XTXI) which just bought Barnett Shale and will be growing the dividend substantially over the next 2 years and Energy Transfer Equity(ETE) which is tide to the rapid growth of Energy Transfer Partners (ETP).

Thursday, May 25, 2006

Sorry for the light blogging but its been a crazy week. MLPS nicely higher and basically the only real losers today are the ones that were up yesterday. Plains All American (PAA) ups guidance for the quarter and traders up the price by 1. Crosstex (XTXI) up another 2 and change as the stock approaches 90 again. Fractional plusses in a lot of issues but none driven by any news.

INERGY GP is down 1 on the stock offering.
Good Thursday morning.
Futures in stocks and energy are higher this morning so we'll see where that takes us. MLPS should bounce today. Nice to see insider buying in Valero LP and Martin Midstream Partners. Also saw a delayed report of an insider buy at Crosstex (XTXI).

Meanwhile this morning INERGY Holdings (NRGP) is selling shares in an offering. The money will be used to purchase Inergy LP (NRGY) shares in a priviate placement. The company is also recomending an increase in the distribution.

No upgrades or downgrades this morning so we await the open and we'll go from there.

Wednesday, May 24, 2006

Valero LP insider buy as Mr Greehly was very busy today. MLPS making a comeback in the last hour.
A sea of red out there...everything in MLP land is down with one or 2 exceptions. Calumet Products Partners is somehow up 1 dollar. Hiland is up a fraction today and so is Duke Midstream and Plains All American. They are buying some assets from BP.

The list is long on the downside. The XOI is down 25. Sunoco Logistics is a 1 dollar loser and so is Alliance Resource GP which is a recent IPO and is trading below its offering price. Not a good sign that IPO's of GPS are coming out and trading under water. Magellan Holdings is under 20. Buckeye Partners is under 41 for the first time in awhile.

10 year rates are supportive as yields are fallling today. But I think the overall market tape is very negative and seems destined to breakdown this afternoon.
Boardwalk Partners (BWP) gets coverage from Morgan Stanley with an outperform and a 27 dollar price target. Energy Transfer Partners (ETP) got its target raised to 49 from 47 dollars from RBC Capital Markets and they keep it an outperform.
Good Morning.
We seem to be in one of the stretches where there is not much news in the group. No upgrades or downgrades this morning so far so essentially we'll trade with the overall martket Energy is lower after yesterday's big rally in crude. Energy stocks got caught in the last hour downdraft. Not very encouraging that every rally is being sold into. I think 11k on the dow goes very soon.

Meanwhile i neglected to point out insider buying in Martin Midstream Partners that took place after last week's sell-off. Seems like insiders like this stock around 30 bucks so if another sell-off comes i may scoop some up.

Tuesday, May 23, 2006

Just got back from a day in NYC as my daughter had some minor surgery. I will catch up on things but i see we sold off in the overall market in the last hour and Crosstex keeps on climbing.
Good Morning,
Looks like we're in full bounce mode today as overseas markets are up and futures are strong this morning. Looks like the bounce rally began yesterday afternoon when the dow rallied back from -100 to go positive for awhile before closing only a little lower. Energy is leading as crude is rallying strongly and is now 3 dollars above yesterday's midday low.

So far this morning its quiet in the group as we have no corporate developements and no upgrades or downgrades so far.

Blogging will be light today as I have to head into daughter is having some oral surgery. I'll try to post when i can.

Monday, May 22, 2006

While the group closed lower there was some small bounces in some of these at the end of the day but not enough to bring any of them back to the flat line. Usually if the market bottoms and is getting ready for a trading rally...they usually move the second day. So if the market rallies tomorrow I would anticipate a good day. I took a long position in Oneok LP today formerly Northern Borders Partners (OKS is the new symbol).

No news after the close and S&P futures were up 2 points when i last checked. Oil futures reversed today and closed nicely higher. We'll see what tomorrow brings.

