Clearly someone is unwinding a big position in Atlas Holdings (AHD) and Atlas Pipeline Partners (ALP). They are standout losers today...no news except announcing their earnings date. They have already announced the distribution.
MLP index up nearly 5 points extending yesterday's gain.
Joe, I hope you're right about the unwinding on APL; it could be something else that will surface in the near future. We'll see.
ReplyDeleteI don't trust Atlas. The company seems to be run by sleazy characters.
ReplyDeleteFrom Citi
ReplyDeleteDowngrading APL We are downgrading Atlas Pipeline Partners (APL)
to Sell/ Speculative (3S) from Buy/ Speculative (1S). Simply stated,
as the price of crude continues to weaken the risks to APL
unitholders continue to mount. We estimate that the partnership might
have to reduce its distribution in the near term if prices stay at
current levels. Further, if crude prices average much below $60/Bbl
for an extended period APL has the potential to violate its debt
covenants, which obviously poses significant downside risk to the
distribution and to equity holders.
Citi takes the target price of APL from $31.50 to $14.50!!!
ReplyDeleteGreat ANALysis guys...
anyone know when etp will come out with its distribution
ReplyDelete