This company listing is no longer activeThis company may still be operating, however this listing is no longer active. Find out why through their latest events.See Latest EventsGreen Plains Partners (GPP) 주식 개요Green Plains Partners LP provides fuel storage and transportation services in the United States. 자세히 보기GPP 펀더멘털 분석스노우플레이크 점수가치 평가3/6미래 성장0/6과거 실적1/6재무 건전성2/6배당2/6강점공정 가치 추정치보다 낮은 57.4% 에서 거래위험 분석지난 5년간 매년 수익이 6.6% 감소했습니다.14.78%의 배당금은 수익이나 자유현금흐름으로 잘 충당되지 않습니다.GPP 의 주주 지분이 음수입니다.부채비율이 높네요모든 위험 점검 보기GPP Community Fair Values Create NarrativeSee what others think this stock is worth. Follow their fair value or set your own to get alerts.Your Fair ValueUS$Current PriceUS$12.3189.7% 고평가 내재 할인율Growth estimate overAnnual revenue growth rate5 Yearstime period%/yrDecreaseIncreasePastFuture-10m107m2016201920222025202620282031Revenue US$66.2mEarnings US$30.2mAdvancedSet Fair ValueView all narrativesGreen Plains Partners LP 경쟁사StealthGasSymbol: NasdaqGS:GASSMarket cap: US$372.6mDynagas LNG PartnersSymbol: NYSE:DLNGMarket cap: US$142.0mStabilis SolutionsSymbol: NasdaqCM:SLNGMarket cap: US$70.5mMartin Midstream PartnersSymbol: NasdaqGS:MMLPMarket cap: US$99.8m가격 이력 및 성과Green Plains Partners 주가의 최고가, 최저가 및 변동 요약과거 주가현재 주가US$12.3152주 최고가US$16.2552주 최저가US$11.72베타0.751개월 변동-1.20%3개월 변동-10.34%1년 변동-6.67%3년 변동26.91%5년 변동-14.63%IPO 이후 변동-23.01%최근 뉴스 및 업데이트공시 • Jan 25Green Plains Partners’ Common Units No Longer be Listed on the Nasdaq as Result of the Merger with Green PlainsGreen Plains Inc. and Green Plains Partners LP reported the completion of the transactions contemplated by the previously reported Agreement and Plan of Merger (the Merger Agreement), pursuant to which Green Plains acquired all of the publicly held common units of the Partnership not already owned by Green Plains and its affiliates in exchange for a combination of 0.405 shares of Green Plains common stock and $2.00 in cash, plus an amount of cash equal to unpaid distributions from the end of the last quarter for which a quarterly distribution was made to the closing date, as determined in accordance with the Merger Agreement, without interest, for each outstanding common unit representing a limited partner interest in the Partnership (the Merger). According to a release, as a result of the Merger, the Partnership became an indirect wholly owned subsidiary of Green Plains and the Partnership's common units will no longer be listed on the NASDAQ, and will be deregistered under the Securities Exchange Act of 1934, as amended (the Exchange Act).공시 • Jan 20Green Plains Partners LP Files Form 15Green Plains Partners LP has announced that it has filed a Form 15 with the Securities and Exchange Commission to voluntarily deregister its Common Units Representing Limited Partner Interests under the Securities Exchange Act of 1934, as amended.공시 • Jan 11Nasdaq to File A Notification of Removal from Listing on Form 25 with the SEC with Respect to the Delisting of the GPP Public Common UnitsAs previously announced, on September 16, 2023, Green Plains Partners LP, a Delaware limited partnership (the “Partnership”), Green Plains Holdings LLC, a Delaware limited liability company and the general partner of the Partnership (the “General Partner”), Green Plains Inc., an Iowa corporation (“GPRE”), GPLP Holdings Inc., a Delaware corporation and a wholly owned subsidiary of GPRE (“Holdings”) and GPLP Merger Sub LLC, a Delaware limited liability company and a wholly owned subsidiary of Holdings (“Merger Sub”), entered into an Agreement and Plan of Merger (the “Merger Agreement”), pursuant to which, upon the terms and subject to the conditions set in the Merger Agreement, Merger Sub agreed to merge with and into the Partnership, with the Partnership surviving as an indirect, wholly owned subsidiary of GPRE (the “Merger”). In connection with the consummation of the Merger, The Nasdaq Stock Market LLC (“Nasdaq”) was notified that each outstanding GPP Public Common Unit issued and outstanding immediately prior to the Effective Time was converted into the right to receive the Merger Consideration, pursuant to and subject to the terms and conditions of the Merger Agreement. The Partnership requested that Nasdaq file a notification of removal from listing on Form 25 with the SEC with respect to the delisting of the GPP Public Common Units from Nasdaq and to deregister the GPP Public Common Units under Section 12(b) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The GPP Public Common Units were suspended from trading on the Nasdaq after the closing of trading on January 9, 2024. The Partnership also intends to file a certification on Form 15 under the Exchange Act with the SEC requesting the deregistration of the GPP Public Common Units under Section 12(g) of the Exchange Act and suspending the Partnership’s reporting obligations under Section 13 and Section 15(d) of the Exchange Act.공시 • Jan 10+ 1 more updateGreen Plains Inc. (NasdaqGS:GPRE) completed the acquisition of remaining 50.15% stake in Green Plains Partners LP (NasdaqGM:GPP) from No Street GP LP and others.Green Plains Inc. (NasdaqGS:GPRE) has submitted a proposal to acquire remaining 50.15% stake in Green Plains Partners LP (NasdaqGM:GPP) from No Street GP LP and others for approximately $150 million on May 3, 2023. Under the terms of agreement, Green Plains Inc. is proposing consideration of 0.3913 shares of Green Plains Inc. common stock for each outstanding publicly held Partnership common unit. The proposed consideration represents a value of $13.08 per common unit of the Partnership based on the closing price of Green Plains Inc.’s common stock and the Partnership's common units as of May 3, 2023. Assuming the completion of the proposed transaction, the Partnership would become a wholly owned subsidiary of Green Plains Inc., and the Partnership’s common units would cease to be publicly traded. Green Plains Inc. entered into a definitive merger agreement to acquire remaining 50.15% stake in Green Plains Partners LP (NASDAQ: GPP) from No Street GP LP and others for approximately $180 million on September 16, 2023. The proposed transaction is subject to the negotiation and execution of a definitive agreement and approval of such definitive agreement and transactions contemplated thereunder by the board of directors of Green Plains Inc., the board of directors of Green Plains Holdings LLC, and its conflicts committee. The consummation of the proposed transaction would be subject to customary closing conditions. There can be no assurance that any such approvals will be forthcoming, that a definitive agreement will be executed, or that any transaction will be consummated. As of September 18, 2023, Green Plains Inc. (NASDAQ: GPRE) and Green Plains Partners LP (NASDAQ: GPP) entered into a definitive merger agreement on September 16, 2023, pursuant to which Green Plains will acquire all of the publicly held common units of the Partnership not already owned by Green Plains and its affiliates in exchange for a combination of Green Plains common stock and cash. Under the merger agreement, each outstanding common unit of the Partnership that Green Plains and its affiliates do not already own will be converted into the right to receive 0.405 shares of Green Plains common stock and $2 in cash, plus an amount of cash equal to unpaid distributions from the end of the last quarter for which a quarterly distribution was made to the closing date, as determined in accordance with the merger agreement, without interest. The conflicts committee of the board of directors of the Partnership’s general partner (the “Conflicts Committee”), comprised entirely of independent directors, after consultation with its independent legal and financial advisors, unanimously approved the definitive merger agreement and determined it to be in the best interests of the Partnership, including the unitholders unaffiliated with Green Plains. The transaction was also approved by the board of directors of both Green Plains and the Partnership’s general partner. The transaction is expected to close in the fourth quarter of 2023, subject to the approval of the holders of a majority of the outstanding common units of the Partnership, the effectiveness of a registration statement related to the issuance of the new shares of Green Plains common stock to the Partnership’s unitholders, stock consideration issued shall have been approved for listing on Nasdaq and other customary approvals and conditions. Pursuant to a support agreement entered into in connection with the transaction, Green Plains and certain holders of Partnership common units have agreed to vote all of the Partnership common units that they own in favor of the transaction. Green Plains and such holders currently own approximately 50.1% of the outstanding Partnership common units, collectively. Green Plains Partners unitholders approved the transaction on January 5, 2024. The Partnership’s common units are expected to continue to trade on Nasdaq until the close of trading on January 9, 2024, and are expected to be suspended from trading on Nasdaq effective as of the opening of trading on January 10, 2024. Green Plains Inc. expects the proposed transaction to simplify its corporate structure and governance, generate near-term earnings and cash flow accretion, reduce SG&A expense related to the Partnership, improve the credit quality of the combined enterprise, and align strategic interests between Green Plains Inc. shareholders and the Partnership’s unitholders by regaining full ownership and control of Green Plains’ total platform, including terminal operations. BofA Securities is acting as exclusive financial advisor and Ryan J. Maierson, Tim Fenn, Bryant Lee, Adam Kestenbaum, Christopher Norton, Jason Cruise, Joseph Simei and Thomas G. Brandt of Latham & Watkins LLP acted as legal advisors to Green Plains Inc. Will Anderson of Bracewell LLP represented Evercore, financial advisor to the conflicts committee of the board of directors of Green Plains Partners LP. Evercore Group L.L.C. is acting as exclusive financial advisor and fairness opinion provider, and Tull Florey and Hillary H. Holmes of Gibson, Dunn & Crutcher LLP is acting as legal advisor to the Conflicts Committee of Green Plains Partners. Computershare, N.A. acted as transfer agent for Green Plains Inc. Green Plains will pay BofA Securities a fee of up to $4 million, $3.5 million of which will become payable upon completion of the Merger and up to $0.5 million of which is a discretionary fee, payable upon completion of the merger in an amount to be determined by GPRE in its sole discretion. Green Plains Partners agreed to pay Evercore a fee of $1 million upon rendering its opinion and a closing fee of $1.25 million upon closer of the merger in addition to a retainer fee of $0.5 million paid upon execution of engagement letter. Green Plains Inc. (NasdaqGS:GPRE) completed the acquisition of remaining 50.15% stake in Green Plains Partners LP (NasdaqGM:GPP) from No Street GP LP and others on January 9, 2024. Pursuant to the merger agreement, GPRE issued approximately 4.7 million shares of GPRE Common Stock and paid $29.2 million in cash to the GPP unaffiliated unitholders as the aggregate merger consideration. As a result of the merger, the Partnership became an indirect wholly owned subsidiary of Green Plains and the Partnership’s common units will no longer be listed on the NASDAQ, and will be deregistered under the Securities Exchange Act of 1934, as amended (the "Exchange Act").공시 • Jan 06Green Plains Partners LP to Commence the Process of Delisting the Common Units from NasdaqGreen Plains Inc. (“Green Plains”) and Green Plains Partners LP (the “Partnership”) announced that the Partnership’s common unitholders approved that certain Agreement and Plan of Merger, dated as of September 16, 2023 (the “Merger Agreement”), by and among Green Plains, GPLP Holdings Inc., a wholly owned subsidiary of Green Plains (“Holdings”), GPLP Merger Sub LLC, a wholly owned subsidiary of Holdings (“Merger Sub”), the Partnership, and Green Plains Holdings LLC, the general partner of the Partnership, and the transactions contemplated thereby, including the merger of Merger Sub with and into the Partnership, with the Partnership surviving as an indirect, wholly owned subsidiary of Green Plains (the “Merger”). The approval of the Merger Agreement and the Merger required the affirmative vote or written consent of the holders of a majority of the Partnership’s outstanding common units. The holders of more than 62% of the Partnership’s outstanding common units as of the record date for the consent solicitation consented to and approved the Merger Agreement and the Merger by written consent. The deadline for the consent solicitation expired at 11:59 p.m. (Eastern Time) on January 4, 2024. The Merger is subject to customary closing conditions and is expected to close on January 9, 2024, at which time the Partnership will commence the process of delisting the common units from Nasdaq and deregistering the common units under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The Partnership’s common units are expected to continue to trade on Nasdaq until the close of trading on January 9, 2024, and are expected to be suspended from trading on Nasdaq effective as of the opening of trading on January 10, 2024.Reported Earnings • Nov 02Third quarter 2023 earnings released: EPS: US$0.40 (vs US$0.43 in 3Q 2022)Third quarter 2023 results: EPS: US$0.40 (down from US$0.43 in 3Q 2022). Revenue: US$20.1m (flat on 3Q 2022). Net income: US$9.22m (down 7.4% from 3Q 2022). Profit margin: 46% (down from 50% in 3Q 2022). Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has increased by 21% per year, which means it is well ahead of earnings.더 많은 업데이트 보기Recent updates공시 • Jan 25Green Plains Partners’ Common Units No Longer be Listed on the Nasdaq as Result of the Merger with Green PlainsGreen Plains Inc. and Green Plains Partners LP reported the completion of the transactions contemplated by the previously reported Agreement and Plan of Merger (the Merger Agreement), pursuant to which Green Plains acquired all of the publicly held common units of the Partnership not already owned by Green Plains and its affiliates in exchange for a combination of 0.405 shares of Green Plains common stock and $2.00 in cash, plus an amount of cash equal to unpaid distributions from the end of the last quarter for which a quarterly distribution was made to the closing date, as determined in accordance with the Merger Agreement, without interest, for each outstanding common unit representing a limited partner interest in the Partnership (the Merger). According to a release, as a result of the Merger, the Partnership became an indirect wholly owned subsidiary of Green Plains and the Partnership's common units will no longer be listed on the NASDAQ, and will be deregistered under the Securities Exchange Act of 1934, as amended (the Exchange Act).