BTW the Northern Borders message board on yahoo no longer exists but feel free to post comments here until the board resumes on OKS.
It looks like its one of those days where if it lives or breathes anything energy...its down. Except one or 2 up a Oneok LP (formerly Northern Borders Partners)...its down. The XOI is down nearly 3 percent...and we have 1 point or more losses in Penn Virginia Resources (PVR), Calumet Products Partners (CLMT), Alliance Resource(ARLP) and Crosstex Energy (XTXI)...large fractional losses in Copano, Markwest, Crosstex LP (XTEX) and a host of others.

Overall market tone not helping either as everything pretty much heading in one direction. Would not be surprised to see dow test and break 11k very soon. Looks to me like the bonds are in the beginning of flight to quailty mode as the ten year is now under 5 % again.

Good Monday Morning!
So we begin the day with the tape in the toilet which i think many be a good thing as we wash out the sellers for a reflex rally of some sort. Ultimately i think the market is going lower and headed below 11k on the dow. Meanwhile in our own little universe not much is happening. No corporate news this morinng and no upgrades or downgrades so far.

A couple of notes...First off Northern Borders Holders. is no is now Oneok Partners..a reminder that today begins trading under the symbol OKS. Also Crosstex Energy (XTXI) was up 3 points on Friday on Gorrila Trades putting the stock on their buy list. I can't confirm this other than some posts on the Crosstex Yahoo Message board. The stock technically is in breakout mode and I still think the stock should head for lower 90s before this upleg is done.

Over the weekend Econbrowser has a short piece on Crude and Natural Gas and why they are behaving the way they are and what might happen down the road.
Crude this morning is down nearly 1 dollar but Natural Gas is up slightly.

Friday, May 19, 2006

Good Morning.
First to pass along this link for Crosstex Energy (XTXI) as Raymond James; my guess is on Wednesday, lowered its EPS on XTXI but maintained its outperform rating. Meanwhile the stock is bid above the close in the pre-market today which usually happens with news or an upgrade...but i don't see anything on the news wire. Meanwhile they were more encouraging with Crosstex LP and maintained its eps and targets but enccouaged accumulation on weakness..this was the reverse of what RBC Capital markets did earlier this week.

Meanwhile another bounce at the start like yesterday which i don't like in this enviornment...better to have sharp selloffs early and a rally late then the other way around like yesterday. Still MLPS held up nicely yesterday. There is no news in the group this morning. Dow chart and XOI chart above would suggest pressure in the overall market so some of that could spill over into MLPS...but at some point they will act defensive with their supportive yields and should hold or at worst go down less than everything else.

Thursday, May 18, 2006

The gradual firming trend continues as most MLPS are higher...would like to see more buyers come into the overall market to feel a bit more confident. Crosstex (XTXI) is up 2 and change..and loads of fractional winners on the board.

Down a bit are the same early losers...they were the few that were up yesterday so they are just take a breather today as am i and that's why blogging has been light.
At least the open this morning was not off to the races as they attempt to bounce 'em. Otherwise they probably would have sold into the rally rather quickly. Lets see if the momentum can build as the day wears on.

Meanwhile there is no news of consequence nor are their any upgrades or downgrades. Calumet Products Partners is the biggest loser this morning down 1.27 and there are small fractional losses in a few issues like Sunoco Logistics, Markwest Energy, and Magellan Holdings. On the upside Crosstex which is up 1.49 and we have fractional gains in Hiland, Plains All American, Valero LP and a few others.

On the watch to see if we can mount something substantial.

Wednesday, May 17, 2006

Some after hours news...insider buys reported today first at Martin Midstream Partners...purchased today in the dip below 30...and a few days ago insider purchases at Teppco. Confidence builder after a day like today. And a name change as Northern Borders becomes Oneok Partners...and a new symbol starting Monday...OKS!
I guess its only human nature but when the market and MLPS are up...i want to blog..but when their down...i don't. Who wants to re-enforce the ugly looking tape? Nothing but losers today and some big ones too with Crosstex down 2, Penn Virginia, Magellan Midstream and Northern Borders all down 1 and change...and a long list of fractional losers.

