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EV Energy Partners LP Message Board

  • ljs54 ljs54 Aug 9, 2010 8:20 PM Flag

    Quaterly report

    I'm not and expert on these things and I wish someone with more knowledge would comment, but it appears that DCF was up but I don't know how to calculate the coverage. Am I reading this correctly or not and can someone provide any more information? Factoids are you out there?
    Thanks

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    • EV Energy Partner (EVEP) Rating Maintained at Citigroup

      Written on Tue, 08/17/2010 - 9:56am
      By Chip Brian
      EV Energy Partner (NASDAQ:EVEP) maintained Buy, target raised to $38.5 from $38, at Citigroup. The stock closed yesterday at $34.00 on volume of 183,400 shares, below the average daily volume of 267,161.
      In the past 52-weeks, shares of EV Energy Partner have traded between a low of $19.69 and a high of $37.9 and are now at $34, which is 72.7% above that low price.
      EV Energy Partner is currently above its 50-day moving average (MA) of $33.70 and above its 200-day MA of $30.89. In the last five trading sessions, the 50-day MA has climbed 1.48% while the 200-day MA has risen 0.67%.
      EV Energy Partner LP explores for oil and natural gas.



      http://www.mysmartrend.com/news-briefs/technical-analysis/ev-energy-partner-evep-rating-maintained-citigroup

    • Over the weekend I went over the Q2 reports again and I believe you are right. The IDR and other GP compensation amounted to 2.64 mil. Which does put the DCF/Dist coverage ratio at .99. I hope to talk to John Walker about this today.

    • Looks like I will have to ask EVEP IR. I will report back with the response.

    • hulcal-thanks for observations. To arrive at coverage I ignored the number of shares/units as distribution coverage should be the absolute dollars which should included payments to gp. ( in my view if you only take a unit rate times shares outstanding you may miscalculate impact of distributions to gp)

      In absolute dollars (in thousands below)in second quarter evep reported dcf was $23,050,

      and reported distributions were $23,212 ($43,433 ytd less first quarter $20,221) to everyone;

      so distribtuions exceeded dcf around $162 thousand, resulting in a coverage of .99

      In first quarter coverage also appeared to be .99 as distributions were $20,221 to everyone and dcf was $20,052 or around $170 thousand greater

      In first quarter gp contributed $1,977 to evep, not sure what they covered in reality but some could be excess distributions over dcf

      Again all of this is just my calculations, but data comes straight from finacials reported to SEC. In other mlp's the formula above usually corresponds to the coverage ratio they report

      I have beat this dead horse enough

    • The GP cut from EVEP is 12%. So it appears the differnce in opinion whether the coverage ratio is .99 or 1.12 is whether the GP is in the 27 million shares getting the .76 distrubution. I believe they are since the float is around 23 million shares.
      BTW, WF estimates a coverage ratio in 2010 of 1.1 (3.38 per share) and 1.4 in 2011 (4.38 per share).

    • yes mlpvestor used evep reported distributions from cash flow statement which gives a .99 coverage for second quarter. not sure what others are using but numbers from cash flow statement are the actual reported sec numbers

    • Are you including the incentive distributions in your distributions paid out? The IDRs are silent, but the cash drain is real.

    • again not sure what you are saying birdluck.

      Quarter

      Numbers for quarter from their financial reports show ebitda of 37,075, dcf of 23,050 and an imputed direct distribution from cash flow statement of 23,212. If coverage ratio is dcf divided by actual distribution, then my calculation is distribution coverage is around .99 as imputed distribution appears to be close to $160,000 greater than dcf for quarter as noted above.

      If you are talking ratio of ebitda to dcf then it was around 1.61 for quarter based on number above

      Annual

      Again on annual distribution coverage they received protection from gp in first quarter that will improve ytd calculation

      I would appreciate if you can show me where my calculation is incorrect so I can correct my worksheet

    • If you divide the distributable cash flow by the number of shares outstanding you get 23mil/27mil for 0.85 of distributable cash flow, or 1.12 times the distribution (.85/.757).

    • Focus on the "bottom line." EVEP missed estimates by 6 cents - all the rest of the news are just excuses.

 
EVEP
21.37-0.50(-2.29%)Dec 26 4:00 PMEST

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