공시 • Jan 20Green Plains Partners LP Files Form 15Green Plains Partners LP has announced that it has filed a Form 15 with the Securities and Exchange Commission to voluntarily deregister its Common Units Representing Limited Partner Interests under the Securities Exchange Act of 1934, as amended.공시 • Jan 11Nasdaq to File A Notification of Removal from Listing on Form 25 with the SEC with Respect to the Delisting of the GPP Public Common UnitsAs previously announced, on September 16, 2023, Green Plains Partners LP, a Delaware limited partnership (the “Partnership”), Green Plains Holdings LLC, a Delaware limited liability company and the general partner of the Partnership (the “General Partner”), Green Plains Inc., an Iowa corporation (“GPRE”), GPLP Holdings Inc., a Delaware corporation and a wholly owned subsidiary of GPRE (“Holdings”) and GPLP Merger Sub LLC, a Delaware limited liability company and a wholly owned subsidiary of Holdings (“Merger Sub”), entered into an Agreement and Plan of Merger (the “Merger Agreement”), pursuant to which, upon the terms and subject to the conditions set in the Merger Agreement, Merger Sub agreed to merge with and into the Partnership, with the Partnership surviving as an indirect, wholly owned subsidiary of GPRE (the “Merger”). In connection with the consummation of the Merger, The Nasdaq Stock Market LLC (“Nasdaq”) was notified that each outstanding GPP Public Common Unit issued and outstanding immediately prior to the Effective Time was converted into the right to receive the Merger Consideration, pursuant to and subject to the terms and conditions of the Merger Agreement. The Partnership requested that Nasdaq file a notification of removal from listing on Form 25 with the SEC with respect to the delisting of the GPP Public Common Units from Nasdaq and to deregister the GPP Public Common Units under Section 12(b) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The GPP Public Common Units were suspended from trading on the Nasdaq after the closing of trading on January 9, 2024. The Partnership also intends to file a certification on Form 15 under the Exchange Act with the SEC requesting the deregistration of the GPP Public Common Units under Section 12(g) of the Exchange Act and suspending the Partnership’s reporting obligations under Section 13 and Section 15(d) of the Exchange Act.공시 • Jan 10+ 1 more updateGreen Plains Inc. (NasdaqGS:GPRE) completed the acquisition of remaining 50.15% stake in Green Plains Partners LP (NasdaqGM:GPP) from No Street GP LP and others.Green Plains Inc. (NasdaqGS:GPRE) has submitted a proposal to acquire remaining 50.15% stake in Green Plains Partners LP (NasdaqGM:GPP) from No Street GP LP and others for approximately $150 million on May 3, 2023. Under the terms of agreement, Green Plains Inc. is proposing consideration of 0.3913 shares of Green Plains Inc. common stock for each outstanding publicly held Partnership common unit. The proposed consideration represents a value of $13.08 per common unit of the Partnership based on the closing price of Green Plains Inc.’s common stock and the Partnership's common units as of May 3, 2023. Assuming the completion of the proposed transaction, the Partnership would become a wholly owned subsidiary of Green Plains Inc., and the Partnership’s common units would cease to be publicly traded. Green Plains Inc. entered into a definitive merger agreement to acquire remaining 50.15% stake in Green Plains Partners LP (NASDAQ: GPP) from No Street GP LP and others for approximately $180 million on September 16, 2023. The proposed transaction is subject to the negotiation and execution of a definitive agreement and approval of such definitive agreement and transactions contemplated thereunder by the board of directors of Green Plains Inc., the board of directors of Green Plains Holdings LLC, and its conflicts committee. The consummation of the proposed transaction would be subject to customary closing conditions. There can be no assurance that any such approvals will be forthcoming, that a definitive agreement will be executed, or that any transaction will be consummated. As of September 18, 2023, Green Plains Inc. (NASDAQ: GPRE) and Green Plains Partners LP (NASDAQ: GPP) entered into a definitive merger agreement on September 16, 2023, pursuant to which Green Plains will acquire all of the publicly held common units of the Partnership not already owned by Green Plains and its affiliates in exchange for a combination of Green Plains common stock and cash. Under the merger agreement, each outstanding common unit of the Partnership that Green Plains and its affiliates do not already own will be converted into the right to receive 0.405 shares of Green Plains common stock and $2 in cash, plus an amount of cash equal to unpaid distributions from the end of the last quarter for which a quarterly distribution was made to the closing date, as determined in accordance with the merger agreement, without interest. The conflicts committee of the board of directors of the Partnership’s general partner (the “Conflicts Committee”), comprised entirely of independent directors, after consultation with its independent legal and financial advisors, unanimously approved the definitive merger agreement and determined it to be in the best interests of the Partnership, including the unitholders unaffiliated with Green Plains. The transaction was also approved by the board of directors of both Green Plains and the Partnership’s general partner. The transaction is expected to close in the fourth quarter of 2023, subject to the approval of the holders of a majority of the outstanding common units of the Partnership, the effectiveness of a registration statement related to the issuance of the new shares of Green Plains common stock to the Partnership’s unitholders, stock consideration issued shall have been approved for listing on Nasdaq and other customary approvals and conditions. Pursuant to a support agreement entered into in connection with the transaction, Green Plains and certain holders of Partnership common units have agreed to vote all of the Partnership common units that they own in favor of the transaction. Green Plains and such holders currently own approximately 50.1% of the outstanding Partnership common units, collectively. Green Plains Partners unitholders approved the transaction on January 5, 2024. The Partnership’s common units are expected to continue to trade on Nasdaq until the close of trading on January 9, 2024, and are expected to be suspended from trading on Nasdaq effective as of the opening of trading on January 10, 2024. Green Plains Inc. expects the proposed transaction to simplify its corporate structure and governance, generate near-term earnings and cash flow accretion, reduce SG&A expense related to the Partnership, improve the credit quality of the combined enterprise, and align strategic interests between Green Plains Inc. shareholders and the Partnership’s unitholders by regaining full ownership and control of Green Plains’ total platform, including terminal operations. BofA Securities is acting as exclusive financial advisor and Ryan J. Maierson, Tim Fenn, Bryant Lee, Adam Kestenbaum, Christopher Norton, Jason Cruise, Joseph Simei and Thomas G. Brandt of Latham & Watkins LLP acted as legal advisors to Green Plains Inc. Will Anderson of Bracewell LLP represented Evercore, financial advisor to the conflicts committee of the board of directors of Green Plains Partners LP. Evercore Group L.L.C. is acting as exclusive financial advisor and fairness opinion provider, and Tull Florey and Hillary H. Holmes of Gibson, Dunn & Crutcher LLP is acting as legal advisor to the Conflicts Committee of Green Plains Partners. Computershare, N.A. acted as transfer agent for Green Plains Inc. Green Plains will pay BofA Securities a fee of up to $4 million, $3.5 million of which will become payable upon completion of the Merger and up to $0.5 million of which is a discretionary fee, payable upon completion of the merger in an amount to be determined by GPRE in its sole discretion. Green Plains Partners agreed to pay Evercore a fee of $1 million upon rendering its opinion and a closing fee of $1.25 million upon closer of the merger in addition to a retainer fee of $0.5 million paid upon execution of engagement letter. Green Plains Inc. (NasdaqGS:GPRE) completed the acquisition of remaining 50.15% stake in Green Plains Partners LP (NasdaqGM:GPP) from No Street GP LP and others on January 9, 2024. Pursuant to the merger agreement, GPRE issued approximately 4.7 million shares of GPRE Common Stock and paid $29.2 million in cash to the GPP unaffiliated unitholders as the aggregate merger consideration. As a result of the merger, the Partnership became an indirect wholly owned subsidiary of Green Plains and the Partnership’s common units will no longer be listed on the NASDAQ, and will be deregistered under the Securities Exchange Act of 1934, as amended (the "Exchange Act").공시 • Jan 06Green Plains Partners LP to Commence the Process of Delisting the Common Units from NasdaqGreen Plains Inc. (“Green Plains”) and Green Plains Partners LP (the “Partnership”) announced that the Partnership’s common unitholders approved that certain Agreement and Plan of Merger, dated as of September 16, 2023 (the “Merger Agreement”), by and among Green Plains, GPLP Holdings Inc., a wholly owned subsidiary of Green Plains (“Holdings”), GPLP Merger Sub LLC, a wholly owned subsidiary of Holdings (“Merger Sub”), the Partnership, and Green Plains Holdings LLC, the general partner of the Partnership, and the transactions contemplated thereby, including the merger of Merger Sub with and into the Partnership, with the Partnership surviving as an indirect, wholly owned subsidiary of Green Plains (the “Merger”). The approval of the Merger Agreement and the Merger required the affirmative vote or written consent of the holders of a majority of the Partnership’s outstanding common units. The holders of more than 62% of the Partnership’s outstanding common units as of the record date for the consent solicitation consented to and approved the Merger Agreement and the Merger by written consent. The deadline for the consent solicitation expired at 11:59 p.m. (Eastern Time) on January 4, 2024. The Merger is subject to customary closing conditions and is expected to close on January 9, 2024, at which time the Partnership will commence the process of delisting the common units from Nasdaq and deregistering the common units under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The Partnership’s common units are expected to continue to trade on Nasdaq until the close of trading on January 9, 2024, and are expected to be suspended from trading on Nasdaq effective as of the opening of trading on January 10, 2024.Reported Earnings • Nov 02Third quarter 2023 earnings released: EPS: US$0.40 (vs US$0.43 in 3Q 2022)Third quarter 2023 results: EPS: US$0.40 (down from US$0.43 in 3Q 2022). Revenue: US$20.1m (flat on 3Q 2022). Net income: US$9.22m (down 7.4% from 3Q 2022). Profit margin: 46% (down from 50% in 3Q 2022). Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has increased by 21% per year, which means it is well ahead of earnings.Upcoming Dividend • Oct 26Upcoming dividend of US$0.46 per share at 13% yieldEligible shareholders must have bought the stock before 02 November 2023. Payment date: 10 November 2023. The company is paying out more than 100% of its profits and is paying out 98% of its cash flow. Trailing yield: 13%. Within top quartile of American dividend payers (5.3%). Higher than average of industry peers (4.3%).공시 • Oct 20Green Plains Partners LP Announces Quarterly Distribution, Payable on November 10, 2023Green Plains Partners LP announced that the Board of Directors of its general partner declared a quarterly cash distribution of $0.455 per unit on all of its outstanding common units for the third quarter of 2023, or $1.82 per unit on an annualized basis. The distribution is payable on November 10, 2023, to unitholders of record at the close of business on November 3, 2023.공시 • Oct 18Green Plains Partners LP to Report Q3, 2023 Results on Oct 31, 2023Green Plains Partners LP announced that they will report Q3, 2023 results Pre-Market on Oct 31, 2023Price Target Changed • Sep 19Price target increased by 10% to US$16.00Up from US$14.50, the current price target is provided by 1 analyst. New target price is approximately in line with last closing price of US$15.42. The company posted earnings per share of US$1.72 last year.Valuation Update With 7 Day Price Move • Sep 18Investor sentiment improves as stock rises 16%After last week's 16% share price gain to US$15.88, the stock trades at a trailing P/E ratio of 9.7x. Average forward P/E is 9x in the Oil and Gas industry in the US. Total returns to shareholders of 216% over the past three years.Reported Earnings • Aug 04Second quarter 2023 earnings released: EPS: US$0.39 (vs US$0.44 in 2Q 2022)Second quarter 2023 results: EPS: US$0.39 (down from US$0.44 in 2Q 2022). Revenue: US$20.5m (up 4.4% from 2Q 2022). Net income: US$9.16m (down 11% from 2Q 2022). Profit margin: 45% (down from 53% in 2Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has increased by 18% per year, which means it is well ahead of earnings.Upcoming Dividend • Jul 27Upcoming dividend of US$0.46 per share at 13% yieldEligible shareholders must have bought the stock before 03 August 2023. Payment date: 11 August 2023. The company is paying out more than 100% of its profits and is paying out 93% of its cash flow. Trailing yield: 13%. Within top quartile of American dividend payers (4.7%). Higher than average of industry peers (4.6%).공시 • Jul 23Green Plains Partners LP Declares Quarterly Cash Distribution for the Second Quarter of 2023, Payable on August 11, 2023Green Plains Partners LP announced that the Board of Directors of its general partner declared a quarterly cash distribution of $0.455 per unit on all of its outstanding common units for the second quarter of 2023, or $1.82 per unit on an annualized basis. The distribution is payable on August 11, 2023, to unitholders of record at the close of business on August 4, 2023.공시 • Jul 21Green Plains Partners LP to Report Q2, 2023 Results on Aug 04, 2023Green Plains Partners LP announced that they will report Q2, 2023 results at 9:30 AM, US Eastern Standard Time on Aug 04, 2023Price Target Changed • May 18Price target decreased by 9.4% to US$14.50Down from US$16.00, the current price target is provided by 1 analyst. New target price is 19% above last closing price of US$12.16. The company posted earnings per share of US$1.72 last year.