On the winning side...barely Plains All American on the Goldman upgrade, Hiland, Duke Midstream and Calumet Products Partners up fractionally.
Goldman Sachs makes a move on Plains All American Pipeline as it upgrades the stock from underperform to inline.
Good Wednesday morning!
Crosstex (XTXI,XTEX) leads the news this morning as it announces its financing for the Barnett Shale deal. Its issuing units and selling shares and placing them priviately. Units of the LP won't collect distributions until 2008. All of this was previously announced when the Barnett Shale deal was announced a few weeks ago.

Meanwhile if you were wondering why Energy Transfer Partners was up yesterday by 2 points you need wonder no longer as a Citigroup anal-ist raised targets on both ETP and on Energy Transfer Equity. This story hit yesterday afternoon and i missed it.

No other news so far this morning but it is early...on the watch as any headlines break.

Tuesday, May 16, 2006

Doesn't happen too often that we have three 2 dollar winners but if you have Williams Partners, Crosstex, and/or Energy Transfer Partners you own a 2 dollar winner. We also finished with a slew of winners between 50 cents and a dollar higher including National Resource Partners, Northern Borders Partners, Kinder Morgan Partners, Duke Midstream, Atlas Pipeline Partners and Magellan Partners.

Crosstex LP finished down 1.44 and Alliance Resource Partners was a fractional loser. Hiland lost a few pennies...and thats pretty much it on the losing side.
Crosstex LP (XTEX) is down 1.42 but except for that its winners pretty much across the board today. Crosstex (XTXI) is up 2 and we have 1 point plus winners in Williams Partners and Energy Transfer Partners ...Kinder Morgan Partners is up about 1. Magellan Midstream, Buckeye, Teppco, Atlas Pipeline,Duke Midstream, Valero LP and a few others are up 50 cents or more.

XOI is up as oil has firmed and we'll see more buying arrives in the last hour.
Pretty much a reversal of fortune from yesterday as everything that was down is now up. Crosstex was +4 now +2 and Energy Transfer Partners is +1 and change. Valero LP, Teppco, Buckeye Partners and Atlas Pipeline Partners along with some others are up nice fractions.

Crosstex LP is down 75 cents and off its lows on the RBC downgrade and we have a few losing fractions like Copano and Hiland Partners.
RBC Capital Markets also downgrades Crosstex LP (XTEX) to underperform from sector perform..they like the GP (XTXI)better the LP.
RBC Capital Markets upgrades Crosstex (XTXI) to outperform from sector perform
Good Morning!
Looks like a flat start this morning but there are some upturns in the energy complex as oil and nat gas have turned slightly higher in the last hour or so. Stock futures near the flatline. No corporate developments this morning so far and no upgrades or downgrades from the brokerage houses.

On the watch for any headlines...we should be hearing about the Barnett Shale financing details for Crosstex (XTXI) anytime now.

Monday, May 15, 2006

Crosstex LP is selling off here as its held on quite well until today.. down 1.05. Energy Transfer Partners remains the biggest loser down 1.40. And the whole group pretty much remains in the red today.

For those of you putting together a shopping list these are the stocks i'm looking at to either add to positions or to start new positions.

Northern Borders Partners (NBP)new
Crosstex (XTXI) add
Crosstex LP (XTEX) add
Valero LP (add)
Energy Transfer Equity (ETE) new
Atlas Pipeline Partners (APL) add

Market firming up here in the last hour.
They gave up the ghost after lunchtime and MLPS and energy in general selling off with the rest of the market. Some seeing shares dumped wholesale while others trade with sellers selling into a vacuum...whichever you perfer we have solid losses pretty much across the board. Crosstex (XTXI) and energy transfer are down 1 point or more...with larger fractional losses among a host of MLPS...Martin Midstream is higher however but it is about the only one.
Looks like they're trying to make a stand here in the market correction...the XOI held 1100 so far and there was some nice early action in Northern Borders Partners opening up 1 before pulling back. Just about the whole group is down fractionally right now as the market tugs back and forth.

Regency Partners conference call at 11am..will try and listen.

Good Morning....and why not start the morning with a chart of the DOW JONES INDUSTRIALS which unless you have been under a rock or in a cave lately..has been dropping sharply the last two days. But note that this seems to happen every few months in this sawtooth uptrend we've been in and until we take out my moving average support lines i'm not too worried..nevous yes...but not worried.

