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Rattler Midstream 대차대조표 건전성
재무 건전성 기준 점검 3/6
핵심 정보
62.04%
부채/자본 비율
US$725.96m
부채
| 이자보상배율 | 5.2x |
| 현금 | US$17.78m |
| 자본 | US$1.17b |
| 총부채 | US$831.56m |
| 총자산 | US$2.00b |
최근 재무 건전성 업데이트
분석 기사 • May 30
We Think Rattler Midstream (NASDAQ:RTLR) Is Taking Some Risk With Its Debt
Warren Buffett famously said, 'Volatility is far from synonymous with risk.' So it might be obvious that you need to...분석 기사 • Jan 05
Here's Why Rattler Midstream (NASDAQ:RTLR) Can Manage Its Debt Responsibly
Legendary fund manager Li Lu (who Charlie Munger backed) once said, 'The biggest investment risk is not the volatility...Recent updates
Seeking Alpha • Jun 30
Rattler Midstream: Rearranged Portfolio Performs Well
The partnership posted a positive comparison to the previous fiscal year first quarter. But Rattler Midstream's results slipped somewhat from the fourth quarter. This was the first quarter that had the effect of a sale and some acquisitions. Therefore any comparisons may not be apples to apples. Cash flow climbed from the equity investments and is expected to continue to climb. The swing from the capital contributions to the joint ventures to now climbing cash income will be very significant to the partnership. Author's note: This article was originally posted May 3, 2022, in the Marketplace service, and has been updated to include current information. Rattler Midstream (RTLR) posted a positive comparison for the first quarter. Management, however, focused the market attention on a fourth quarter comparison which was not favorable. But the comparison may be overly conservative because the fourth quarter saw some rearrangement of the company portfolio of projects. Therefore, a quarter or two of "housecleaning" may be in order before results are comparable. So, why write this now after Diamondback Energy (FANG) announced they would acquire Rattler? Simply because Rattler has put itself in a position to grow earnings without a lot of capital needs. This may not be a large part of Diamondback once it is merged back into the company. However, the ability to generate more cash without a lot of capital expenditures is in sharp contrast to the unconventional business. Any sort of cash flow (which will now translate into cost savings) is a big deal in a cyclical industry. Furthermore, I intend to keep my Diamondback shares received as that dividend is rapidly growing. I may be "stuck" with the base dividend alone during a downturn. But Diamondback has a long history of accretive acquisitions. That history is very likely to continue the base dividend growth in the future. Rattler Midstream First Quarter Results And Portfolio Positioning (Rattler Midstream First Quarter 2022, Earnings Conference Call Slides) Clearly management made some moves to rearrange the operations so that the organization overall would have the needed assets in the right place. That led to a decline in earnings from the fourth quarter as management noted. Anytime the portfolio gets rearranged, there will be some one-time fees and optimization expenses. Since growth in the midstream industry is often single digits, then investors should not be surprised that there was a first quarter decline in earnings when compared to the fourth quarter. The reported earnings were still better than the year ago period. Now that the industry recovery is clearly on the way, there is likely to be some better earnings on the horizon. That does not mean there won't be a pause for some optimization expenses as well as the continuing Diamondback Energy (FANG) effort to continue to optimize acquisitions made. Rattler Midstream First Quarter Cash Flow From Operating Activities (Rattler Midstream First Quarter 2022, Earnings Press Release) In the meantime, cash flow took a significant jump in the right direction during the first quarter. The prime reason for the cash flow increase was the distributions received shown above. Those distributions are coming from the long-haul joint ventures where the company has substantial money invested. Rattler Midstream Presentation Of Equity Investments (Rattler Midstream First Quarter 2022, Earnings Conference Call Slides) The significance of that receipt of some income from the joint ventures means that the transition from capital expenditures to build all these pipelines has begun to transition to a cash inflow for all the expenditures listed above. That is a tremendous cash swing in the right direction for a company of this size. Things like the OPEC pricing war followed by the coronavirus demand destruction delayed the transition to bigger cash receipts. The pipelines were not going to fill up without a more favorable pricing environment. That environment has now arrived. Evidently profits to distribute to the partners is now beginning to happen. The key for any Diamondback holder is that there are hundreds of millions of dollars in the long-haul pipeline. Long-term cash flow from those investments is about to accelerate in this environment of higher prices. Diamondback is going to be "in the catbird seat" holding interests in pipelines with excess capacity in a basin that is known to run into takeaway issues during the boom periods. The result is probably a rising return to a fair amount for all the partners including this company that spent some years building all of this. For Diamondback shareholders, those investments will be an important source of future earnings growth (and cash flow growth) that is not dependent upon the plans of Diamondback Energy. Note that there are still some capital contributions expected. But all the joint ventures shown above are now in service. So, there will be a way to fund any necessary capital contributions from the earnings of the joint ventures. The days of contributing large amounts of capital are clearly over. Rattler Midstream Presentation Of Diamondback Energy Growth History And Guidance (Rattler