공시 • May 06Green Plains Inc. (NasdaqGS:GPRE) has submitted a proposal to acquire remaining 50.15% stake in Green Plains Partners LP (NasdaqGM:GPP) for approximately $150 million.Green Plains Inc. (NasdaqGS:GPRE) has submitted a proposal to acquire remaining 50.15% stake in Green Plains Partners LP (NasdaqGM:GPP) for approximately $150 million on May 3, 2023. Under the terms of agreement, Green Plains Inc. is proposing consideration of 0.3913 shares of Green Plains Inc. common stock for each outstanding publicly held Partnership common unit. The proposed consideration represents a value of $13.08 per common unit of the Partnership based on the closing price of Green Plains Inc.’s common stock and the Partnership's common units as of May 3, 2023. Assuming the completion of the proposed transaction, the Partnership would become a wholly owned subsidiary of Green Plains Inc., and the Partnership’s common units would cease to be publicly traded. The proposed transaction is subject to the negotiation and execution of a definitive agreement and approval of such definitive agreement and transactions contemplated thereunder by the board of directors of Green Plains Inc., the board of directors of Green Plains Holdings LLC, and its conflicts committee. The consummation of the proposed transaction would be subject to customary closing conditions. There can be no assurance that any such approvals will be forthcoming, that a definitive agreement will be executed, or that any transaction will be consummated. Green Plains Inc. expects the proposed transaction to simplify its corporate structure and governance, generate near-term earnings and cash flow accretion, reduce SG&A expense related to the Partnership, improve the credit quality of the combined enterprise, and align strategic interests between Green Plains Inc. shareholders and the Partnership’s unitholders by regaining full ownership and control of Green Plains’ total platform, including terminal operations. BofA Securities is acting as exclusive financial advisor and Latham & Watkins LLP is acting as legal advisor to Green Plains Inc.Reported Earnings • May 06First quarter 2023 earnings released: EPS: US$0.42 (vs US$0.44 in 1Q 2022)First quarter 2023 results: EPS: US$0.42 (down from US$0.44 in 1Q 2022). Revenue: US$20.8m (up 8.8% from 1Q 2022). Net income: US$9.71m (down 4.2% from 1Q 2022). Profit margin: 47% (down from 53% in 1Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has increased by 32% per year, which means it is well ahead of earnings.Upcoming Dividend • Apr 27Upcoming dividend of US$0.46 per share at 14% yieldEligible shareholders must have bought the stock before 04 May 2023. Payment date: 12 May 2023. The company is paying out more than 100% of its profits and is paying out 92% of its cash flow. Trailing yield: 14%. Within top quartile of American dividend payers (5.0%). Higher than average of industry peers (4.7%).Recent Insider Transactions • Mar 09Board Member recently sold US$65k worth of stockOn the 6th of March, Jerry Peters sold around 5k shares on-market at roughly US$13.03 per share. This transaction amounted to 9.7% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of US$662k more than they bought in the last 12 months.Reported Earnings • Feb 09Full year 2022 earnings released: EPS: US$1.72 (vs US$1.71 in FY 2021)Full year 2022 results: EPS: US$1.72 (up from US$1.71 in FY 2021). Revenue: US$79.8m (up 1.7% from FY 2021). Net income: US$39.8m (flat on FY 2021). Profit margin: 50% (in line with FY 2021). Over the last 3 years on average, earnings per share has fallen by 1% per year whereas the company’s share price has fallen by 3% per year.공시 • Jan 26Green Plains Partners LP to Report Q4, 2022 Results on Feb 08, 2023Green Plains Partners LP announced that they will report Q4, 2022 results on Feb 08, 2023Upcoming Dividend • Jan 26Upcoming dividend of US$0.46 per share at 13% yieldEligible shareholders must have bought the stock before 02 February 2023. Payment date: 10 February 2023. The company is paying out more than 100% of its profits and is paying out 84% of its cash flow. Trailing yield: 13%. Within top quartile of American dividend payers (4.3%). Higher than average of industry peers (4.2%).공시 • Jan 20Green Plains Partners LP Declares Cash Distribution for the Fourth Quarter of 2022, Payable on February 10, 2023Green Plains Partners LP announced that the Board of Directors of its general partner declared a quarterly cash distribution of $0.455 per unit on all of its outstanding common units for the fourth quarter of 2022, or $1.82 per unit on an annualized basis. The distribution is payable on February 10, 2023, to unitholders of record at the close of business on February 3, 2023.Recent Insider Transactions • Nov 29President recently sold US$385k worth of stockOn the 28th of November, Todd Becker sold around 31k shares on-market at roughly US$12.27 per share. This transaction amounted to 55% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was Todd's only on-market trade for the last 12 months.Board Change • Nov 16Insufficient new directorsNo new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 6 experienced directors. No highly experienced directors. Independent Director of Green Plains Holdings LLC Brett Riley was the last director to join the board, commencing their role in 2016. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment.Reported Earnings • Nov 04Third quarter 2022 earnings released: EPS: US$0.43 (vs US$0.40 in 3Q 2021)Third quarter 2022 results: EPS: US$0.43 (up from US$0.40 in 3Q 2021). Revenue: US$20.1m (up 4.2% from 3Q 2021). Net income: US$9.96m (up 7.8% from 3Q 2021). Profit margin: 50% (up from 48% in 3Q 2021). Over the last 3 years on average, earnings per share has fallen by 2% per year whereas the company’s share price has fallen by 3% per year.Upcoming Dividend • Oct 27Upcoming dividend of US$0.46 per shareEligible shareholders must have bought the stock before 03 November 2022. Payment date: 14 November 2022. The company is paying out more than 100% of its profits and is paying out 76% of its cash flow. Trailing yield: 14%. Within top quartile of American dividend payers (4.5%). Higher than average of industry peers (4.2%).공시 • Oct 21Green Plains Partners LP Increases Quarterly Distribution for the Third Quarter of 2022, Payable on November 14, 2022Green Plains Partners LP announced that the Board of Directors of its general partner declared a quarterly cash distribution of $0.455 per unit on all of its outstanding common units for the third quarter of 2022, or $1.82 per unit on an annualized basis. The increase over the previous quarterly distribution of $0.45 per unit is the fifth consecutive increase. The distribution is payable on November 14, 2022, to unitholders of record at the close of business on November 4, 2022.Seeking Alpha • Oct 20Green Plains Partners declares $0.455 dividendGreen Plains Partners (NASDAQ:GPP) declares $0.455/share quarterly dividend, 1.1% increase from prior dividend of $0.450. Forward yield 14.39% Payable Nov. 14; for shareholders of record Nov. 4; ex-div Nov. 3. See GPP Dividend Scorecard, Yield Chart, & Dividend Growth.공시 • Sep 23Green Plains Inc. and Green Plains Partners LP Announces Chief Financial Officer ChangesGreen Plains Inc. announced changes to its executive leadership team. Patrich Simpkins transitions from Chief Financial Officer to Chief Transformation Officer, Jim Stark transitions from Executive Vice President to Chief Financial Officer of Green Plains and Green Plains Partners LP. Jim Stark, Chief Financial Officer, will lead all aspects of finance and accounting, including IT and Investor Relations. Mr. Stark rejoined Green Plains in January 2022 after serving as Vice President, Investor Relations at Darling Ingredients Inc. since 2019. Prior to that, Mr. Stark led Investor Relations and Media Relations at Green Plains for over 10 years.Seeking Alpha • Aug 21Green Plains Partners: Maybe Or Maybe NotThe partnership balance sheet is in good shape. The distribution coverage is skimpy even though the distribution was just raised. The generous yield reflects parent company issues. The parent company could be forced to bankruptcy and even liquidate at some point unless a profit recovery occurs (probably soon). That means the partnership yield is compensation for extra risk and therefore does not represent a bargain. (Note: This article appeared in the newsletter on June 18, 2022 and has been updated as needed.) The argument for Green Plains Partners LP (GPP) has long been that the partnership is in good shape. The partnership further increased the distribution to $.45 per share. So, let us get in and enjoy a generous distribution. The distribution coverage is a little skimpy at 1.06. But the debt ratio level at just under 1 is one of the best for this type of company among those I follow. In this case though, the distribution indicates trouble with the main customer, not the midstream. Sometimes that can be every bit as bad or worse than trouble with the midstream partnership itself. Operations Green Plains Partners appears similar to many midstream companies that I follow. The company transports mainly ethanol or stores it while providing some ancillary services to get the mission accomplished. The company's operations are somewhat protected by volume commitments and there is a long-term relationship with the major customer. The biggest difference is that the main customer is in the ethanol (and related) business. Should that customer run into trouble, then there is a real threat of that customer liquidating and the service provided by this midstream would not be needed any more. That is a major difference from oil and gas. With oil and gas, should the main customer (if there is one) run into financial trouble, then many times the wells continue to produce. Therefore, the service provided by the midstream company continues to be needed even if volumes decline. Minimum volume commitments are likely found to be reasonable and enforceable. So, there is an excellent probability that a midstream company will continue with the business of a major customer even if that customer ends up in bankruptcy and possibly liquidates. The Main Customer The major customer in this case is Green Plains (GPRE). That customer has not shown a profit for common shareholders in the three years listed in the latest annual report. Furthermore, cash flow in the latest fiscal year report all but evaporated (cash flow from operating activities). The company did move into a profitable report with the second quarter. But it will take more than that to relieve market anxiety about the main customer. The company reports being in compliance with all the covenants listed in the debt agreements. That always helps. But a lack of profits even in a cyclical industry can be a warning sign of trouble ahead if a turnaround does not happen fast. Furthermore, the company lists some standard warnings about the debt, the debt levels, the covenants and the ability to continue financing the debt that any investor should read before investing in this company. Debt, and commodities often do not get along very well. So, it is no surprise that this company has listed a few dispositions in the annual report. The company did raise cash in the latest fiscal year. But it did it by issuing debt. That can buy a company some time. But it is clear that a recovery is needed by this company (sooner rather than later). The fiscal first quarter likewise reported a loss. Working capital remained in good shape. Short term debt ballooned past $300 million. Long- and short-term debt in total exceed cash by a like amount. The financial position is clearly not moving forward. In the fiscal second quarter there remained a current portion of long-term debt (working capital type arrangement) on the balance sheet of approximately $300 million. Total debt was approximately $900 million. That is a lot for a company that has not reported a profit in three fiscal years until the current second quarter. Management did mention that they see some hopeful trends in the future. Should that happen, then a lot of what is discussed above will fade as debt gets rapidly reduced. Still the market has a legitimate concern about the length, duration, and "if it will even occur" of any future recovery. Partnership Common Units The common units themselves have had a lackluster response to a time when a lot of income vehicles are doing rather well. Green Plains Partners Common Unit History And Key Valuation Measures (Seeking Alpha Website August 20, 2022.) As shown above, the partnership units have not really responded well as the market has shifted emphasis to value and income vehicles as the latest "sure thing". That market trepidation is likely due to the parent company uncertainties discussed above. If that is the case, then the units are unlikely to respond positively until the parent company reports a few quarters of excellent results that relieve any debt worries that the market currently has. What did happen was a tepid response to the second quarter results of the parent company as that main customer reported a profit. The yield above represents a risk factor at the parent company level (not the partnership). Therefore, investors should expect a fluctuating double digit return until the market sees sufficient satisfactory results. Green Plains, the parent company, has an additional risk in that ethanol is sold to the fuel market but the source material for ethanol is usually corn. Ethanol has other sources that can compete to some extent with corn. These two commodities vary in unrelated fashion. Therefore, it is very possible for corn prices to be "sky high" while fuel prices are very low. That would create a near disastrous situation for the parent company. Currently it appears that the corn crop should come in with a decent volume to help aid some of the high food cost situation. We still have to get through summer and all the weather risks that come with that season. But a decent corn crop would be good news for this company as fuel costs (and raw material costs) are fairly high right now. So, the ingredients of a profit recovery appear to be in place.Recent Insider Transactions • Aug 12Chief Legal & Administration Officer recently bought US$64k worth of stockOn the 9th of August, Michelle Mapes bought around 5k shares on-market at roughly US$12.88 per share. