Most times it does drop below the dist. price but, it recovers. The smart action is to buy it after the xdiv.
Since December they bought $90 million of CEQP. Sweet deal except for their losses. SEC might be interest in stock manipulation
sounds good however it would be difficult to accomplish meaningful asset sales in this low oil price environment.
I agree, even CHK (which is a counter party to WMB) is moving up. CHK might be the proverbial canary in the coal mine, since its 20% of WMB's rev/
IMO if they paid the 400M, the price would jump up. I prefer to see the deal go through. I'm hanging in. I bought NGLS at the depths of the last crises at $12 and it reached $70 5 years or so later. No reason ETE can't do similar.
FCF, if u can find it varies all over to lot qtr to qtr and I find it useless.. The metric I use is DCF, Dist. coverage ratio and EBITDA growth. Note that they grew the EBITDA in a declining environment. It'll be interesting to see what the EBITDA is for the full year when they release the year end results.
Raging Capital recommended a cut in their letter to the board last month among other actions. . Maybe the price action would have been better if they cut... GLP cut yesterday and the price was up 4+%. Maybe Mr. Market was looking for a cut and was disappointed. Lets face it, 40% dist. is an insane number. I'm buying more after reading that letter.
13%,bothersome number but, not a huge number. Anyway, SI fluctuates all over the place. It was 6 million shares short on 11/13/15 and 2 million on 1/15/16. The trend is your friend.????.
I don't understand the logic, after buying heavily in the $16's or so they turn around and short?
The banks determine the allowable leverage convenient. cep's Debt/EBITDA leverage of 4.6 is within the ballpark for many MLP's today. MLP's require a lot of debt to operate, similar to utilities. Maybe shorts don't understand this.
90% fixed fee or take or pay contracts
no near term maturities
EBITDA grew 4% this year
leverage ratio 4.6 vs bank covenant of 5.5
revolver is $730M
I don't see the shorts thinking. What am I missing. GLTA
Market can be illogical short term. Long term it follows earnings or for MLPs it follows EBITDA. . This to me its an aberration if oil goes higher or stabilizes ceqp will go higher. its 90% fixed fes so this is a buying opportunity. Their finances are ok having a revolver of $700+M. The dist. is covered, no near term maturities, EBITDA growing at 4%, Dist. coverage ratio is 4.65 vs bank covenant of 5.5. I dpn't really see the shorts position. Their finances indicate they're not going bankrupt. Anyway thats my opinion and thats why I'm long..... GLTA
Merger going through. Not raising dist. will partially fund merger. Positive for us longs. Shorts will be paying their distribution to us soon.