Meanwhile this morning we have earnings out for recent MLP IPO Regency Partners and its one of those reports where you have to dig a little because of the IPO stuff. Some of the important stuff includes revenue up 89% and DCF was 1.90 times. No other news so far this morning and no upgrades or downgrades. In the broad picture we have everything down this morning with oil down 2 down 20 bucks...nat gas down...the dollar down...the world markets down and s&p futures down (but not by a whole lot) so we could be setting up for a bounce this morning

The chart above is a weekly plot of the net asset value (NAV) of First Energy Income fund
Below is a chart of First Energy Income fund (FEN)

I happened to look at a bunch of these guys and over the weekend and noticed that for the first time in a long long time they are selling at a big discount to NAV. Tortiose Energy (TYG,TYY) boosted its distributions on both its funds Friday. For those of you who like to buy these closed end funds at a discount to NAV you have your oppourtunity here. The discount has been increasing and is now over 10%. Check out Kayne Anderson (KYN) and Fudiciary Claymore (FMO) as possibilities. For NAV add an X before and after the ticker symbol (XKYN).

Just took a look at pre-opening bids on some Nasdaq MLPS and they look lets be optimistic for a good day.

Friday, May 12, 2006

Okay did i say uptrend...i meant downtrend. Oh well more selling and except for Hiland which is up is the only winner. The whole group is down... losses are pretty solid with 1 point plus losses in National Resource Partners, and Crosstex (XTXI) is down another 2. Down major fractions are Teppco, Northern Borders Partner and a host of others.

I think i'm going to throw in the towel for the rest of today and head for the gym.
Good Friday morning.
At least its quiet this morning so downgrades. The overall market mess yesterday is carrying over this morning although futures are well off their lows and Gold, Crude Oil, and Nat gas are all down. I thought MLPS held up pretty well yesterday with some selling off grudgingly in the last 30 minute. but for the most part the damage was minimal.

Monday morning earnings due out on Regency Partners (RGNC) and it will be the first report for the recent IPO. Shares could run up today in anticipation. Also looking for the uptrend in Crosstex (XTXI) to resume as long as the overall market doesn't fall apart.

Thursday, May 11, 2006

Just a side note...Crosstex (XTXI) is down with the overall market with no specific news on low volume. Breakout on the chart is still good imho. This is one of those pullbacks that is hard and painfull to pull the trigger...usually the best time to fire. Overall tape is having impact here which makes it a little tough. But if we get a last hour market rally to cut the losses...we could see a nice bounce in here. There is very little stock for sale between 82.50 & 85 so it would not take much volume for it to rally back.
Had my hands full this morning with some odds and ends...meanwhile the market is correcting hard today and MLPS are no worse than mixed. Energy Transfer Partners and Duke Midstream are up nice fractions. Trans Montaigne, Crosstex LP, and Copano are up smaller fractions but up.

On the losing side of the ledger Calumet Products, Magellan Midstream, Martin Midstream and a few others are down with the overall tape. Crosstex GP is down 3 and change as it corrects from its nice move from 77 to 86...buying opportunity here imho.

Morgan Stanley is speaking about Williams Partners (WPZ) this morning and they start coverage with an overweight!

One of the big performers from a recent IPO is Calumet Product Partner and they came out with earnings yesterday afternoon while the market was still trading and they liked the numbers. Note the chart...this stock has been climbing daily.

Hiland Partners reports earnings this morning as does Global Partners along with some staff changes.

Wednesday, May 10, 2006

Fed meeting days are never the most exciting trading days and this one has been a sleeper so far. However it is very encouraging to see MLP'S one by one attack their 52 week high. Northern Borders Partners is at a six month high today and it doesn't take too much from here to boost it to a new 52 week high as shown on the weekly chart. The stock is up 1 again today and back above 50 bucks. Boardwalk Partners (BWP) is a nice fractional winner today.

Teppco is the biggest loser today down 55 specific news...Copano down 39 cents after earnings. Everything else is trading within the normal noise levels.
Duke Midstream Partners just out with earnings numbers.