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought US$176k more in shares than they have sold in the last 12 months.Reported Earnings • Aug 03Second quarter 2022 earnings released: EPS: US$0.44 (vs US$0.44 in 2Q 2021)Second quarter 2022 results: EPS: US$0.44 (up from US$0.44 in 2Q 2021). Revenue: US$19.7m (flat on 2Q 2021). Net income: US$10.3m (up 2.2% from 2Q 2021). Profit margin: 53% (up from 51% in 2Q 2021). Over the last 3 years on average, earnings per share has fallen by 2% per year whereas the company’s share price has increased by 2% per year.Seeking Alpha • Aug 02Green Plains Partners GAAP EPS of $0.44, revenue of $19.65MGreen Plains Partners press release (NASDAQ:GPP): Q2 GAAP EPS of $0.44. Revenue of $19.65M (-0.3% Y/Y).Upcoming Dividend • Jul 28Upcoming dividend of US$0.45 per shareEligible shareholders must have bought the stock before 04 August 2022. Payment date: 12 August 2022. Payout ratio is on the higher end at 85%, however this is supported by cash flows. Trailing yield: 13%. Within top quartile of American dividend payers (4.1%). Higher than average of industry peers (4.6%).공시 • Jul 22Green Plains Partners LP Increases Quarterly Distribution for the Second Quarter of 2022, Payable on August 12, 2022Green Plains Partners LP announced that the Board of Directors of its general partner declared a quarterly cash distribution of $0.45 per unit on all of its outstanding common units for the second quarter of 2022, or $1.80 per unit on an annualized basis. The increase over the previous quarterly distribution of $0.445 per unit is the fourth consecutive increase. The distribution is payable on August 12, 2022, to unitholders of record at the close of business on August 5, 2022.Seeking Alpha • Jul 21Green Plains Partners raise dividend by 1% to $0.45Green Plains Partners (NASDAQ:GPP) declares $0.45/share quarterly dividend, 1.1% increase from prior dividend of $0.45. Forward yield 14.14% Payable Aug. 12; for shareholders of record Aug. 5; ex-div Aug. 4. See GPP Dividend Scorecard, Yield Chart, & Dividend Growth.공시 • Jul 15Green Plains Partners LP to Report Q2, 2022 Results on Aug 02, 2022Green Plains Partners LP announced that they will report Q2, 2022 results Pre-Market on Aug 02, 2022Reported Earnings • May 03First quarter 2022 earnings released: EPS: US$0.44 (vs US$0.45 in 1Q 2021)First quarter 2022 results: EPS: US$0.44 (down from US$0.45 in 1Q 2021). Revenue: US$19.1m (down 6.4% from 1Q 2021). Net income: US$10.1m (down 3.5% from 1Q 2021). Profit margin: 53% (up from 52% in 1Q 2021). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 2% per year whereas the company’s share price has fallen by 1% per year.Upcoming Dividend • Apr 28Upcoming dividend of US$0.45 per shareEligible shareholders must have bought the stock before 05 May 2022. Payment date: 13 May 2022. Payout ratio is a comfortable 65% and this is well supported by cash flows. Trailing yield: 12%. Within top quartile of American dividend payers (3.8%). Higher than average of industry peers (4.0%).Board Change • Apr 27Insufficient new directorsNo new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 6 experienced directors. No highly experienced directors. Independent Director of Green Plains Holdings LLC Brett Riley was the last director to join the board, commencing their role in 2016. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment.공시 • Apr 22Green Plains Partners Lp Declares Quarterly Cash Distribution on All of Its Outstanding Common Units for the First Quarter of 202, Payable on May 13, 2022Green Plains Partners LP announced that the Board of Directors of its general partner declared a quarterly cash distribution of $0.445 per unit on all of its outstanding common units, or $1.78 per unit on an annualized basis, for the first quarter of 2022. The increase over the previous quarterly distribution of $0.44 per unit is the third consecutive increase. The distribution is payable on May 13, 2022, to unitholders of record at the close of business on May 6, 2022.공시 • Apr 15Green Plains Partners LP to Report Q1, 2022 Results on May 02, 2022Green Plains Partners LP announced that they will report Q1, 2022 results on May 02, 2022Recent Insider Transactions • Feb 18Insider recently bought US$73k worth of stockOn the 15th of February, Michelle Mapes bought around 5k shares on-market at roughly US$14.55 per share. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought US$53k more in shares than they have sold in the last 12 months.Seeking Alpha • Feb 14Green Plains Partners: A Quiet Year Ahead, Luckily There's A Safe 12% Yield To EnjoyAfter significantly reducing their distributions during 2020, thankfully 2021 saw them lifted higher again with a very high 12% yield returning. Thanks to their steady cash flow performance that is underpinned by long-term minimum volume commitments, they should produce adequate free cash flow to cover this very high yield. When looking elsewhere, management has given no indications that any meaningful events are on the horizon during 2022, and thus it appears to be a quiet year ahead. Their financial position is now very healthy with very low leverage and strong liquidity, which helps support their distributions. Given the prospects to simply sit back and collect a very high double-digit yield, I still believe that maintaining my strong buy rating is appropriate.Reported Earnings • Feb 13Full year 2021 earnings: Revenues and EPS in line with analyst expectationsFull year 2021 results: EPS: US$1.71 (down from US$1.74 in FY 2020). Revenue: US$78.5m (down 5.9% from FY 2020). Net income: US$39.6m (down 1.9% from FY 2020). Profit margin: 50% (up from 48% in FY 2020). The increase in margin was driven by lower expenses. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has fallen by 2% per year and the company’s share price has also fallen by 2% per year.Upcoming Dividend • Jan 27Upcoming dividend of US$0.44 per shareEligible shareholders must have bought the stock before 03 February 2022. Payment date: 11 February 2022. Payout ratio is a comfortable 46% and this is well supported by cash flows. Trailing yield: 12%. Within top quartile of American dividend payers (3.6%). Higher than average of industry peers (4.2%).Reported Earnings • Nov 05Third quarter 2021 earnings released: EPS US$0.40 (vs US$0.44 in 3Q 2020)The company reported a poor third quarter result with weaker earnings and revenues, although profit margins were flat. Third quarter 2021 results: Revenue: US$19.3m (down 10.0% from 3Q 2020). Net income: US$9.24m (down 8.5% from 3Q 2020). Profit margin: 48% (in line with 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 1% per year whereas the company’s share price has remained flat.Seeking Alpha • Nov 05Green Plains Partners: The 11%+ Yield Returns With A 50%+ Potential UpsideGreen Plains Partners have sent their distributions surging by more than 200% after refinancing their credit facility. They can cover these new distribution payments with their ample free cash flow, although there is little scope for growth given their almost non-existent capital expenditure. Thanks to their very low leverage and strong liquidity, their financial position is very healthy and thus their distributions are safe and sustainable. Based upon my Monte Carlo Simulation, it appears that their intrinsic value is at least 50%+ higher than their current unit price even without any future growth. Given these very impressive prospects to generate significant alpha, I believe that upgrading my rating to very bullish is now appropriate.Upcoming Dividend • Oct 28Upcoming dividend of US$0.43 per shareEligible shareholders must have bought the stock before 04 November 2021. Payment date: 12 November 2021. Trailing yield: 11%. Within top quartile of American dividend payers (3.5%). Higher than average of industry peers (4.3%).Seeking Alpha • Aug 05Green Plains Partners: Time To Get Bullish, Safe 10%+ Yield Is Coming Very SoonGreen Plains Partners has successfully shed their previously choking credit facility through refinancing and thus has flagged much higher distributions are coming very soon. Their commentary indicates that these are likely to result in a very high distribution yield of over 10%. Their cash flow performance continues to be steady and should be capable of adequately funding these with free cash flow. They also have a very healthy financial position to lend further support that has very low leverage and adequate liquidity. Whilst I have previously been wary of their units given their credit facility repayment schedule, now that this has been resolved, I believe that upgrading to a bullish rating is appropriate.Reported Earnings • Aug 04Second quarter 2021 earnings released: EPS US$0.44 (vs US$0.43 in 2Q 2020)The company reported a decent second quarter result with improved earnings and profit margins, although revenues were weaker. Second quarter 2021 results: Revenue: US$19.7m (down 3.3% from 2Q 2020). Net income: US$10.1m (up 1.1% from 2Q 2020). Profit margin: 51% (up from 49% in 2Q 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 1% per year whereas the company’s share price has fallen by 6% per year.Executive Departure • Aug 03Independent Director of Green Plains Holdings LLC Martin Salinas has left the companyOn the 26th of July, Martin Salinas' tenure as Independent Director of Green Plains Holdings LLC ended after 3.1 years in the role. As of March 2021, Martin still personally held 28.21k shares (US$348k worth at the time). Martin is the only executive to leave the company over the last 12 months. The current median tenure of the management team is 3.58 years.Upcoming Dividend • Jul 29Upcoming dividend of US$0.12 per shareEligible shareholders must have bought the stock before 05 August 2021. Payment date: 13 August 2021. Trailing yield: 3.6%. Within top quartile of American dividend payers (3.5%). Lower than average of industry peers (5.0%).Valuation Update With 7 Day Price Move • Jul 27Investor sentiment improved over the past weekAfter last week's 16% share price gain to US$13.46, the stock trades at a trailing P/E ratio of 7.7x. Average forward P/E is 10x in the Oil and Gas industry in the US. Total returns to shareholders of 11% over the past three years.Reported Earnings • May 05First quarter 2021 earnings released: EPS US$0.45 (vs US$0.44 in 1Q 2020)The company reported a solid first quarter result with improved earnings and profit margins, although revenues were flat. First quarter 2021 results: Revenue: US$20.4m (flat on 1Q 2020). Net income: US$10.5m (up 3.4% from 1Q 2020). Profit margin: 52% (up from 50% in 1Q 2020). Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has fallen by 8% per year, which means it is performing significantly worse than earnings.Upcoming Dividend • Apr 29Upcoming dividend of US$0.12 per shareEligible shareholders must have bought the stock before 06 May 2021. Payment date: 14 May 2021. Trailing yield: 4.0%. Within top quartile of American dividend payers (3.5%). Lower than average of industry peers (5.0%).Valuation Update With 7 Day Price Move • Mar 09Investor sentiment improved over the past weekAfter last week's 26% share price gain to US$13.04, the stock is trading at a trailing P/E ratio of 7.5x, up from the previous P/E ratio of 5.9x. This compares to an average P/E of 11x in the Oil and Gas industry in the US. Total returns to shareholders over the past three years were flat.Is New 90 Day High Low • Feb 27New 90-day high: US$10.13The company is up 17% from its price of US$8.63 on 27 November 2020. The American market is up 3.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Oil and Gas industry, which is up 26% over the same period.Reported Earnings • Feb 12Full year 2020 earnings released: EPS US$1.74 (vs US$1.76 in FY 2019)The company reported a solid full year result with improved revenues, although earnings and profit margins were flat. Full year 2020 results: Revenue: US$83.3m (up 1.2% from FY 2019). Net income: US$40.3m (flat on FY 2019). Profit margin: 48% (in line with FY 2019). Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has fallen by 18% per year, which means it is performing significantly worse than earnings.Analyst Estimate Surprise Post Earnings • Feb 12Revenue beats expectationsRevenue exceeded analyst estimates by 0.07%. Over the next year, revenue is forecast to grow 2.5%, compared to a 24% growth forecast for the Oil and Gas industry in the US.공시 • Feb 08Green Plains Partners LP to Report Q4, 2020 Results on Feb 09, 2021Green Plains Partners LP announced that they will report Q4, 2020 results After-Market on Feb 09, 2021공시 • Jan 28Green Plains Ord, LLC entered into an asset purchase agreement to acquire Ethanol Storage and transportation assets of Green Plains Partners LP. from Green Plains Partners LP (NasdaqGM:GPP) for $27 million.Green Plains Ord, LLC entered into an asset purchase agreement to acquire Ethanol Storage and transportation assets of Green Plains Partners LP. from Green Plains Partners LP (NasdaqGM:GPP) for $27 million on January 25, 2021. The consideration will be paid in cash. The terms of this transaction were approved by both the board of directors of the general partner and the board of directors’ conflicts committee, which consists entirely of independent directors. The consideration amount will be used to pay down the debt. The transaction is subject to customary closing conditions and is expected to close in the next 45 days.Upcoming Dividend • Jan 28Upcoming Dividend of US$0.12 Per ShareWill be paid on the 12th of February to those who are registered shareholders by the 4th of February. The trailing yield of 5.1% is in the top quartile of American dividend payers (3.9%), but it is lower than industry peers (6.2%).Is New 90 Day High Low • Jan 13New 90-day high: US$9.25The company is up 16% from its price of US$8.00 on 14 October 2020. The American market is up 12% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Oil and Gas industry, which is up 39% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is US$14.78 per share.Is New 90 Day High Low • Nov 24New 90-day high: US$8.57The company is up 1.0% from its price of US$8.45 on 25 August 2020. The American market is up 6.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Oil and Gas industry, which is up 5.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is US$14.05 per share.Reported Earnings • Nov 07Third quarter 2020 earnings released: EPS US$0.44The company reported a solid third quarter result with improved earnings and revenues, although profit margins were weaker. Third quarter 2020 results: Revenue: US$21.4m (up 6.1% from 3Q 2019). Net income: US$10.1m (up 1.7% from 3Q 2019). Profit margin: 47% (down from 49% in 3Q 2019). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has fallen by 26% per year, which means it is performing significantly worse than earnings.Analyst Estimate Surprise Post Earnings • Nov 07Revenue and earnings beat expectationsRevenue exceeded analyst estimates by 6.0%. Earnings per share (EPS) also surpassed analyst estimates by 2.3%. Over the next year, revenue is forecast to grow 1.5%, compared to a 8.5% growth forecast for the Oil and Gas industry in the US.Upcoming Dividend • Oct 29Upcoming Dividend of US$0.12 Per ShareWill be paid on the 13th of November to those who are registered shareholders by the 5th of November. The trailing yield of 6.2% is in the top quartile of American dividend payers (4.9%), but it is lower than industry peers (8.9%).