USD Partners LP

Informe acción OTCPK:USDP

Capitalización de mercado: US$107.6k

USD Partners Dirección

Dirección controles de criterios 2/4

Actualmente no disponemos de información suficiente sobre el CEO.

Información clave

Dan Borgen

Chief Executive Officer (CEO)

n/a

Compensación total

Porcentaje del salario del CEOn/a
Permanencia del CEO11.9yrs
Participación del CEOn/a
Permanencia media de la dirección8.5yrs
Promedio de permanencia en la Junta Directiva11.3yrs

Actualizaciones recientes de la dirección

Recent updates

Seeking Alpha • Jan 27

USD Partners declares $0.1235 dividend

USD Partners (NYSE:USDP) declares $0.1235/share quarterly dividend, in line with previous. Forward yield 12.79% Payable Feb. 17; for shareholders of record Feb. 8; ex-div Feb. 7. See USDP Dividend Scorecard, Yield Chart, & Dividend Growth.
Seeking Alpha • Nov 14

USD Partners: Distributions Could Be Suspended In The Coming Months

Summary Despite what seemed like a positive start to 2022, it was not coming together as expected for USD Partners following the second quarter. They saw important contracts end without having already lined up new ones, thereby leaving a sizeable hole in their financial performance. On the surface, the third quarter actually appeared solid but this was due to very large derivative settlements that effectively saved the day. Without this boost, they cannot afford their distributions and risk breaching their credit facility covenant following the end of 2022. Most disappointingly, there was seemingly no progress in securing new contracts during the third quarter and thus I believe that downgrading to a sell rating is now appropriate. Introduction Early in 2022, it appeared USD Partners (USDP) would see an uneventful year but disappointingly, it was not coming together as expected following the second quarter with contracts ending without new ones already lined up, as my previous article discussed. After their seemingly non-existent progress during the third quarter, even more disappointingly, it now appears their distributions could be suspended in the coming months, as discussed within this follow-up analysis. Coverage Summary & Ratings Since many readers are likely short on time, the table below provides a brief summary and ratings for the primary criteria assessed. If interested, this Google Document provides information regarding my rating system and importantly, links to my library of equivalent analyses that share a comparable approach to enhance cross-investment comparability. Author Detailed Analysis Author As a reminder, after their Hardisty South Terminal acquisition during the second quarter of 2022, their financial statements were recast as the acquisition represented a business combination between entities under common control. When presenting data within this analysis, their historical results for full-year 2021 and earlier have been left original with the one exception of cash flow performance graph, whereby their results for the first nine months of 2021 were recast to aid the comparison with their latest results. Following their weaker-than-expected cash flow performance during the second quarter of 2022, it could be said that hopes were not too high upon opening their results for the third quarter. Although to my initial surprise, their operating cash flow climbed to $29m during the first nine months, up from only a mere $15.4m during the first half. Whilst far from a stellar result compared to the $45.6m they generated during the first nine months of 2021, it nevertheless appeared they were back on track, at least at first. Author When viewed on a quarterly basis, the third quarter of 2022 actually appears to have been surprisingly good with their operating cash flow of $13.5m landing at the highest level since at least the beginning of 2021. Admittedly, this was helped along by a working capital draw, although their underlying result excluding this temporary boost was still decent at $10.6m. Whilst positive, it seemed quite odd considering their revenue was down almost 40% year-on-year during the third quarter to only $21.5m on the back of several important contracts ending during the second quarter, as discussed within my previous analysis. After digging into their cash flow statements, the reason for this becomes evident and sadly, it is not good news for unitholders. During the third quarter of 2022, they closed out a sizeable portion of interest rate swaps, thereby seeing a $7.6m boost from derivative settlements, as interest rates have increased noticeably since initiating their contracts. If removed from their operating cash flow that excludes their working capital draw of $10.6m, it leaves what I would call their core operating cash flow at only a tiny $3m. When looking ahead into the fourth quarter, it seems unitholders can once again expect this boost as they closed out their existing interest rate swaps, as per the commentary from management included below. "Subsequent to the quarter end, on October 12, the Partnership settled its existing interest rate swap for proceeds of approximately $9 million. The Partnership plans to use the proceeds from this settlement to pay down outstanding debt on a senior secured credit facility and fund ongoing working capital needs." USD