No urgency to buy. Thus the relentless selling since NAPTP. I doubt anyone here can really articulate what EVEP's strategy is going forward to drive unit price growth or distribution growth or for that matter which is the focus. I dont even think EVEP has any idea why they are not connecting with the market anymore. "oh we messed up by putting a tmetable on the deal" Well duh, yeah, but there is a ton more.
EVEP lacks "the vision thing" They keep defaulting to silence instead of putting out a coherent message. Where a deal might have been done before--I think those on the other side of the table see a sick and damaged EVEP negotiating against them.
This is a severely damaged stock. A 50% gain from here gets it just above 50. That's just absolutely mid boggling to me. there was a time, just this year, where we considered 50 a "buying opportunity"
To me-- EVEP seems like they are winging it an hoping something good ill come out of all of their acreage-- Walker saying midstream coming online will significantly raise the value of the acreage. Why? Is there some doubt that those plants exist? Or that they can operate? Or is there doubt as to what's in the ground. Do buyers really need a plant in operation to buy land and start drilling as opposed to a plant that is sited and being built such that they'll pay significantly more in August vs today?
Me thinks Walker and Houser are as sorry investors as I am
artist--If we go with the pessimism approach, your post should signal a bottom. But I have to agree with you. It is very hard to buy with this chart pattern. For now, just hoping to see $40 again before end of summer. May see $35 or lower instead.
Lets hope so. The reason I wrote that is my feelings are quite different from 8-12 months ago. Then, I caught a lot of falling knives as I was of the believe that valuable non productive land was going to be instantly transformed into productive and growing DCF as management was pounding the table to have me believe. Now, like a lot of the other conversations here, I'm hoping the sales are productive enough to cover the funding needs and cover the distribution without having to issue more new units. the profit on all my units is gone at best. Every option I bought has no value--even the 1 year in the money LEAPS.
The only real option to me is a convertible preferred - 8% with 50$ strike - and raise 200mn. That with a small land sale would stabilize the pps but until something is announced, it will just keep drifting lower. As you say, no reason to buy until they do something - u might miss a pop but better than getting popped again...fool me once, shame on you....
Somewhat ...well quite a bit,,,off-topic, but have you seen the new financing Dominion Resources proposed today to partly finance the Cove Point transition?
Dominion announced today its intention to offer to sell 20 million equity units in two series, each consisting of 10 million equity units, subject to market and other conditions. Each equity unit will be issued in a stated amount of $50 and will consist of a contract to purchase common stock in the future and a 1/20 undivided beneficial ownership interest in a remarketable subordinated note having a principal amount of $1,000. Dominion expects to grant to the underwriters an option to purchase an additional 1 million equity units per series to cover over-allotments.
Dominion intends to use the net proceeds from these offerings for general corporate purposes and to fund its growth plan, including the Cove Point liquefaction project.
Markwest announced (on Friday) an additional expansion of its large-scale midstream system to support the rapidly growing drilling programs of Antero Resources (Antero), Gulfport Energy Corporation and other producers in the southern core of the Utica Shale. MarkWest Utica EMG will now construct a third 200 million cubic feet per day (MMcf/d) cryogenic gas processing facility at its Seneca processing complex in Noble County, Ohio.
How does that affect EV's midstream project, if at all?