공시 • Oct 10Green Plains Partners LP to Report Q3, 2020 Results on Nov 04, 2020Green Plains Partners LP announced that they will report Q3, 2020 results at 5:00 PM, Eastern Standard Time on Nov 04, 2020공시 • Jul 17Green Plains Partners LP to Report Q2, 2020 Results on Aug 03, 2020Green Plains Partners LP announced that they will report Q2, 2020 results at 5:00 PM, Eastern Standard Time on Aug 03, 2020주주 수익률GPPUS Oil and GasUS 시장7D-0.5%3.1%-0.3%1Y-6.7%38.2%26.7%전체 주주 수익률 보기수익률 대 산업: GPP은 지난 1년 동안 38.2%의 수익을 기록한 US Oil and Gas 산업보다 저조한 성과를 냈습니다.수익률 대 시장: GPP은 지난 1년 동안 26.7%를 기록한 US 시장보다 저조한 성과를 냈습니다.주가 변동성Is GPP's price volatile compared to industry and market?GPP volatilityGPP Average Weekly Movement5.2%Oil and Gas Industry Average Movement6.1%Market Average Movement7.2%10% most volatile stocks in US Market16.2%10% least volatile stocks in US Market3.2%안정적인 주가: GPP는 지난 3개월 동안 US 시장에 비해 주가 변동성이 크지 않았습니다.시간에 따른 변동성: GPP의 주간 변동성(5%)은 지난 1년 동안 안정적이었습니다.회사 소개설립직원 수CEO웹사이트2015n/aTodd Beckerwww.greenplainspartners.com더 보기Green Plains Partners LP 기초 지표 요약Green Plains Partners의 순이익과 매출은 시가총액과 어떻게 비교됩니까?GPP 기초 통계시가총액US$286.39m순이익 (TTM)US$37.52m매출 (TTM)US$82.39m7.6x주가수익비율(P/E)3.5x주가매출비율(P/S)GPP는 고평가되어 있습니까?공정 가치 및 평가 분석 보기순이익 및 매출최근 실적 보고서(TTM)의 주요 수익성 지표GPP 손익계산서 (TTM)매출US$82.39m매출원가US$28.18m총이익US$54.21m기타 비용US$16.70m순이익US$37.52m최근 보고된 실적Sep 30, 2023다음 실적 발표일해당 없음주당순이익(EPS)1.61총이익률65.80%순이익률45.54%부채/자본 비율-5,071.2%GPP의 장기 실적은 어땠습니까?과거 실적 및 비교 보기배당14.8%현재 배당 수익률113%배당 성향View Valuation기업 분석 및 재무 데이터 상태데이터최종 업데이트 (UTC 시간)기업 분석2024/01/10 23:30종가2024/01/08 00:00수익2023/09/30연간 수익2022/12/31데이터 소스당사의 기업 분석에 사용되는 데이터는 S&P Global Market Intelligence LLC에서 제공됩니다. 아래 데이터는 이 보고서를 생성하기 위해 분석 모델에서 사용됩니다. 데이터는 정규화되므로 소스가 제공된 후 지연이 발생할 수 있습니다.패키지데이터기간미국 소스 예시 *기업 재무제표10년손익계산서현금흐름표대차대조표SEC 양식 10-KSEC 양식 10-Q분석가 컨센서스 추정치+3년재무 예측분석가 목표주가분석가 리서치 보고서Blue Matrix시장 가격30년주가배당, 분할 및 기타 조치ICE 시장 데이터SEC 양식 S-1지분 구조10년주요 주주내부자 거래SEC 양식 4SEC 양식 13D경영진10년리더십 팀이사회SEC 양식 10-KSEC 양식 DEF 14A주요 개발10년회사 공시SEC 양식 8-K* 미국 증권에 대한 예시이며, 비(非)미국 증권에는 해당 국가의 규제 서식 및 자료원을 사용합니다.별도로 명시되지 않는 한 모든 재무 데이터는 연간 기간을 기준으로 하지만 분기별로 업데이트됩니다. 이를 TTM(최근 12개월) 또는 LTM(지난 12개월) 데이터라고 합니다. 자세히 알아보기.분석 모델 및 스노우플레이크이 보고서를 생성하는 데 사용된 분석 모델에 대한 자세한 내용은 당사의 Github 페이지에서 확인하실 수 있습니다. 또한 보고서 활용 방법에 대한 가이드와 YouTube 튜토리얼도 제공합니다.Simply Wall St 분석 모델을 설계하고 구축한 세계적 수준의 팀에 대해 알아보세요.산업 및 섹터 지표산업 및 섹터 지표는 Simply Wall St가 6시간마다 계산하며, 프로세스에 대한 자세한 내용은 Github에서 확인할 수 있습니다.분석가 소스Green Plains Partners LP는 8명의 분석가가 다루고 있습니다. 이 중 1명의 분석가가 우리 보고서에 입력 데이터로 사용되는 매출 또는 수익 추정치를 제출했습니다. 분석가의 제출 자료는 하루 종일 업데이트됩니다.분석가기관Ethan BellamyBairdCharles FrattD.A. Davidson & Co.Andrew WeiselMacquarie Research5명의 분석가 더 보기
공시 • Jan 25Green Plains Partners’ Common Units No Longer be Listed on the Nasdaq as Result of the Merger with Green PlainsGreen Plains Inc. and Green Plains Partners LP reported the completion of the transactions contemplated by the previously reported Agreement and Plan of Merger (the Merger Agreement), pursuant to which Green Plains acquired all of the publicly held common units of the Partnership not already owned by Green Plains and its affiliates in exchange for a combination of 0.405 shares of Green Plains common stock and $2.00 in cash, plus an amount of cash equal to unpaid distributions from the end of the last quarter for which a quarterly distribution was made to the closing date, as determined in accordance with the Merger Agreement, without interest, for each outstanding common unit representing a limited partner interest in the Partnership (the Merger). According to a release, as a result of the Merger, the Partnership became an indirect wholly owned subsidiary of Green Plains and the Partnership's common units will no longer be listed on the NASDAQ, and will be deregistered under the Securities Exchange Act of 1934, as amended (the Exchange Act).
공시 • Jan 20Green Plains Partners LP Files Form 15Green Plains Partners LP has announced that it has filed a Form 15 with the Securities and Exchange Commission to voluntarily deregister its Common Units Representing Limited Partner Interests under the Securities Exchange Act of 1934, as amended.
공시 • Jan 11Nasdaq to File A Notification of Removal from Listing on Form 25 with the SEC with Respect to the Delisting of the GPP Public Common UnitsAs previously announced, on September 16, 2023, Green Plains Partners LP, a Delaware limited partnership (the “Partnership”), Green Plains Holdings LLC, a Delaware limited liability company and the general partner of the Partnership (the “General Partner”), Green Plains Inc., an Iowa corporation (“GPRE”), GPLP Holdings Inc., a Delaware corporation and a wholly owned subsidiary of GPRE (“Holdings”) and GPLP Merger Sub LLC, a Delaware limited liability company and a wholly owned subsidiary of Holdings (“Merger Sub”), entered into an Agreement and Plan of Merger (the “Merger Agreement”), pursuant to which, upon the terms and subject to the conditions set in the Merger Agreement, Merger Sub agreed to merge with and into the Partnership, with the Partnership surviving as an indirect, wholly owned subsidiary of GPRE (the “Merger”). In connection with the consummation of the Merger, The Nasdaq Stock Market LLC (“Nasdaq”) was notified that each outstanding GPP Public Common Unit issued and outstanding immediately prior to the Effective Time was converted into the right to receive the Merger Consideration, pursuant to and subject to the terms and conditions of the Merger Agreement. The Partnership requested that Nasdaq file a notification of removal from listing on Form 25 with the SEC with respect to the delisting of the GPP Public Common Units from Nasdaq and to deregister the GPP Public Common Units under Section 12(b) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The GPP Public Common Units were suspended from trading on the Nasdaq after the closing of trading on January 9, 2024. The Partnership also intends to file a certification on Form 15 under the Exchange Act with the SEC requesting the deregistration of the GPP Public Common Units under Section 12(g) of the Exchange Act and suspending the Partnership’s reporting obligations under Section 13 and Section 15(d) of the Exchange Act.
공시 • Jan 10+ 1 more updateGreen Plains Inc. (NasdaqGS:GPRE) completed the acquisition of remaining 50.15% stake in Green Plains Partners LP (NasdaqGM:GPP) from No Street GP LP and others.Green Plains Inc. (NasdaqGS:GPRE) has submitted a proposal to acquire remaining 50.15% stake in Green Plains Partners LP (NasdaqGM:GPP) from No Street GP LP and others for approximately $150 million on May 3, 2023. Under the terms of agreement, Green Plains Inc. is proposing consideration of 0.3913 shares of Green Plains Inc. common stock for each outstanding publicly held Partnership common unit. The proposed consideration represents a value of $13.08 per common unit of the Partnership based on the closing price of Green Plains Inc.’s common stock and the Partnership's common units as of May 3, 2023. Assuming the completion of the proposed transaction, the Partnership would become a wholly owned subsidiary of Green Plains Inc., and the Partnership’s common units would cease to be publicly traded. Green Plains Inc. entered into a definitive merger agreement to acquire remaining 50.15% stake in Green Plains Partners LP (NASDAQ: GPP) from No Street GP LP and others for approximately $180 million on September 16, 2023. The proposed transaction is subject to the negotiation and execution of a definitive agreement and approval of such definitive agreement and transactions contemplated thereunder by the board of directors of Green Plains Inc., the board of directors of Green Plains Holdings LLC, and its conflicts committee. The consummation of the proposed transaction would be subject to customary closing conditions. There can be no assurance that any such approvals will be forthcoming, that a definitive agreement will be executed, or that any transaction will be consummated. As of September 18, 2023, Green Plains Inc. (NASDAQ: GPRE) and Green Plains Partners LP (NASDAQ: GPP) entered into a definitive merger agreement on September 16, 2023, pursuant to which Green Plains will acquire all of the publicly held common units of the Partnership not already owned by Green Plains and its affiliates in exchange for a combination of Green Plains common stock and cash. Under the merger agreement, each outstanding common unit of the Partnership that Green Plains and its affiliates do not already own will be converted into the right to receive 0.405 shares of Green Plains common stock and $2 in cash, plus an amount of cash equal to unpaid distributions from the end of the last quarter for which a quarterly distribution was made to the closing date, as determined in accordance with the merger agreement, without interest. The conflicts committee of the board of directors of the Partnership’s general partner (the “Conflicts Committee”), comprised entirely of independent directors, after consultation with its independent legal and financial advisors, unanimously approved the definitive merger agreement and determined it to be in the best interests of the Partnership, including the unitholders unaffiliated with Green Plains. The transaction was also approved by the board of directors of both Green Plains and the Partnership’s general partner. The transaction is expected to close in the fourth quarter of 2023, subject to the approval of the holders of a majority of the outstanding common units of the Partnership, the effectiveness of a registration statement related to the issuance of the new shares of Green Plains common stock to the Partnership’s unitholders, stock consideration issued shall have been approved for listing on Nasdaq and other customary approvals and conditions. Pursuant to a support agreement entered into in connection with the transaction, Green Plains and certain holders of Partnership common units have agreed to vote all of the Partnership common units that they own in favor of the transaction. Green Plains and such holders currently own approximately 50.1% of the outstanding Partnership common units, collectively. Green Plains Partners unitholders approved the transaction on January 5, 2024. The Partnership’s common units are expected to continue to trade on Nasdaq until the close of trading on January 9, 2024, and are expected to be suspended from trading on Nasdaq effective as of the opening of trading on January 10, 2024. Green Plains Inc. expects the proposed transaction to simplify its corporate structure and governance, generate near-term earnings and cash flow accretion, reduce SG&A expense related to the Partnership, improve the credit quality of the combined enterprise, and align strategic interests between Green Plains Inc. shareholders and the Partnership’s unitholders by regaining full ownership and control of Green Plains’ total platform, including terminal operations. BofA Securities is acting as exclusive financial advisor and Ryan J. Maierson, Tim Fenn, Bryant Lee, Adam Kestenbaum, Christopher Norton, Jason Cruise, Joseph Simei and Thomas G. Brandt of Latham & Watkins LLP acted as legal advisors to Green Plains Inc. Will Anderson of Bracewell LLP represented Evercore, financial advisor to the conflicts committee of the board of directors of Green Plains Partners LP. Evercore Group L.L.C. is acting as exclusive financial advisor and fairness opinion provider, and Tull Florey and Hillary H. Holmes of Gibson, Dunn & Crutcher LLP is acting as legal advisor to the Conflicts Committee of Green Plains Partners. Computershare, N.A. acted as transfer agent for Green Plains Inc. Green Plains will pay BofA Securities a fee of up to $4 million, $3.5 million of which will become payable upon completion of the Merger and up to $0.5 million of which is a discretionary fee, payable upon completion of the merger in an amount to be determined by GPRE in its sole discretion. Green Plains Partners agreed to pay Evercore a fee of $1 million upon rendering its opinion and a closing fee of $1.25 million upon closer of the merger in addition to a retainer fee of $0.5 million paid upon execution of engagement letter. Green Plains Inc. (NasdaqGS:GPRE) completed the acquisition of remaining 50.15% stake in Green Plains Partners LP (NasdaqGM:GPP) from No Street GP LP and others on January 9, 2024. Pursuant to the merger agreement, GPRE issued approximately 4.7 million shares of GPRE Common Stock and paid $29.2 million in cash to the GPP unaffiliated unitholders as the aggregate merger consideration. As a result of the merger, the Partnership became an indirect wholly owned subsidiary of Green Plains and the Partnership’s common units will no longer be listed on the NASDAQ, and will be deregistered under the Securities Exchange Act of 1934, as amended (the "Exchange Act").
공시 • Jan 06Green Plains Partners LP to Commence the Process of Delisting the Common Units from NasdaqGreen Plains Inc. (“Green Plains”) and Green Plains Partners LP (the “Partnership”) announced that the Partnership’s common unitholders approved that certain Agreement and Plan of Merger, dated as of September 16, 2023 (the “Merger Agreement”), by and among Green Plains, GPLP Holdings Inc., a wholly owned subsidiary of Green Plains (“Holdings”), GPLP Merger Sub LLC, a wholly owned subsidiary of Holdings (“Merger Sub”), the Partnership, and Green Plains Holdings LLC, the general partner of the Partnership, and the transactions contemplated thereby, including the merger of Merger Sub with and into the Partnership, with the Partnership surviving as an indirect, wholly owned subsidiary of Green Plains (the “Merger”). The approval of the Merger Agreement and the Merger required the affirmative vote or written consent of the holders of a majority of the Partnership’s outstanding common units. The holders of more than 62% of the Partnership’s outstanding common units as of the record date for the consent solicitation consented to and approved the Merger Agreement and the Merger by written consent. The deadline for the consent solicitation expired at 11:59 p.m. (Eastern Time) on January 4, 2024. The Merger is subject to customary closing conditions and is expected to close on January 9, 2024, at which time the Partnership will commence the process of delisting the common units from Nasdaq and deregistering the common units under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The Partnership’s common units are expected to continue to trade on Nasdaq until the close of trading on January 9, 2024, and are expected to be suspended from trading on Nasdaq effective as of the opening of trading on January 10, 2024.
