Just listened to el pollo loco call and it was malo! Basically stated their customers are running from them to lower price alternatives and their franchisees won't accept lower menu prices. This has to be a plus for Del. Also, if you haven't, get on Del Twitter feed. Literally hundreds of posts from milleniels stating how. Great Del is. Been pretty bleak for us longs but there is a cavalry and they are coming.
Don't think you are taking into account that they owned CMLP shares. This accounts for the 52M but overall they decreased by 1 million. That's the take away
Yahoo shows they owned over 77 million as of 30 September when the shares converted. This filing shows that they reduced shares by approximately 1 million. Think I got it right but looking for confirmation? Also, on 11/10 looks like the mgt received another free load as "phantom units" issued. Lets see how quickly they dispose of them like they did in March when they got their annual free load. No insider buys since December of 2014 and they sell routinely as they get their undeserved free units. Don't worry, Phillips is doing great.
Listened to conference call and the Permian deal seems complicated. Analyst was trying to get answers on how revenue divided and when. As usual, more to meets the eye with Crestwood. I am out, but still follow this stock. Having a hard time accepting that First Reserve is doing this out of kindness. Also, why so little talk of the NGL business and no mention of Haynesville, Granite wash, California operations. Rail volumes flat, which is good I guess- just can't see them maintaining as pipeline and yet another rail terminal by PSX comes online. Lastly, the 600 million loss, yes 600, a little scary although most was goodwill.
Analyst community likes this stock and repeatedly states "above peer" metrics and best in class growth. Secondary oversubscribed. Yet, stock keeps going down. I don't understand. Mr. Levy needs to buy more shares to show support.
Hardhat, I was a former big time proponent of Crestwood but think this analysis totally disregards reality. Please read the latest piece from SA that discusses their DCF. It's terrible. They do not generate enough DCF to cover the "new" distribution and that does not include any growth capital. What the piece does not mention is that many of their assets will not generate the DCF the SA piece basis the analysis on. This includes ever reduced rates from bankrupt KWK as well as the Granite Wash/Haynesville assets that are in serious decline. Add that they overpaid for the ND rail hub and there is excess ND rail capacity as well as drilling pullbacks by Antero and the story gets pretty bleak. I met with investor relations in Houston this past January and literally begged them to communicate to MGT that their reality was bleak and nothing was done. Only endless stock, phantom stock, etch to this terrible MGT with absolutely no insider purchases. I had provided them with analysis from a friend of mine in the financial industry that basically said Crestwood needed to focus on ND and Marcellus alone and dispose all other assets so there was a clear story. NOTHING! I lost a small fortune on Crestwood and don't want the unrealistic hope that this 20% attracts. The distribution needs to be zero. Even then, they will not generate enough DCF to cover growth CAPEX and the debt will continue to increase until the banks, first reserve, et all finally say ENOUGH!. Don't worry, that fraudster Phillips will have done quite well by then. I specifically blame him for this fiasco. Guess he did not make enough at Enterprise before he concocted this scheme with First Reserve backing. BTW, they have done quite well selling Crestwood assets that nobody wanted, that Crestwood overpaid for. Nice racket and the fools, I mean me, that buy into this scheme deserve to lose their money. I am ashamed that I was a cheerleader for this junk and using this board to dissuade potential suckers from this