Crosstex (XTXI) has broken out of another conjestion area between 75 & 83. The breakout has come on a surge in volume which is confirmation in my book. The last breakout took us from the mid to upper 60s to the mid 70s to low 80s....I think we could see 90-100 as the next basing area for this stock.

Crosstex LP (XTEX) has also broken out of a base on both the daily and weekly chart and a rally back to the 44-46 level seems likely although it may take a little more time for it to get there. Still early in the game for both stocks.

Good Morning.
First some catch up news from last night as Copano posted earnings that were a little shy of first call estimates but some times that doesn't matter in this group. Also Trans Montaigne posted its earnings numbers yesterday. Meanwhile Alliance Partners priced the ipo of its general partner at 25 bucks a share last night and trading begins today under the symbol AGHP. Martin Midstream Partners adds to the earnings parade as they reported last night as well.

No upgrades or downgrades so far this morning but the tape is early.

Tuesday, May 09, 2006

Was having trouble getting into blogger this morning...hooray its okay now!

Crosstex (XTXI) rips higher another 3 and change. Conference call pretty much just went over what we already no...nothing new here. One point was made that the Barnett shale purchase and financing will have minimal impact on the dilution of shares. Hence the market's very positive reaction. Copano Energy (CPNO) has its numbers coming out after the close today and the stock is up 1. Northern Borders Partners is up 62 cents..

On the downside Atlas Pipeline Partners, Calumet, and Hiland LP showing small fractional losses.
Now that its completed its recapitalization and has a new GP Star Gas Partners (SGU) has posted its earnings. Star Gas pays no distribution but according to its recap plan it will begin paying one in 2008. At 2.80 per share i wonder whether this might be worth a play...sort of a long term call option. Any thoughts out there????
Okay some headlines crossing..Energy Transfer Equity (ETE) increases its dividend by 19% after Energy Transfer Partners boosted theirs yesterday.

Earnings are out from Crosstex and i'm not sure how they stack up because of this charge or that gain. I guess we'll have to wait for the conference call and details on the Barnett deal to figure this one out. On the LP XTEX says coverage was 1.02 times.

Also Copano earnings due out after the close today (CPNO)

Nothing else on the newsfront or upgrades/downgrades at least so far.
Good Morning!
Blogging early today....thought the Crosstex news would be out but it has not hit the wires yet. Nor have any upgrades or downgrades. Nor is there any breaking news so far. So I'm going to walk the dog.

Monday, May 08, 2006

Crosstex (XTXI) closed up 4.52 and Crosstex LP closed up 48 cents to 38.10. Earnings due out in the morning followed by a conference call at 11am. We will also get more details about the Barnett Shale deal and perhaps more specifics on the financing and any stock sale. There is potential for an upside surprise in earnings and dividend prospects for XTXI. I will be posting as any headlines hit in the morning along with any pre market trading.
Last hour and Crosstex (XTXI) is on the verge of a breakout and a new 52 week high in here. 83.50 is the target and we've gone above 83 briefly....+5 on the day. Energy Transfer is up over 1 and and Energy Transfer Equity is now up nearly 1 point. The XOI has been rallying this afternoon after dropping 20 its now down only 7. The correction in crude has not really impacted the major oil stocks to any great degree...which tells me the crude rally ain't over yet.
Ripping sharply higher this morning are Crosstex (XTXI) on the Wachovia upgrade and Energy Transfer Partners on the distribution increase. Nice fractional gains in Energy Transfer Equity (ETE) since what is good for one is good for the other, Copano, Teekay, Crosstex LP and Inergy,

Penn Virginia, Holly Partners, Magellan Holdings and Trans Montaigne lead the losers today down fractionally on no news.
Some pre-opening trading on INERGY (NRGY) up 1.05 at 27.50...650 shares have traded in the pre-market. Nothing yet on Crosstex (XTXI).
And we have what I think is a gutsy call from Wachovia who upgrades Crosstex to Outperform ahead of earnings tomorrow. Stock seeing pre-open bids above the friday close.

Also Citigroup upgrade Inergy (NRGY) to buy from hold.

Good morning everyone.