Reported Earnings • Nov 02Third quarter 2023 earnings released: EPS: US$0.40 (vs US$0.43 in 3Q 2022)Third quarter 2023 results: EPS: US$0.40 (down from US$0.43 in 3Q 2022). Revenue: US$20.1m (flat on 3Q 2022). Net income: US$9.22m (down 7.4% from 3Q 2022). Profit margin: 46% (down from 50% in 3Q 2022). Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has increased by 21% per year, which means it is well ahead of earnings.
공시 • Jan 25Green Plains Partners’ Common Units No Longer be Listed on the Nasdaq as Result of the Merger with Green PlainsGreen Plains Inc. and Green Plains Partners LP reported the completion of the transactions contemplated by the previously reported Agreement and Plan of Merger (the Merger Agreement), pursuant to which Green Plains acquired all of the publicly held common units of the Partnership not already owned by Green Plains and its affiliates in exchange for a combination of 0.405 shares of Green Plains common stock and $2.00 in cash, plus an amount of cash equal to unpaid distributions from the end of the last quarter for which a quarterly distribution was made to the closing date, as determined in accordance with the Merger Agreement, without interest, for each outstanding common unit representing a limited partner interest in the Partnership (the Merger). According to a release, as a result of the Merger, the Partnership became an indirect wholly owned subsidiary of Green Plains and the Partnership's common units will no longer be listed on the NASDAQ, and will be deregistered under the Securities Exchange Act of 1934, as amended (the Exchange Act).
공시 • Jan 20Green Plains Partners LP Files Form 15Green Plains Partners LP has announced that it has filed a Form 15 with the Securities and Exchange Commission to voluntarily deregister its Common Units Representing Limited Partner Interests under the Securities Exchange Act of 1934, as amended.
공시 • Jan 11Nasdaq to File A Notification of Removal from Listing on Form 25 with the SEC with Respect to the Delisting of the GPP Public Common UnitsAs previously announced, on September 16, 2023, Green Plains Partners LP, a Delaware limited partnership (the “Partnership”), Green Plains Holdings LLC, a Delaware limited liability company and the general partner of the Partnership (the “General Partner”), Green Plains Inc., an Iowa corporation (“GPRE”), GPLP Holdings Inc., a Delaware corporation and a wholly owned subsidiary of GPRE (“Holdings”) and GPLP Merger Sub LLC, a Delaware limited liability company and a wholly owned subsidiary of Holdings (“Merger Sub”), entered into an Agreement and Plan of Merger (the “Merger Agreement”), pursuant to which, upon the terms and subject to the conditions set in the Merger Agreement, Merger Sub agreed to merge with and into the Partnership, with the Partnership surviving as an indirect, wholly owned subsidiary of GPRE (the “Merger”). In connection with the consummation of the Merger, The Nasdaq Stock Market LLC (“Nasdaq”) was notified that each outstanding GPP Public Common Unit issued and outstanding immediately prior to the Effective Time was converted into the right to receive the Merger Consideration, pursuant to and subject to the terms and conditions of the Merger Agreement. The Partnership requested that Nasdaq file a notification of removal from listing on Form 25 with the SEC with respect to the delisting of the GPP Public Common Units from Nasdaq and to deregister the GPP Public Common Units under Section 12(b) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The GPP Public Common Units were suspended from trading on the Nasdaq after the closing of trading on January 9, 2024. The Partnership also intends to file a certification on Form 15 under the Exchange Act with the SEC requesting the deregistration of the GPP Public Common Units under Section 12(g) of the Exchange Act and suspending the Partnership’s reporting obligations under Section 13 and Section 15(d) of the Exchange Act.
공시 • Jan 10+ 1 more updateGreen Plains Inc. (NasdaqGS:GPRE) completed the acquisition of remaining 50.15% stake in Green Plains Partners LP (NasdaqGM:GPP) from No Street GP LP and others.Green Plains Inc. (NasdaqGS:GPRE) has submitted a proposal to acquire remaining 50.15% stake in Green Plains Partners LP (NasdaqGM:GPP) from No Street GP LP and others for approximately $150 million on May 3, 2023. Under the terms of agreement, Green Plains Inc. is proposing consideration of 0.3913 shares of Green Plains Inc. common stock for each outstanding publicly held Partnership common unit. The proposed consideration represents a value of $13.08 per common unit of the Partnership based on the closing price of Green Plains Inc.’s common stock and the Partnership's common units as of May 3, 2023. Assuming the completion of the proposed transaction, the Partnership would become a wholly owned subsidiary of Green Plains Inc., and the Partnership’s common units would cease to be publicly traded. Green Plains Inc. entered into a definitive merger agreement to acquire remaining 50.15% stake in Green Plains Partners LP (NASDAQ: GPP) from No Street GP LP and others for approximately $180 million on September 16, 2023. The proposed transaction is subject to the negotiation and execution of a definitive agreement and approval of such definitive agreement and transactions contemplated thereunder by the board of directors of Green Plains Inc., the board of directors of Green Plains Holdings LLC, and its conflicts committee. The consummation of the proposed transaction would be subject to customary closing conditions. There can be no assurance that any such approvals will be forthcoming, that a definitive agreement will be executed, or that any transaction will be consummated. As of September 18, 2023, Green Plains Inc. (NASDAQ: GPRE) and Green Plains Partners LP (NASDAQ: GPP) entered into a definitive merger agreement on September 16, 2023, pursuant to which Green Plains will acquire all of the publicly held common units of the Partnership not already owned by Green Plains and its affiliates in exchange for a combination of Green Plains common stock and cash. Under the merger agreement, each outstanding common unit of the Partnership that Green Plains and its affiliates do not already own will be converted into the right to receive 0.405 shares of Green Plains common stock and $2 in cash, plus an amount of cash equal to unpaid distributions from the end of the last quarter for which a quarterly distribution was made to the closing date, as determined in accordance with the merger agreement, without interest. The conflicts committee of the board of directors of the Partnership’s general partner (the “Conflicts Committee”), comprised entirely of independent directors, after consultation with its independent legal and financial advisors, unanimously approved the definitive merger agreement and determined it to be in the best interests of the Partnership, including the unitholders unaffiliated with Green Plains. The transaction was also approved by the board of directors of both Green Plains and the Partnership’s general partner. The transaction is expected to close in the fourth quarter of 2023, subject to the approval of the holders of a majority of the outstanding common units of the Partnership, the effectiveness of a registration statement related to the issuance of the new shares of Green Plains common stock to the Partnership’s unitholders, stock consideration issued shall have been approved for listing on Nasdaq and other customary approvals and conditions. Pursuant to a support agreement entered into in connection with the transaction, Green Plains and certain holders of Partnership common units have agreed to vote all of the Partnership common units that they own in favor of the transaction. Green Plains and such holders currently own approximately 50.1% of the outstanding Partnership common units, collectively. Green Plains Partners unitholders approved the transaction on January 5, 2024. The Partnership’s common units are expected to continue to trade on Nasdaq until the close of trading on January 9, 2024, and are expected to be suspended from trading on Nasdaq effective as of the opening of trading on January 10, 2024. Green Plains Inc. expects the proposed transaction to simplify its corporate structure and governance, generate near-term earnings and cash flow accretion, reduce SG&A expense related to the Partnership, improve the credit quality of the combined enterprise, and align strategic interests between Green Plains Inc. shareholders and the Partnership’s unitholders by regaining full ownership and control of Green Plains’ total platform, including terminal operations. BofA Securities is acting as exclusive financial advisor and Ryan J. Maierson, Tim Fenn, Bryant Lee, Adam Kestenbaum, Christopher Norton, Jason Cruise, Joseph Simei and Thomas G. Brandt of Latham & Watkins LLP acted as legal advisors to Green Plains Inc. Will Anderson of Bracewell LLP represented Evercore, financial advisor to the conflicts committee of the board of directors of Green Plains Partners LP. Evercore Group L.L.C. is acting as exclusive financial advisor and fairness opinion provider, and Tull Florey and Hillary H. Holmes of Gibson, Dunn & Crutcher LLP is acting as legal advisor to the Conflicts Committee of Green Plains Partners. Computershare, N.A. acted as transfer agent for Green Plains Inc. Green Plains will pay BofA Securities a fee of up to $4 million, $3.5 million of which will become payable upon completion of the Merger and up to $0.5 million of which is a discretionary fee, payable upon completion of the merger in an amount to be determined by GPRE in its sole discretion. Green Plains Partners agreed to pay Evercore a fee of $1 million upon rendering its opinion and a closing fee of $1.25 million upon closer of the merger in addition to a retainer fee of $0.5 million paid upon execution of engagement letter. Green Plains Inc. (NasdaqGS:GPRE) completed the acquisition of remaining 50.15% stake in Green Plains Partners LP (NasdaqGM:GPP) from No Street GP LP and others on January 9, 2024. Pursuant to the merger agreement, GPRE issued approximately 4.7 million shares of GPRE Common Stock and paid $29.2 million in cash to the GPP unaffiliated unitholders as the aggregate merger consideration. As a result of the merger, the Partnership became an indirect wholly owned subsidiary of Green Plains and the Partnership’s common units will no longer be listed on the NASDAQ, and will be deregistered under the Securities Exchange Act of 1934, as amended (the "Exchange Act").
공시 • Jan 06Green Plains Partners LP to Commence the Process of Delisting the Common Units from NasdaqGreen Plains Inc. (“Green Plains”) and Green Plains Partners LP (the “Partnership”) announced that the Partnership’s common unitholders approved that certain Agreement and Plan of Merger, dated as of September 16, 2023 (the “Merger Agreement”), by and among Green Plains, GPLP Holdings Inc., a wholly owned subsidiary of Green Plains (“Holdings”), GPLP Merger Sub LLC, a wholly owned subsidiary of Holdings (“Merger Sub”), the Partnership, and Green Plains Holdings LLC, the general partner of the Partnership, and the transactions contemplated thereby, including the merger of Merger Sub with and into the Partnership, with the Partnership surviving as an indirect, wholly owned subsidiary of Green Plains (the “Merger”). The approval of the Merger Agreement and the Merger required the affirmative vote or written consent of the holders of a majority of the Partnership’s outstanding common units. The holders of more than 62% of the Partnership’s outstanding common units as of the record date for the consent solicitation consented to and approved the Merger Agreement and the Merger by written consent. The deadline for the consent solicitation expired at 11:59 p.m. (Eastern Time) on January 4, 2024. The Merger is subject to customary closing conditions and is expected to close on January 9, 2024, at which time the Partnership will commence the process of delisting the common units from Nasdaq and deregistering the common units under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The Partnership’s common units are expected to continue to trade on Nasdaq until the close of trading on January 9, 2024, and are expected to be suspended from trading on Nasdaq effective as of the opening of trading on January 10, 2024.
Reported Earnings • Nov 02Third quarter 2023 earnings released: EPS: US$0.40 (vs US$0.43 in 3Q 2022)Third quarter 2023 results: EPS: US$0.40 (down from US$0.43 in 3Q 2022). Revenue: US$20.1m (flat on 3Q 2022). Net income: US$9.22m (down 7.4% from 3Q 2022). Profit margin: 46% (down from 50% in 3Q 2022). Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has increased by 21% per year, which means it is well ahead of earnings.
Upcoming Dividend • Oct 26Upcoming dividend of US$0.46 per share at 13% yieldEligible shareholders must have bought the stock before 02 November 2023. Payment date: 10 November 2023. The company is paying out more than 100% of its profits and is paying out 98% of its cash flow. Trailing yield: 13%. Within top quartile of American dividend payers (5.3%). Higher than average of industry peers (4.3%).
공시 • Oct 20Green Plains Partners LP Announces Quarterly Distribution, Payable on November 10, 2023Green Plains Partners LP announced that the Board of Directors of its general partner declared a quarterly cash distribution of $0.455 per unit on all of its outstanding common units for the third quarter of 2023, or $1.82 per unit on an annualized basis. The distribution is payable on November 10, 2023, to unitholders of record at the close of business on November 3, 2023.
공시 • Oct 18Green Plains Partners LP to Report Q3, 2023 Results on Oct 31, 2023Green Plains Partners LP announced that they will report Q3, 2023 results Pre-Market on Oct 31, 2023
Price Target Changed • Sep 19Price target increased by 10% to US$16.00Up from US$14.50, the current price target is provided by 1 analyst. New target price is approximately in line with last closing price of US$15.42. The company posted earnings per share of US$1.72 last year.
Valuation Update With 7 Day Price Move • Sep 18Investor sentiment improves as stock rises 16%After last week's 16% share price gain to US$15.88, the stock trades at a trailing P/E ratio of 9.7x. Average forward P/E is 9x in the Oil and Gas industry in the US. Total returns to shareholders of 216% over the past three years.
Reported Earnings • Aug 04Second quarter 2023 earnings released: EPS: US$0.39 (vs US$0.44 in 2Q 2022)Second quarter 2023 results: EPS: US$0.39 (down from US$0.44 in 2Q 2022). Revenue: US$20.5m (up 4.4% from 2Q 2022). Net income: US$9.16m (down 11% from 2Q 2022). Profit margin: 45% (down from 53% in 2Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has increased by 18% per year, which means it is well ahead of earnings.
Upcoming Dividend • Jul 27Upcoming dividend of US$0.46 per share at 13% yieldEligible shareholders must have bought the stock before 03 August 2023. Payment date: 11 August 2023. The company is paying out more than 100% of its profits and is paying out 93% of its cash flow. Trailing yield: 13%. Within top quartile of American dividend payers (4.7%). Higher than average of industry peers (4.6%).
공시 • Jul 23Green Plains Partners LP Declares Quarterly Cash Distribution for the Second Quarter of 2023, Payable on August 11, 2023Green Plains Partners LP announced that the Board of Directors of its general partner declared a quarterly cash distribution of $0.455 per unit on all of its outstanding common units for the second quarter of 2023, or $1.82 per unit on an annualized basis. The distribution is payable on August 11, 2023, to unitholders of record at the close of business on August 4, 2023.
