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Buckeye Partners, L.P. Message Board

mikesims52 5 posts  |  Last Activity: Sep 21, 2014 7:43 PM Member since: Aug 9, 2006
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  • Reply to

    53 Mil shelf offering

    by mr2901 Sep 19, 2014 10:38 AM
    mikesims52 mikesims52 Sep 21, 2014 7:43 PM Flag

    This situation is somewhat unique. Despite all their problems, EROC now has an incredibly clean balance sheet - arguably among the strongest in the MLP universe. RGP shares are a strong currency for acquisitions, and the ability to use them instead of EROC shares makes any acquisition powerfully accretive. A 200 million dollar deal done at the midpoint of recent valuations would likely add .06 - .10 to annual distributable cash flow. CEO has added to his position with recent open market acquisitions.

  • Reply to

    53 Mil shelf offering

    by mr2901 Sep 19, 2014 10:38 AM
    mikesims52 mikesims52 Sep 19, 2014 10:24 PM Flag

    You're right on all counts.

  • Reply to

    53 Mil shelf offering

    by mr2901 Sep 19, 2014 10:38 AM
    mikesims52 mikesims52 Sep 19, 2014 10:23 PM Flag

    Let's make sure we all understand a "shelf". This simply means that the sellers are registering the shares so that they can be sold. The SEC has to approve this (they will) before they can sell. Also, it's obvious that they aren't going to dump 53 million shares on the market in one shot. Most likely they'll wait for the dividend resumption and the first major acquisition before selling any shares. Stock should hit $5 - $5.50 by early next year. My guess is that they'll shop the shares very carefully. They have plenty of time to sell.

  • Reply to

    distribution...be careful what you wish for

    by lizahuang54321 Sep 16, 2014 12:25 PM
    mikesims52 mikesims52 Sep 17, 2014 8:48 AM Flag

    How do you arrive at the .30 number? Wells Fargo analyst figures .40. I figured .40- 44 distributable cash flow based on last quarter numbers - Any acquisition would be accretive.

    Sentiment: Buy

  • Reply to

    Jumpy action today

    by kritterkiller70 Sep 15, 2014 3:17 PM
    mikesims52 mikesims52 Sep 16, 2014 8:48 AM Flag

    Apparently all trades up to and including $4.61 were legit. If so, someone REALLY wanted to buy EROC yesterday. Hope he or she had the right idea.

    Sentiment: Buy

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