Partners Q3 2022 Conference Call. Whilst this will help once again, it does not solve anything and merely kicks the can down the road because they cannot hope to possibly fund their distribution payments without this soon-to-be-gone boost. To this point, the third quarter of 2022 saw distribution payments of $4.3m, which is well above their accompanying core operating cash flow of $3m and thus without either their working capital draw and derivative settlement, they would have needed debt funding, thereby leaving their coverage very weak even before considering their capital expenditure. Quite possibly most disappointing of everything, their progress securing new contracts was seemingly non-existent during the third quarter of 2022. Amidst their accompanying conference call, an analyst actually pointed out that regarding their contracts "some of the language today was very, very similar on the last call", to which their response effectively confirmed, as per the commentary from management included below. "So, regarding your first point, the discussion appears to be similar to previous calls, it is, but it is based on mental models that are consistent as to when and why the marketplace will demand our assets. And it has to do simply with the macro story and when the Canadian supply reveals itself and when that Canadian supply is sufficient to be greater than the pipe egress. So we can't predict that from a exact timing standpoint. That's impossible to do." USD Partners Q3 2022 Conference Call (previously linked). In my eyes, their commentary did not inspire confidence that new contracts were on the horizon or that any tangible progress was made during the third quarter of 2022. Rather, it seems they are taking a wait-and-see approach, which unfortunately, leaves unitholders guessing and thus as a result, opens the door for a distribution cut given their very weak coverage. Furthermore, it is particularly concerning for a long-term perspective that even these very strong near triple-digit oil prices have still not created sufficient demand for their assets. Whilst already negative, this situation actually carries even more important implications for their financial position, which could see their distributions suspended, or an even worse outcome if left unresolved. Author After seeing their net debt spike to $222.3m during the second quarter of 2022 on the back of their Hardisty South Terminal acquisition, it dropped slightly during the third quarter to $212m. Whilst positive, it was obviously due to their combined working capital draw and derivative settlement, which are not fundamentally driven nor repeatable perpetually into the future. When conducting the previous analysis, it was expected their net debt would resume its downward trend as seen during 2020 and 2021, although this was contingent upon new contracts and given the seemingly non-existent progress, this is no longer the case. In light of this situation, once stripping out the cash boost from their derivative settlements, it actually now appears they are going to be funding their distribution payments with the use of debt. Whilst they appear to have bought time during the fourth quarter of 2022 by settling another $9m of derivatives, this is the last of them and thus heading into 2023, their net debt will begin marching higher, unless they quickly line up new contracts. Author The prospect of seeing their net debt climb even higher in 2023 is particularly concerning, firstly because their leverage is already very high, as primarily evidenced by their net debt-to-EBITDA of 5.95 and net debt-to-operating cash flow of 5.47 both sitting above the applicable threshold of 5.01 following the third quarter of 2022. Unsurprisingly, the former is noticeably higher than its previous result of 5.10 following the second quarter as their core financial performance deteriorated. Whilst the latter is modestly lower than its previous result of 6.03, this is simply due to their operating cash flow including the boost from their derivative settlement. Author Apart from the concerns surrounding its impacts to their very high leverage, more debt is the last thing they need from a debt serviceability standpoint, which is becoming increasingly important to consider as interest rates climb rapidly. Following the third quarter of 2022, their interest coverage was already only a dangerous 1.39 when compared against their accrual-based EBIT. If compared against their cash-based operating cash flow, its result was higher at a healthy 4.31 but similar to their leverage, it was due to the boost of their derivative settlement and thus should be ignored. Author Whilst the prospects of even higher leverage and worse debt serviceability are concerning, even more critical is the impact to their liquidity, as it causes far more acute problems. On the surface, their respective current and cash ratios of 0.92 and 0.46 following the third quarter of 2022 are strong, as was the case following the second quarter that ended with respective results of 1.03 and 0.30. Although as readers of my previous article may recall, their credit facility sees a covenant whereby the limit for their leverage creates a pressing short-term hurdle, as per the quote included below.
Seeking Alpha • Oct 25