공시 • Jul 21Green Plains Partners LP to Report Q2, 2023 Results on Aug 04, 2023Green Plains Partners LP announced that they will report Q2, 2023 results at 9:30 AM, US Eastern Standard Time on Aug 04, 2023
Price Target Changed • May 18Price target decreased by 9.4% to US$14.50Down from US$16.00, the current price target is provided by 1 analyst. New target price is 19% above last closing price of US$12.16. The company posted earnings per share of US$1.72 last year.
공시 • May 06Green Plains Inc. (NasdaqGS:GPRE) has submitted a proposal to acquire remaining 50.15% stake in Green Plains Partners LP (NasdaqGM:GPP) for approximately $150 million.Green Plains Inc. (NasdaqGS:GPRE) has submitted a proposal to acquire remaining 50.15% stake in Green Plains Partners LP (NasdaqGM:GPP) for approximately $150 million on May 3, 2023. Under the terms of agreement, Green Plains Inc. is proposing consideration of 0.3913 shares of Green Plains Inc. common stock for each outstanding publicly held Partnership common unit. The proposed consideration represents a value of $13.08 per common unit of the Partnership based on the closing price of Green Plains Inc.’s common stock and the Partnership's common units as of May 3, 2023. Assuming the completion of the proposed transaction, the Partnership would become a wholly owned subsidiary of Green Plains Inc., and the Partnership’s common units would cease to be publicly traded. The proposed transaction is subject to the negotiation and execution of a definitive agreement and approval of such definitive agreement and transactions contemplated thereunder by the board of directors of Green Plains Inc., the board of directors of Green Plains Holdings LLC, and its conflicts committee. The consummation of the proposed transaction would be subject to customary closing conditions. There can be no assurance that any such approvals will be forthcoming, that a definitive agreement will be executed, or that any transaction will be consummated. Green Plains Inc. expects the proposed transaction to simplify its corporate structure and governance, generate near-term earnings and cash flow accretion, reduce SG&A expense related to the Partnership, improve the credit quality of the combined enterprise, and align strategic interests between Green Plains Inc. shareholders and the Partnership’s unitholders by regaining full ownership and control of Green Plains’ total platform, including terminal operations. BofA Securities is acting as exclusive financial advisor and Latham & Watkins LLP is acting as legal advisor to Green Plains Inc.
Reported Earnings • May 06First quarter 2023 earnings released: EPS: US$0.42 (vs US$0.44 in 1Q 2022)First quarter 2023 results: EPS: US$0.42 (down from US$0.44 in 1Q 2022). Revenue: US$20.8m (up 8.8% from 1Q 2022). Net income: US$9.71m (down 4.2% from 1Q 2022). Profit margin: 47% (down from 53% in 1Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has increased by 32% per year, which means it is well ahead of earnings.
Upcoming Dividend • Apr 27Upcoming dividend of US$0.46 per share at 14% yieldEligible shareholders must have bought the stock before 04 May 2023. Payment date: 12 May 2023. The company is paying out more than 100% of its profits and is paying out 92% of its cash flow. Trailing yield: 14%. Within top quartile of American dividend payers (5.0%). Higher than average of industry peers (4.7%).
Recent Insider Transactions • Mar 09Board Member recently sold US$65k worth of stockOn the 6th of March, Jerry Peters sold around 5k shares on-market at roughly US$13.03 per share. This transaction amounted to 9.7% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of US$662k more than they bought in the last 12 months.
Reported Earnings • Feb 09Full year 2022 earnings released: EPS: US$1.72 (vs US$1.71 in FY 2021)Full year 2022 results: EPS: US$1.72 (up from US$1.71 in FY 2021). Revenue: US$79.8m (up 1.7% from FY 2021). Net income: US$39.8m (flat on FY 2021). Profit margin: 50% (in line with FY 2021). Over the last 3 years on average, earnings per share has fallen by 1% per year whereas the company’s share price has fallen by 3% per year.
공시 • Jan 26Green Plains Partners LP to Report Q4, 2022 Results on Feb 08, 2023Green Plains Partners LP announced that they will report Q4, 2022 results on Feb 08, 2023
Upcoming Dividend • Jan 26Upcoming dividend of US$0.46 per share at 13% yieldEligible shareholders must have bought the stock before 02 February 2023. Payment date: 10 February 2023. The company is paying out more than 100% of its profits and is paying out 84% of its cash flow. Trailing yield: 13%. Within top quartile of American dividend payers (4.3%). Higher than average of industry peers (4.2%).
공시 • Jan 20Green Plains Partners LP Declares Cash Distribution for the Fourth Quarter of 2022, Payable on February 10, 2023Green Plains Partners LP announced that the Board of Directors of its general partner declared a quarterly cash distribution of $0.455 per unit on all of its outstanding common units for the fourth quarter of 2022, or $1.82 per unit on an annualized basis. The distribution is payable on February 10, 2023, to unitholders of record at the close of business on February 3, 2023.
Recent Insider Transactions • Nov 29President recently sold US$385k worth of stockOn the 28th of November, Todd Becker sold around 31k shares on-market at roughly US$12.27 per share. This transaction amounted to 55% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was Todd's only on-market trade for the last 12 months.
Board Change • Nov 16Insufficient new directorsNo new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 6 experienced directors. No highly experienced directors. Independent Director of Green Plains Holdings LLC Brett Riley was the last director to join the board, commencing their role in 2016. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment.
Reported Earnings • Nov 04Third quarter 2022 earnings released: EPS: US$0.43 (vs US$0.40 in 3Q 2021)Third quarter 2022 results: EPS: US$0.43 (up from US$0.40 in 3Q 2021). Revenue: US$20.1m (up 4.2% from 3Q 2021). Net income: US$9.96m (up 7.8% from 3Q 2021). Profit margin: 50% (up from 48% in 3Q 2021). Over the last 3 years on average, earnings per share has fallen by 2% per year whereas the company’s share price has fallen by 3% per year.
Upcoming Dividend • Oct 27Upcoming dividend of US$0.46 per shareEligible shareholders must have bought the stock before 03 November 2022. Payment date: 14 November 2022. The company is paying out more than 100% of its profits and is paying out 76% of its cash flow. Trailing yield: 14%. Within top quartile of American dividend payers (4.5%). Higher than average of industry peers (4.2%).
공시 • Oct 21Green Plains Partners LP Increases Quarterly Distribution for the Third Quarter of 2022, Payable on November 14, 2022Green Plains Partners LP announced that the Board of Directors of its general partner declared a quarterly cash distribution of $0.455 per unit on all of its outstanding common units for the third quarter of 2022, or $1.82 per unit on an annualized basis. The increase over the previous quarterly distribution of $0.45 per unit is the fifth consecutive increase. The distribution is payable on November 14, 2022, to unitholders of record at the close of business on November 4, 2022.
Seeking Alpha • Oct 20Green Plains Partners declares $0.455 dividendGreen Plains Partners (NASDAQ:GPP) declares $0.455/share quarterly dividend, 1.1% increase from prior dividend of $0.450. Forward yield 14.39% Payable Nov. 14; for shareholders of record Nov. 4; ex-div Nov. 3. See GPP Dividend Scorecard, Yield Chart, & Dividend Growth.
공시 • Sep 23Green Plains Inc. and Green Plains Partners LP Announces Chief Financial Officer ChangesGreen Plains Inc. announced changes to its executive leadership team. Patrich Simpkins transitions from Chief Financial Officer to Chief Transformation Officer, Jim Stark transitions from Executive Vice President to Chief Financial Officer of Green Plains and Green Plains Partners LP. Jim Stark, Chief Financial Officer, will lead all aspects of finance and accounting, including IT and Investor Relations. Mr. Stark rejoined Green Plains in January 2022 after serving as Vice President, Investor Relations at Darling Ingredients Inc. since 2019. Prior to that, Mr. Stark led Investor Relations and Media Relations at Green Plains for over 10 years.
Seeking Alpha • Aug 21Green Plains Partners: Maybe Or Maybe NotThe partnership balance sheet is in good shape. The distribution coverage is skimpy even though the distribution was just raised. The generous yield reflects parent company issues. The parent company could be forced to bankruptcy and even liquidate at some point unless a profit recovery occurs (probably soon). That means the partnership yield is compensation for extra risk and therefore does not represent a bargain. (Note: This article appeared in the newsletter on June 18, 2022 and has been updated as needed.) The argument for Green Plains Partners LP (GPP) has long been that the partnership is in good shape. The partnership further increased the distribution to $.45 per share. So, let us get in and enjoy a generous distribution. The distribution coverage is a little skimpy at 1.06. But the debt ratio level at just under 1 is one of the best for this type of company among those I follow. In this case though, the distribution indicates trouble with the main customer, not the midstream. Sometimes that can be every bit as bad or worse than trouble with the midstream partnership itself. Operations Green Plains Partners appears similar to many midstream companies that I follow. The company transports mainly ethanol or stores it while providing some ancillary services to get the mission accomplished. The company's operations are somewhat protected by volume commitments and there is a long-term relationship with the major customer. The biggest difference is that the main customer is in the ethanol (and related) business. Should that customer run into trouble, then there is a real threat of that customer liquidating and the service provided by this midstream would not be needed any more. That is a major difference from oil and gas. With oil and gas, should the main customer (if there is one) run into financial trouble, then many times the wells continue to produce. Therefore, the service provided by the midstream company continues to be needed even if volumes decline. Minimum volume commitments are likely found to be reasonable and enforceable. So, there is an excellent probability that a midstream company will continue with the business of a major customer even if that customer ends up in bankruptcy and possibly liquidates. The Main Customer The major customer in this case is Green Plains (GPRE). That customer has not shown a profit for common shareholders in the three years listed in the latest annual report. Furthermore, cash flow in the latest fiscal year report all but evaporated (cash flow from operating activities). The company did move into a profitable report with the second quarter. But it will take more than that to relieve market anxiety about the main customer. The company reports being in compliance with all the covenants listed in the debt agreements. That always helps. But a lack of profits even in a cyclical industry can be a warning sign of trouble ahead if a turnaround does not happen fast. Furthermore, the company lists some standard warnings about the debt, the debt levels, the covenants and the ability to continue financing the debt that any investor should read before investing in this company. Debt, and commodities often do not get along very well. So, it is no surprise that this company has listed a few dispositions in the annual report. The company did raise cash in the latest fiscal year. But it did it by issuing debt. That can buy a company some time. But it is clear that a recovery is needed by this company (sooner rather than later). The fiscal first quarter likewise reported a loss. Working capital remained in good shape. Short term debt ballooned past $300 million. Long- and short-term debt in total exceed cash by a like amount. The financial position is clearly not moving forward. In the fiscal second quarter there remained a current portion of long-term debt (working capital type arrangement) on the balance sheet of approximately $300 million. Total debt was approximately $900 million. That is a lot for a company that has not reported a profit in three fiscal years until the current second quarter. Management did mention that they see some hopeful trends in the future. Should that happen, then a lot of what is discussed above will fade as debt gets rapidly reduced. Still the market has a legitimate concern about the length, duration, and "if it will even occur" of any future recovery. Partnership Common Units The common units themselves have had a lackluster response to a time when a lot of income vehicles are doing rather well. Green Plains Partners Common Unit History And Key Valuation Measures (Seeking Alpha Website August 20, 2022.) As shown above, the partnership units have not really responded well as the market has shifted emphasis to value and income vehicles as the latest "sure thing". That market trepidation is likely due to the parent company uncertainties discussed above. If that is the case, then the units are unlikely to respond positively until the parent company reports a few quarters of excellent results that relieve any debt worries that the market currently has. What did happen was a tepid response to the second quarter results of the parent company as that main customer reported a profit. The yield above represents a risk factor at the parent company level (not the partnership). Therefore, investors should expect a fluctuating double digit return until the market sees sufficient satisfactory results. Green Plains, the parent company, has an additional risk in that ethanol is sold to the fuel market but the source material for ethanol is usually corn. Ethanol has other sources that can compete to some extent with corn. These two commodities vary in unrelated fashion. Therefore, it is very possible for corn prices to be "sky high" while fuel prices are very low. That would create a near disastrous situation for the parent company. Currently it appears that the corn crop should come in with a decent volume to help aid some of the high food cost situation. We still have to get through summer and all the weather risks that come with that season. But a decent corn crop would be good news for this company as fuel costs (and raw material costs) are fairly high right now. So, the ingredients of a profit recovery appear to be in place.
Recent Insider Transactions • Aug 12Chief Legal & Administration Officer recently bought US$64k worth of stockOn the 9th of August, Michelle Mapes bought around 5k shares on-market at roughly US$12.88 per share. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought US$176k more in shares than they have sold in the last 12 months.
Reported Earnings • Aug 03Second quarter 2022 earnings released: EPS: US$0.44 (vs US$0.44 in 2Q 2021)Second quarter 2022 results: EPS: US$0.44 (up from US$0.44 in 2Q 2021). Revenue: US$19.7m (flat on 2Q 2021). Net income: US$10.3m (up 2.2% from 2Q 2021). Profit margin: 53% (up from 51% in 2Q 2021). Over the last 3 years on average, earnings per share has fallen by 2% per year whereas the company’s share price has increased by 2% per year.
Seeking Alpha • Aug 02Green Plains Partners GAAP EPS of $0.44, revenue of $19.65MGreen Plains Partners press release (NASDAQ:GPP): Q2 GAAP EPS of $0.44. Revenue of $19.65M (-0.3% Y/Y).