A good way to start any monday morning is with a distribution increase. And lo and behold...Energy Transfer Partners provides us with the loaves and fishes. And the daily chart above says the breakout to new highs continues! The weekly chart says we're early in the game.

Crosstex Energy (XTXI)meanwhile has earnings coming out tomorrow morning with a conference call to follow at 11am. This company has done everything right as far as I can see. The Barnett Shale deal is going to add 2 bucks to the dividend from 08 on. Thats long term. Short term the company gave its guidance for 06 back in mid March. Judging by the action in the group it would not surprise me to see the company up estimates tomorrow on both earnings and the dividend prospects for XTXI. And while it makes no real difference in where the price ultimately winds about a 2 for 1 stock split??? The chart is above and its in buy mode. The key breakout point is the 52 week high of 83.50. A breakout above that on volume should take this stock into the low to mid 90s fairly quickly where a the stock could build its next multiweek base. Just my opinion here and in the interests of disclosure i am long XTXI.

No upgrades or downgrades so far this morning but it is early and we're on watch.

Friday, May 05, 2006

Last 40 minutes...some profit taking in Crosstex (XTXI) but other than that its nicely higher for the entire group...Plains All American, Markwest Energy, and Energy Transfer Equity lead the way higher.
Friday's are usually slow where the trading is all done early and they we go sideways the rest of the day...not so today so far...Strength in the group and leading is Plains All American up 1 and change and Energy Transfer Equity got a boost from Citigroup and the stock is up 1. Target of 35 by Citi. Enterprise Product Partners is up a strong fraction as is Crosstex LP (XTEX) which is now over 38 again. Teppco is up a fraction as is Regency.

Down are Crosstex (XTXI) but trading is thin and volatile...Holly Partners is also down a fraction.
Good morning!
First off hello to all the yahoo message board readers from Markwest. I hope the conference call blog proved useful. I will try and do this when i can. Crosstex is the next one I'll be doing next week on May 9th. I took away a positive feel from the short conference call. I wish someone would have asked about distribution growth in coming quarters but no one did.

Okay its Friday on what has been a very exciting week in our little group. Crosstex (XTXI) was the big winner so far as it is up 6 points on the week. Crosstex LP is up 3 and change...Lets see how we finish here. No news of consequence so far this morning. Pacific Energy Partners has a conference call at 2pm today. Their earnings came out back on Wednesday. Atlas Pipeline Partners goes ex-distribution today by 84 cents and it placed some senior notes yesterday.

No breaking news and no upgrades/downgrades so far this morning.

Thursday, May 04, 2006

Markwest Conference call...Mr Semple says they will work very hard to be as transparent as possible to shareholders and analysts. I am waiting for the foward looking statements and distribution discussion. Coverage ratio is a huge 1.71 to 1. Factor in the equity offering the coverage drops to a still strong 1.38 to 1. He says he is excited about the growth prospects. SW unit is experiencing continuous growth. Javelina are performing well above expectations. Repairs progress on Starfish and despite the work they are at 83% pre hurricane. 1.8 million recieved from insurance but premiums have been increased.

The CFO is now going over the quarterly results. Oklahoma systems volume growth up 30 percent year to year...she is reviewing pretty much all the nitty gritty in the balance sheet.

Mr Semple says they are installing an investor relations hotline...goal of same day response! Glory Hallelujia...investor conference in NYC last week in June

Now come the questions.

Wachovia Michael Blum...asking about Javelina...could they outline volume vs price.
Semple says Javelina going foward...running at 100% capacity..volume for the next 3 quarters should be the same. As per commodity prices they have been generally more favorable. If prices remain they way they are it should mean excellent results...he says he is very bullish on Javelina going foward. As per hedging its about 40% hedged for the rest of the year.

Ron Lundy...AG Edwards...asking about Starfish being neutral...potential for 2007?

Conservative forecast of neutral although they are positive about Starfish as insurance should be taken care of by the third quarter...volume forecast is relatively robust..and they expect to eventually be above the pre-hurricane levels of last year. Premiums however are an issue with regards to insurance.