USD Partners declares $0.1235 dividend

USD Partners (NYSE:USDP) declares $0.1235/share quarterly dividend, in line with previous. Forward yield 10.81% Payable Nov. 14; for shareholders of record Nov. 2; ex-div Nov. 1. See USDP Dividend Scorecard, Yield Chart, & Dividend Growth.
Seeking Alpha • Sep 08

USD Partners: 10.4% Dividend Yield, Weak Results, 6.6x P/E

Summary 10.4% dividend yield, three dividend hikes in the past year. Weak Q2 results with revenue down 63.0% YoY, EPS down 44.7% YoY. Acquisition of Hardisty South closed, partnership structure simplified. New simplified partnership structure will aid dividend growth and align interests better with unit holders. Significant Stock Price and Dividend Upside USD Partners (USDP) is a Master Limited Partnership that provides transport and logistic services for crude oil, biofuels and energy-related products in the US and Canada. After COVID-19 hit in early 2020, USD Partners cut its distribution sharply. This also resulted in a nearly -55% fall in the stock price from its 2019 high of $11.75. In the last five quarters however, distributions have again been inching up. This we think will continue over the next couple of years. Additionally, with limited exposure to commodity prices, and long-term take-or-pay contracts with investment grade customers, the business has a very stable revenue stream. This combined with its attractive valuations, likelihood of an increase in distributions and improving balance sheet makes the stock an attractive investment opportunity. We see potential for the stock to return to its pre-COVID levels of $8.00 as these catalysts play out. Bloomberg The stock currently trades at a P/E of 6.6x/6.4x for 2022/2023 with a dividend (partnership distribution) yield of 10.4%/11.8% for 2022/2023. FCF yield for the stock stands at 27.4% and 31.9% in 2022 and 2023, respectively. Bloomberg We value the stock at a very conservative P/E of 10x on our 2023 EPS estimate of $0.81. This brings us to a target price $8.00, a 70% upside from the CMP. Weak 2Q Results, But Outlook Favorable USD Partners announced a weak set of 2Q22 results recently. The company has also recast its 2Q21 results following the acquisition of Hardisty South. 2Q22 revenue was down 63.0% YoY largely due to lower revenues from terminalling services. This was because of lower revenue at Hardisty South which had seen higher revenues in 2Q21 on account of an early contract cancellation payment. Lower contracted volumes at the Stroud Terminal reduced sales too. The end of a customer contract in September 2021 also lowered storage revenue at the Casper Terminal. Adjusted EBITDA and distributable cash flows were down 29% YoY. Net income fell 44.7% YoY as lower revenue and higher interest costs hit performance. Bloomberg Contracts representing 26% of the combined Hardisty Terminals capacity expired as of June 2022. This is in addition to the remaining contracted capacity at the Stroud Terminal which also ended in June 2022. Management continues to work toward renewing, replacing or extending its agreements at these two terminals and given the current scenario, expects that they should have the opportunity to do so in the second half of 2022/early 2023. For 2Q22 USD Partners has a distribution per share of $0.1235, which is flat from the prior quarter. The company also has closed the acquisition of the Hardisty South Terminal and completed simplifying its partnership structure. Risk Factors Cut in distributions – USD Partners has been increasing its distributions over the past one year, and this is expected to continue looking ahead. However, if this doesn’t materialize and distributions fall going forward, USD Partners stock price could be hit, as it was during the COVID period in 2020. Contract terminations – The company operates mainly through long-term contracts with its customers. Non-renewal of contracts and/or any loss of customers will impact the company’s financial performance. Worsening margins – While USD Partners does not take any commodity risk, in the current inflationary environment, a worsening of margins could clearly impact financial performance.
Seeking Alpha • Aug 01

USD Partners goes ex dividend tomorrow

USD Partners (NYSE:USDP) has declared $0.1235/share quarterly dividend, in line with previous. Payable Aug. 12; for shareholders of record Aug. 3; ex-div Aug. 2. See USDP Dividend Scorecard, Yield Chart, & Dividend Growth.
Seeking Alpha • May 16