Upcoming Dividend • Jul 28Upcoming dividend of US$0.45 per shareEligible shareholders must have bought the stock before 04 August 2022. Payment date: 12 August 2022. Payout ratio is on the higher end at 85%, however this is supported by cash flows. Trailing yield: 13%. Within top quartile of American dividend payers (4.1%). Higher than average of industry peers (4.6%).
공시 • Jul 22Green Plains Partners LP Increases Quarterly Distribution for the Second Quarter of 2022, Payable on August 12, 2022Green Plains Partners LP announced that the Board of Directors of its general partner declared a quarterly cash distribution of $0.45 per unit on all of its outstanding common units for the second quarter of 2022, or $1.80 per unit on an annualized basis. The increase over the previous quarterly distribution of $0.445 per unit is the fourth consecutive increase. The distribution is payable on August 12, 2022, to unitholders of record at the close of business on August 5, 2022.
Seeking Alpha • Jul 21Green Plains Partners raise dividend by 1% to $0.45Green Plains Partners (NASDAQ:GPP) declares $0.45/share quarterly dividend, 1.1% increase from prior dividend of $0.45. Forward yield 14.14% Payable Aug. 12; for shareholders of record Aug. 5; ex-div Aug. 4. See GPP Dividend Scorecard, Yield Chart, & Dividend Growth.
공시 • Jul 15Green Plains Partners LP to Report Q2, 2022 Results on Aug 02, 2022Green Plains Partners LP announced that they will report Q2, 2022 results Pre-Market on Aug 02, 2022
Reported Earnings • May 03First quarter 2022 earnings released: EPS: US$0.44 (vs US$0.45 in 1Q 2021)First quarter 2022 results: EPS: US$0.44 (down from US$0.45 in 1Q 2021). Revenue: US$19.1m (down 6.4% from 1Q 2021). Net income: US$10.1m (down 3.5% from 1Q 2021). Profit margin: 53% (up from 52% in 1Q 2021). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 2% per year whereas the company’s share price has fallen by 1% per year.
Upcoming Dividend • Apr 28Upcoming dividend of US$0.45 per shareEligible shareholders must have bought the stock before 05 May 2022. Payment date: 13 May 2022. Payout ratio is a comfortable 65% and this is well supported by cash flows. Trailing yield: 12%. Within top quartile of American dividend payers (3.8%). Higher than average of industry peers (4.0%).
Board Change • Apr 27Insufficient new directorsNo new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 6 experienced directors. No highly experienced directors. Independent Director of Green Plains Holdings LLC Brett Riley was the last director to join the board, commencing their role in 2016. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment.
공시 • Apr 22Green Plains Partners Lp Declares Quarterly Cash Distribution on All of Its Outstanding Common Units for the First Quarter of 202, Payable on May 13, 2022Green Plains Partners LP announced that the Board of Directors of its general partner declared a quarterly cash distribution of $0.445 per unit on all of its outstanding common units, or $1.78 per unit on an annualized basis, for the first quarter of 2022. The increase over the previous quarterly distribution of $0.44 per unit is the third consecutive increase. The distribution is payable on May 13, 2022, to unitholders of record at the close of business on May 6, 2022.
공시 • Apr 15Green Plains Partners LP to Report Q1, 2022 Results on May 02, 2022Green Plains Partners LP announced that they will report Q1, 2022 results on May 02, 2022
Recent Insider Transactions • Feb 18Insider recently bought US$73k worth of stockOn the 15th of February, Michelle Mapes bought around 5k shares on-market at roughly US$14.55 per share. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought US$53k more in shares than they have sold in the last 12 months.
Seeking Alpha • Feb 14Green Plains Partners: A Quiet Year Ahead, Luckily There's A Safe 12% Yield To EnjoyAfter significantly reducing their distributions during 2020, thankfully 2021 saw them lifted higher again with a very high 12% yield returning. Thanks to their steady cash flow performance that is underpinned by long-term minimum volume commitments, they should produce adequate free cash flow to cover this very high yield. When looking elsewhere, management has given no indications that any meaningful events are on the horizon during 2022, and thus it appears to be a quiet year ahead. Their financial position is now very healthy with very low leverage and strong liquidity, which helps support their distributions. Given the prospects to simply sit back and collect a very high double-digit yield, I still believe that maintaining my strong buy rating is appropriate.
Reported Earnings • Feb 13Full year 2021 earnings: Revenues and EPS in line with analyst expectationsFull year 2021 results: EPS: US$1.71 (down from US$1.74 in FY 2020). Revenue: US$78.5m (down 5.9% from FY 2020). Net income: US$39.6m (down 1.9% from FY 2020). Profit margin: 50% (up from 48% in FY 2020). The increase in margin was driven by lower expenses. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has fallen by 2% per year and the company’s share price has also fallen by 2% per year.
Upcoming Dividend • Jan 27Upcoming dividend of US$0.44 per shareEligible shareholders must have bought the stock before 03 February 2022. Payment date: 11 February 2022. Payout ratio is a comfortable 46% and this is well supported by cash flows. Trailing yield: 12%. Within top quartile of American dividend payers (3.6%). Higher than average of industry peers (4.2%).
Reported Earnings • Nov 05Third quarter 2021 earnings released: EPS US$0.40 (vs US$0.44 in 3Q 2020)The company reported a poor third quarter result with weaker earnings and revenues, although profit margins were flat. Third quarter 2021 results: Revenue: US$19.3m (down 10.0% from 3Q 2020). Net income: US$9.24m (down 8.5% from 3Q 2020). Profit margin: 48% (in line with 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 1% per year whereas the company’s share price has remained flat.
Seeking Alpha • Nov 05Green Plains Partners: The 11%+ Yield Returns With A 50%+ Potential UpsideGreen Plains Partners have sent their distributions surging by more than 200% after refinancing their credit facility. They can cover these new distribution payments with their ample free cash flow, although there is little scope for growth given their almost non-existent capital expenditure. Thanks to their very low leverage and strong liquidity, their financial position is very healthy and thus their distributions are safe and sustainable. Based upon my Monte Carlo Simulation, it appears that their intrinsic value is at least 50%+ higher than their current unit price even without any future growth. Given these very impressive prospects to generate significant alpha, I believe that upgrading my rating to very bullish is now appropriate.
Upcoming Dividend • Oct 28Upcoming dividend of US$0.43 per shareEligible shareholders must have bought the stock before 04 November 2021. Payment date: 12 November 2021. Trailing yield: 11%. Within top quartile of American dividend payers (3.5%). Higher than average of industry peers (4.3%).
Seeking Alpha • Aug 05Green Plains Partners: Time To Get Bullish, Safe 10%+ Yield Is Coming Very SoonGreen Plains Partners has successfully shed their previously choking credit facility through refinancing and thus has flagged much higher distributions are coming very soon. Their commentary indicates that these are likely to result in a very high distribution yield of over 10%. Their cash flow performance continues to be steady and should be capable of adequately funding these with free cash flow. They also have a very healthy financial position to lend further support that has very low leverage and adequate liquidity. Whilst I have previously been wary of their units given their credit facility repayment schedule, now that this has been resolved, I believe that upgrading to a bullish rating is appropriate.
Reported Earnings • Aug 04Second quarter 2021 earnings released: EPS US$0.44 (vs US$0.43 in 2Q 2020)The company reported a decent second quarter result with improved earnings and profit margins, although revenues were weaker. Second quarter 2021 results: Revenue: US$19.7m (down 3.3% from 2Q 2020). Net income: US$10.1m (up 1.1% from 2Q 2020). Profit margin: 51% (up from 49% in 2Q 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 1% per year whereas the company’s share price has fallen by 6% per year.
Executive Departure • Aug 03Independent Director of Green Plains Holdings LLC Martin Salinas has left the companyOn the 26th of July, Martin Salinas' tenure as Independent Director of Green Plains Holdings LLC ended after 3.1 years in the role. As of March 2021, Martin still personally held 28.21k shares (US$348k worth at the time). Martin is the only executive to leave the company over the last 12 months. The current median tenure of the management team is 3.58 years.
Upcoming Dividend • Jul 29Upcoming dividend of US$0.12 per shareEligible shareholders must have bought the stock before 05 August 2021. Payment date: 13 August 2021. Trailing yield: 3.6%. Within top quartile of American dividend payers (3.5%). Lower than average of industry peers (5.0%).
Valuation Update With 7 Day Price Move • Jul 27Investor sentiment improved over the past weekAfter last week's 16% share price gain to US$13.46, the stock trades at a trailing P/E ratio of 7.7x. Average forward P/E is 10x in the Oil and Gas industry in the US. Total returns to shareholders of 11% over the past three years.
Reported Earnings • May 05First quarter 2021 earnings released: EPS US$0.45 (vs US$0.44 in 1Q 2020)The company reported a solid first quarter result with improved earnings and profit margins, although revenues were flat. First quarter 2021 results: Revenue: US$20.4m (flat on 1Q 2020). Net income: US$10.5m (up 3.4% from 1Q 2020). Profit margin: 52% (up from 50% in 1Q 2020). Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has fallen by 8% per year, which means it is performing significantly worse than earnings.
Upcoming Dividend • Apr 29Upcoming dividend of US$0.12 per shareEligible shareholders must have bought the stock before 06 May 2021. Payment date: 14 May 2021. Trailing yield: 4.0%. Within top quartile of American dividend payers (3.5%). Lower than average of industry peers (5.0%).
Valuation Update With 7 Day Price Move • Mar 09Investor sentiment improved over the past weekAfter last week's 26% share price gain to US$13.04, the stock is trading at a trailing P/E ratio of 7.5x, up from the previous P/E ratio of 5.9x. This compares to an average P/E of 11x in the Oil and Gas industry in the US. Total returns to shareholders over the past three years were flat.
Is New 90 Day High Low • Feb 27New 90-day high: US$10.13The company is up 17% from its price of US$8.63 on 27 November 2020. The American market is up 3.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Oil and Gas industry, which is up 26% over the same period.
Reported Earnings • Feb 12Full year 2020 earnings released: EPS US$1.74 (vs US$1.76 in FY 2019)The company reported a solid full year result with improved revenues, although earnings and profit margins were flat. Full year 2020 results: Revenue: US$83.3m (up 1.2% from FY 2019). Net income: US$40.3m (flat on FY 2019). Profit margin: 48% (in line with FY 2019). Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has fallen by 18% per year, which means it is performing significantly worse than earnings.
Analyst Estimate Surprise Post Earnings • Feb 12Revenue beats expectationsRevenue exceeded analyst estimates by 0.07%. Over the next year, revenue is forecast to grow 2.5%, compared to a 24% growth forecast for the Oil and Gas industry in the US.
공시 • Feb 08Green Plains Partners LP to Report Q4, 2020 Results on Feb 09, 2021Green Plains Partners LP announced that they will report Q4, 2020 results After-Market on Feb 09, 2021
공시 • Jan 28Green Plains Ord, LLC entered into an asset purchase agreement to acquire Ethanol Storage and transportation assets of Green Plains Partners LP. from Green Plains Partners LP (NasdaqGM:GPP) for $27 million.Green Plains Ord, LLC entered into an asset purchase agreement to acquire Ethanol Storage and transportation assets of Green Plains Partners LP. from Green Plains Partners LP (NasdaqGM:GPP) for $27 million on January 25, 2021. The consideration will be paid in cash. The terms of this transaction were approved by both the board of directors of the general partner and the board of directors’ conflicts committee, which consists entirely of independent directors. The consideration amount will be used to pay down the debt. The transaction is subject to customary closing conditions and is expected to close in the next 45 days.
Upcoming Dividend • Jan 28Upcoming Dividend of US$0.12 Per ShareWill be paid on the 12th of February to those who are registered shareholders by the 4th of February. The trailing yield of 5.1% is in the top quartile of American dividend payers (3.9%), but it is lower than industry peers (6.2%).
Is New 90 Day High Low • Jan 13New 90-day high: US$9.25The company is up 16% from its price of US$8.00 on 14 October 2020. The American market is up 12% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Oil and Gas industry, which is up 39% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is US$14.78 per share.
Is New 90 Day High Low • Nov 24New 90-day high: US$8.57The company is up 1.0% from its price of US$8.45 on 25 August 2020. The American market is up 6.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Oil and Gas industry, which is up 5.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is US$14.05 per share.
Reported Earnings • Nov 07Third quarter 2020 earnings released: EPS US$0.44The company reported a solid third quarter result with improved earnings and revenues, although profit margins were weaker. Third quarter 2020 results: Revenue: US$21.4m (up 6.1% from 3Q 2019). Net income: US$10.1m (up 1.7% from 3Q 2019). Profit margin: 47% (down from 49% in 3Q 2019). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has fallen by 26% per year, which means it is performing significantly worse than earnings.
Analyst Estimate Surprise Post Earnings • Nov 07Revenue and earnings beat expectationsRevenue exceeded analyst estimates by 6.0%. Earnings per share (EPS) also surpassed analyst estimates by 2.3%. Over the next year, revenue is forecast to grow 1.5%, compared to a 8.5% growth forecast for the Oil and Gas industry in the US.
Upcoming Dividend • Oct 29Upcoming Dividend of US$0.12 Per ShareWill be paid on the 13th of November to those who are registered shareholders by the 5th of November. The trailing yield of 6.2% is in the top quartile of American dividend payers (4.9%), but it is lower than industry peers (8.9%).
공시 • Oct 10Green Plains Partners LP to Report Q3, 2020 Results on Nov 04, 2020Green Plains Partners LP announced that they will report Q3, 2020 results at 5:00 PM, Eastern Standard Time on Nov 04, 2020
공시 • Jul 17Green Plains Partners LP to Report Q2, 2020 Results on Aug 03, 2020Green Plains Partners LP announced that they will report Q2, 2020 results at 5:00 PM, Eastern Standard Time on Aug 03, 2020