Pat Walson (did not get the firm)....1.8 insurance recovered so far...and having all repairs done by the end of q3 with insurance payouts to follow.

Michael Blum...more on insurance recovery..asking about business recovery insurance which the company says they have.

Robert Whiting...New Salem Investment...asking about the timing of the offering...the answer is they are waiting for the SEC review on their S-1. They would like to do the offering by the end of Q2...they are expecting late may early june...but they have to wait for the SEC. As per the priviate equity offering asking about the lockup period. The equity holders will be selling shares from time to time.

Thats mention of distributions going foward.
While big energy stocks are selling off, MLPS are holding their own quite nicely today...mixed to higher going into the afternoon. Plains All American, Teekay (TGP), Crosstex (XTXI) Energy Transfer, Hiland and Markwest showing nice fractional gains.

Buckeye Partners is down to the 42 area with other fractional losses in Valero LP, Trans Montaigne and Regency.

Markwest Conference call after the close today...judging from the stock action they may have some nice things to say about the rest of the year.
MLPS are doing well for the most part today. Crosstex (XTXI) is up another 1 and change while the LP (XTEX) is down a fraction. Plains All American, Northern Borders Partners, Energy Transfer Partners, Markwest Energy, and Martin Midstream Partners.

Regency Partners (RGNC) leads the losers today down 60 cents and there are fractional losses in Trans Montaigne and Penn Virginia. Resources.

Natural Resource got its price target raised by RBC Capital Markets by 2 bucks and they raised Teppco's target by 1 dollar.
Good Morning,
Some leftover news from last night and a new MLP on the board. Teekay LNG Partners (TGP) just boosted its distribution by 12% and it reports earnings..this company is involved with shipping of LNG and is based in the Marshall Islands. A little unusual but I wll add to my monitor list. And incidently if you know of an MLP that I am not covering, please let me know about by leaving a comment. Hat tip to "anon" for TGP.

Last night Pacific Energy Partners posted earnings and they were up sharply. Conference call at 2pm Today we have the Markwest Energy Conference call after the close. No other news items this morning and so far no upgrades or downgrades

Wednesday, May 03, 2006

Thanks to eurotrash on the tip...Looks like Lehman raised its target price on Crosstex. (XTXI).
After the oil inventory numbers came in...the oil majors dropped. But at the same time Crosstex (XTXI) took off and its up 2 and change right now. Markwest Energy earnings were very good and the stock is up 1. Conference call scheduled for tomorrow. Could be interesting. Regency Partners is up 50 cents.

They did not really care for Teppco's Earnings and the stock is down 50 cents. Hiland is also down a solid fraction and we have other small losses scattered across the group.
Well they really liked Markwest Energy's earnings as the stock is up over 1 and is ex-distribution today. National Resource Partners is also a winner up nearly 1 on its earnings. The rest of the group is mixed at the open. A lot of ex-distribution stocks today so bear that in mind when you look at prices today.
National Resource Partners just posted earnings and they set records. They re-affirmed their guidance and hinted that they might raise estimates when they check their channels during the quarter (at least that was my reading of the press release).

No press release from Markwest on its earnings other then the headline number. I went through the 10k release to try and find something of consequence. Am still reading it.

Williams Cos and Northern Borders Partners are getting together to build a pipeline.

Conference call on Atlas Earnings at 9am...Teppco conference call at 11am.

Nothing so far in the upgrade/downgrade world.
Good Wednesday morning.
First some catch up from last night. Atlas Pipeline Partners reported earnings and they appear in line. They also closed the deal on NOARK (that was fast). Also Teppco posted its earnings numbers and gave guidance for the current year. The company says segments were strong..lets see what the market says later today.

Markwest Energy just posted a headline of what looks like a good number...$1.01 for the quarter. The stock is ex-distribution today by 87 cents so adjust your stock price accordingly. Also ex-distribution today..Valero LP by 89 cents. Enbridge Energy Partners by 93 cents, Plains All American by 71 cents, Holly Partners by 64 cents and Duke Midstream by 35 cents.

Looking for followthrough upside today on the Crosstex pair after the Barnett deal yesterday. Nothing from the upgrade downgrade department so far but it is early in the morning. Will post the full Markwest story when the press release is released.