USD Partners: IDRs Gone Forever, Short-Term Pain But Long-Term Gain

The uneventful outlook for USD Partners did not last long with them recently announcing a relatively sizeable acquisition and the elimination of their IDRs. Their Hardisty South Terminal acquisition stands to boost their operating cash flow by around one-third versus their results during 2021. Most of this should translate into free cash given their usual low capital expenditure requirements, thereby providing more cash for distributions. Even though eliminating their IDRs will cause short-term pain via diluting their unitholders, it provides a cleaner outlook for distribution growth. This does not necessarily change their outlook for distribution growth during 2022 but adds more in 2023 and beyond, which means that I believe maintaining my strong buy rating is still appropriate.
Seeking Alpha • Mar 06

USD Partners: Grab 3 More Distribution Hikes For 2022 For A No-Stress Near 9% Yield

USD Partners put their distributions back into growth mode during 2021 and have forecast this to continue throughout 2022. Although somewhat disappointingly, management is remaining conservative with their slow pace of distribution growth. When looking elsewhere, 2021 saw their usual steady cash flow performance continue with 2022 also appearing positive. At least their slow pace of distribution growth should see their leverage continue to decrease, although this is not necessarily required with only moderate leverage and strong liquidity. Since they stand to provide a no-stress high distribution yield of near 9% for 2022 and were recently added to my personal portfolio, I will be upgrading my rating to a strong buy.
Seeking Alpha • Nov 01

USD Partners: 7% Dividend With Upside Potential

USD's reported income loss last year was only on paper, due to an asset write-down. Their cash from operations remained in line with its pre-pandemic level and is improving this year. Rail transportation will remain important into the foreseeable future, due to its convenience, reliability, and speed. Given the improving economic outlook and increasing transportation costs, I expect USDP's revenue and profit to increase. A dividend increase will follow. I expect 20-40% upside with 7% dividend along with it.
Seeking Alpha • Aug 16

USD Partners: Full Price Recovery Coming, Catalyst In Sight

The unit price of USD Partners remains well below its level before the severe 2020 economic downturn but thankfully 2021 has been more positive with their distribution growth returning. They have ample free cash flow and a strong financial position to support much higher growth in the future. Based upon my discounted cash flow valuations, it appears that their intrinsic value is almost 70% higher than their current unit price if they continue growing their distributions. The possibility of management further increasing the rate of distribution growth could act as an additional catalyst to push their unit price even higher or expedite the recovery. Since this indicates that their unit price could keep recovering towards its level of late 2019 before the recent downturn, I believe that maintaining my bullish rating is appropriate.

Análisis de compensación del CEO

¿Cómo ha cambiado la remuneración de Dan Borgen en comparación con los beneficios de USD Partners?
FechaCompensación totalSalarioIngresos de la empresa
Sep 30 2023n/an/a

US$594k

Jun 30 2023n/an/a

-US$66m

Mar 31 2023n/an/a

-US$65m

Dec 31 2022US$1mUS$666k

-US$60m

Sep 30 2022n/an/a

-US$54m

Jun 30 2022n/an/a

US$20m

Mar 31 2022n/an/a

US$23m

Dec 31 2021US$1mUS$518k

US$21m

Sep 30 2021n/an/a

US$25m

Jun 30 2021n/an/a

US$26m

Mar 31 2021n/an/a

US$21m

Dec 31 2020US$2mUS$518k

-US$19m

Sep 30 2020n/an/a

-US$25m

Jun 30 2020n/an/a

-US$29m

Mar 31 2020n/an/a

-US$29m

Dec 31 2019US$2mUS$444k

US$5m

Compensación vs. Mercado: Datos insuficientes para determinar si la compensación total de Dan es razonable en comparación con empresas de tamaño similar en el mercado US.

Compensación vs. Ingresos: Datos insuficientes para comparar la compensación de Dan con los resultados de la empresa.

CEO

Dan Borgen (64 yo)

11.9yrs
Permanencia
US$1,240,566
Compensación

Mr. Daniel K. Borgen, also known as Dan, serves as the Chairman of USD Partners GP LLC- General Partner of USD Partners LP. Mr. Borgen has been the Chief Executive Officer and President of USD Partners GP...

