Williams Companies, the C corporation GP general partner of Williams Partners (WPZ), has the third-highest correlation among midstream companies.
ONEOK (OKE), an S&P 500 midstream C corporation, has the second-highest correlation with crude oil among midstream companies.
Targa Resources (TRGP) has the highest correlation with crude oil among all of the midstream companies.
Midstream companies usually don’t have direct exposure to crude oil due to their fee-based businesses. A few midstream activities have direct exposure.
The market doesn’t seem to be shorting Energy Transfer Equity (ETE) despite the recent market turmoil. Short interest in Energy Transfer Equity as a percentage of float has fallen to 5.1% as of February 8, 2018.
Energy Transfer Equity (ETE) was trading at a price-to-distributable cash flow of 17.5x on February 8, 2018. This figure was slightly below the trailing-ten-quarter average of 18.0x.
Energy Transfer Equity’s (ETE) 30-day implied volatility was 40.1% on February 8, 2018. This figure was significantly higher than the company’s 15-day average of 32.8%.
A total of 74.0% of analysts surveyed by Reuters have rated Energy Transfer Equity as a “buy” as of February 8, 2018, while the remaining 26.0% have rated it as a “hold.”
The entire US midstream energy sector has been in turmoil in recent trading sessions—and so has Energy Transfer Equity (ETE), Energy Transfer Partners’ (ETP) MLP general partner.
The median analyst target price for Plains All American Pipeline (PAA) for the next 12 months is $25.
Plains All American Pipeline’s (PAA) Transportation segment, its biggest segment, contributed ~56% of PAA’s adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) in 4Q17.
Plains All American Pipeline (PAA) reported its 4Q17 results on February 6, 2018. The company’s DCF (distributable cash flow) for 2017 fell 7% compared to 2016, while its DCF for 4Q17 rose 15% year-over-year.
Of the analysts surveyed by Reuters, 71.4% of them rate Williams Companies a “buy” as of February 7, 2018, and the remaining 28.6% rate it a “hold.”
Short interest in Williams Companies (WMB) and Williams Partners (WPZ) has increased ahead of their 4Q17 earnings.
Williams Companies (WMB) and its MLP subsidiary Williams Partners (WPZ) have been weak prior to their 4Q17 earnings release.
Williams Partners announced a 29% distribution cut effective in 1Q17 as part of its financial repositioning plan at the beginning of last year.
Williams Partners, the largest natural gas gatherer in the Marcellus and Utica regions, is expected to see strong volume growth in the regions in the fourth quarter.
Williams Partners’ (WPZ) Atlantic Gulf segment is expected to benefit in 4Q17 from the Transco expansion projects placed into service.
Williams Companies (WMB) and its MLP subsidiary Williams Partners (WPZ) are scheduled to release their 4Q17 earnings on February 14, 2018. Analysts’ 4Q17 EBITDA estimate for WPZ is $1.1 billion.
Kinder Morgan’s 50-day moving average fell below its 200-day average in April 2017. KMI has fallen 24% in the last year.