Tuesday, May 02, 2006

Some confusion on the Crosstex boards as far as the dividend and distributions's the rundown.

Crosstex L.P.(XTEX)

Based on a 1:1 coverage of distributable cash flow, the acquisition is expected to add approximately 20 to 30 cents to the 2007 and 2008 distributions. After 2008, the strategic value of the acquisition is expected to be evidenced by more material increases in the distribution, as production accelerates in the Barnett Shale area.Based on a 1:1 coverage of distributable cash flow, the acquisition is expected to add approximately 20 to 30 cents to the 2007 and 2008 distributions. After 2008, the strategic value of the acquisition is expected to be evidenced by more material increases in the distribution, as production accelerates in the Barnett Shale area.

Crosstex (XTXI)

Similarly, the Corporation expects the acquisition will be neutral to the dividend in the first eighteen months after the transaction, if the Corporation finances the acquisition with new shares. After that, it is anticipated that the dividend will increase materially due to the acquisition. The Corporation believes the acquisition could add over $2.00 to its annual dividend in the third year after closing, and significantly more in subsequent years, assuming continued drilling success in the Barnet Shale.

So if Crosstex (XTXI) has a 3.00 annual dividend by the end of 06, they are projecting another 2.00 from this addition alone, so we should have a 5.00 dividend by sometime in 2008. This would not include any additional growth from current businesses.

Hope this straightens it out. Better deal for XTXI in the longer term...but also good for XTEX.
Crosstex Energy (XTXI) has extended its gains now up nearly 5 dollars at 78.20 on heavy volume. Crosstex LP (XTEX) is up 1.64 at 36. Enthusasim for the Crosstex/chief deal continues. The company says that insiders are interested in taking a stake in all this and that is certainly the kind of thing you want to see in a deal! It will be interersting to see if Raymond James eventually re-ups Crosstex and raises its targets.
Sorry for the late early post but i just got home from work

Excitement for Crosstex holders as both XTXI and XTEX are up sharply this morning on aquiring Barnett Shale...expected to boost the dividend on XTXI by 2 dollars down the road. XTXI is up 3 and change and XTEX is up one and change. Crosstex (XTXI) could make a challenge on its old high of 83 on this news.

Atlas Pipeline last night said they will buy the rest of NOARK from Southwest and that has the stock up 60 cents so far today.

Most MLPS are fractionally higher. Sunoco Logistics is down nearly 1 as they plan a stock offering announced last night.

Energy and rates are also supportive today and should keep a firm undertone to the group today.

Monday, May 01, 2006

Some after the close news...Atlas Pipeline Partners will aquire the rest of the NOARK pipeline that it doesn't already own. This will be 5 to 15 cents accretive to cash flow. Also Sunoco Logistics which has had a nice run to 44 over the last 2 weeks is using price strength to sell units in a public offering.

Most MLPS finished off their highs of the day as the market sold off late in the day. The group was mixed on the whole. Natural Resource Partners was up nearly 1 and Valero LP (6 DAYS IN A ROW HIGHER) Trans Montaigne and Magellan Midstream were all up 50 cents or better. Hiland LP, Kinder Morgan Partners, Regency Partners, Crosstex, and Teppco all were fractional losers.
Some earnings news driving Boardwalk Partners (BWP) and a one cent distribution increase. The stock is up 29 cents as of this writing. We also have a CIBC downgrade of Enbridge Energy Partners but the stock is only down 4 cents on that...often a good sign that its all sold out when they downgrade and the stock doesn't drop.

Valero LP going for 6 up days in a row...up 50 cents among the leaders this morning. Most MLPS are higher with fractional gains in the group. AG Edwards ups Magellan Midstream Partners to a buy and the stock is up 35 cents...Magellan Holdings is down about the same. Kinder Morgan Partners down to 46 on no news.
Good Monday Morning!

Working my regular job this morning so i will catch up around 11am. Futures are high and oil and gas are higher this morning in the comodities complex. No news that i could find but i don't access to all my resources right now. Will get all caught up around 11am.