Equipo directivo

NombrePosiciónPermanenciaCompensaciónPropiedad
Daniel Borgen
Chairman11.9yrsUS$1.24msin datos
Joshua Ruple
Executive VP & COO of USD Partners GP LLC9.3yrsUS$601.15ksin datos
Kyle Schornick
Senior VP & CFO2.3yrssin datossin datos
Amanda Wendell
Senior VP & Chief Accounting Officer and Controller2.3yrssin datossin datos
Jennifer Waller
Senior Director of Financial Reporting & Investor Relations7.7yrssin datossin datos
Keith Benson
General Counsel of USD Partners GP LLC11.2yrsUS$579.37ksin datos
8.5yrs
Permanencia media
52yo
Promedio de edad

Equipo directivo experimentado: El equipo directivo de USDP es experimentado (8.5 años antigüedad media).

Miembros de la Junta

NombrePosiciónPermanenciaCompensaciónPropiedad
Daniel Borgen
Chairman11.6yrsUS$1.24msin datos
Douglas Kimmelman
Director of USD Partners GP LLC11.6yrssin datossin datos
Adam Altsuler
Director2.3yrsUS$589.55ksin datos
Jane O'Hagan
Independent Director of USD Partners GP LLC11.6yrsUS$143.51ksin datos
Schuyler Coppedge
Director of USD Partners GP LLC9.7yrssin datossin datos
Jeffrey Wood
Independent Director of USD Partners GP LLC11.3yrsUS$143.51ksin datos
Carl Wimberley
Independent Director2.5yrssin datossin datos
G. Smith
Independent Director of USD Partners GP LLC10.6yrsUS$143.51ksin datos
Francesco Ciabatti
Director of USD Partners GP LLC6.1yrssin datossin datos
Mike Curry
Director of USD Partners GP LLC11.9yrssin datossin datos
Brad Sanders
Advisor to the CEO & Director of USD Partners GP LLC11.6yrssin datossin datos
11.3yrs
Permanencia media
58yo
Promedio de edad

Junta con experiencia: Los miembros de la junta directiva de USDP son experimentados ( 11.3 años antigüedad media).

Análisis de la empresa y estado de los datos financieros

DatosÚltima actualización (huso horario UTC)
Análisis de la empresa2026/05/07 21:12
Precio de las acciones al final del día2026/05/07 00:00
Beneficios2023/09/30
Ingresos anuales2022/12/31

Fuentes de datos

Los datos utilizados en nuestro análisis de empresas proceden de S&P Global Market Intelligence LLC. Los siguientes datos se utilizan en nuestro modelo de análisis para generar este informe. Los datos están normalizados, lo que puede introducir un retraso desde que la fuente está disponible.

PaqueteDatosMarco temporalEjemplo Fuente EE.UU. *
Finanzas de la empresa10 años
  • Cuenta de resultados
  • Estado de tesorería
  • Balance
Estimaciones del consenso de analistas+3 años
  • Previsiones financieras
  • Objetivos de precios de los analistas
Precios de mercado30 años
  • Precios de las acciones
  • Dividendos, escisiones y acciones
Propiedad10 años
  • Accionistas principales
  • Información privilegiada
Gestión10 años
  • Equipo directivo
  • Consejo de Administración
Principales avances10 años
  • Anuncios de empresas

* Ejemplo para valores de EE.UU., para no EE.UU. se utilizan formularios y fuentes normativas equivalentes.

A menos que se especifique lo contrario, todos los datos financieros se basan en un periodo anual, pero se actualizan trimestralmente. Esto se conoce como datos de los últimos doce meses (TTM) o de los últimos doce meses (LTM). Más información.

Modelo de análisis y copo de nieve

Los detalles del modelo de análisis utilizado para generar este informe están disponibles en nuestra página de Github, también tenemos guías sobre cómo utilizar nuestros informes y tutoriales en Youtube.

Conozca al equipo de talla mundial que diseñó y construyó el modelo de análisis Simply Wall St.

Métricas industriales y sectoriales

Simply Wall St calcula cada 6 horas nuestras métricas sectoriales y de sección. Los detalles de nuestro proceso están disponibles en Github.

Fuentes analistas

USD Partners LP está cubierta por 6 analistas. 0 de esos analistas presentaron las estimaciones de ingresos o ganancias utilizadas como datos para nuestro informe. Las estimaciones de los analistas se actualizan a lo largo del día.

AnalistaInstitución
Brian ZarahnBarclays
Derek WalkerBofA Global Research
Michael GyureBrean Capital Historical (Janney Montgomery)