Midstream First Quarter 2022, Earnings Conference Call Slides) So far, the guidance offered by Diamondback Energy is for production about the same as the previous fiscal year. Then again, management made a small acquisition in the first quarter. This main Rattler customer has a long history of growing by acquisitions. So, the current "no growth" guidance could change not only with a small acquisition or two but also from the continuing advance of technology. The other consideration is that Rattler does not service all of the Diamondback operations. Therefore, Rattler can and is in fact very likely to show some growth in the current fiscal year despite the plans of the major customer. Once Rattler is acquired, that Rattler growth will likely translate into cost reductions for Diamondback customers. That means that earnings due to cost reductions may grow even if Diamondback itself does not grow production. Per share growth plans are likely to be enhanced by the repurchase of company shares from time to time. Management obviously believes the shares offer a good deal or the cash would be used elsewhere (or the distribution would be increased). It is very likely that shareholders need to be patient for a quarter or two. The operational picture of the new portfolio acquisitions is likely to clear up considerably by then. In the meantime, the partnership offers a distribution that usually has a considerable tax-free portion until the growth opportunities show on the quarterly reports. Currently, Diamondback management is reacting to the tight labor market and possible transportation constraints. But historically, this management and much of the industry will sooner or later react to the strong commodity pricing environment. That means the midstream business will at some point at least consider and probably will execute a major growth project or two. But that is nothing close to the growth and cash flow needs of the past.Seeking Alpha • May 01
Rattler Midstream Continues The Growth Story While Raising The Distribution
The distribution increased 20% effective in the current calendar year. The debt ratio will remain at a midstream industry leading 2.0 or lower. Common unit purchases will continue opportunistically. EBITDA is forecast to grow. Not much capital expenditures is needed in the near future to accommodate growth plans.Seeking Alpha • Mar 21
Rattler Midstream: Another Big Distribution Increase, Although Expect A Wait For More
After already providing a big distribution increase as recently as the middle of 2021, Rattler Midstream has kicked-off 2022 with another big increase. This follows a solid year of cash flow performance that comes with an outlook for further double-digit growth year-on-year during 2022. Although at the same time, their higher capital expenditure guidance leaves very little room to fund higher distributions for the time being. Thankfully, this could change in 2023 and beyond as their earnings increase thanks to their higher capital expenditure, thereby providing scope for distribution growth to restart. Even though it seems wise to expect a wait for higher distributions, I still believe that a buy rating is appropriate given their already desirable high yield of 9%.분석 기사 • Feb 27
Rattler Midstream (NASDAQ:RTLR) Is Paying Out A Larger Dividend Than Last Year
Rattler Midstream LP ( NASDAQ:RTLR ) will increase its dividend on the 14th of March to US$0.30. This will take the...Seeking Alpha • Jan 08
Rattler Midstream: Keep Your Eyes On The Joint Ventures
Cash investments are nearly complete for all the joint ventures. Therefore, cash flow to invest has now become cash flow from joint venture distributions. There is a lot of capacity to fill without much capital demand needed to fill that capacity. At some point, cash flow will grow substantially as volumes handled increase across the business. This company offers that rare combination of growth and income.Seeking Alpha • Nov 29
Rattler Midstream: Growth Paths Become More Apparent
This midstream is likely to grow faster than the average midstream company in the future. The joint ventures have moved from cash needing to cash flow. There has been a good looking dropdown and another investment in the current fiscal year. Lots of free cash flow to reinvest or distribute in the future is a good possibility. There are more opportunities ahead as Diamondback continues its likely historical rates of acquisitions combined with slower growth rates.분석 기사 • Nov 07
Rattler Midstream (NASDAQ:RTLR) Is Increasing Its Dividend To US$0.25
The board of Rattler Midstream LP ( NASDAQ:RTLR ) has announced that it will be increasing its dividend on the 22nd of...Seeking Alpha • Oct 17
Rattler Midstream LP: 8% Yield, Outperforming, Strong Q2 Growth, No K-1
RTLR yields 7.7%, with a conservative 19.78% Free Cash Flow Payout Ratio. It has several new projects online in 2021, with capex quickly winding down, which will pump up its Free Cash Flow. It has outperformed the market, but still looks undervalued vs. midstream averages.Seeking Alpha • Sep 06
Rattler Midstream: Here Comes The Distribution Again
The distribution increased to $1 annual rate. Common Unit buybacks make less economic sense. The accumulating cash may be used to finance dropdowns from Diamondback Energy. The joint ventures will finally generate more cash than they need for investments. Diamondback will likely grow rapidly. That likely means that Rattler will also likely grow rapidly.Seeking Alpha • Aug 28
Rattler Midstream: Big Dividend Increase With Even More To Follow
The small and relatively underfollowed Rattler Midstream has rewarded their unitholders with an impressive 25% increase to their already high-yielding distributions. After a rough first quarter of 2021, they saw very strong performance during the second quarter with their operating cash flow rebounding. When combined with their further capital expenditure reductions, they have ample free cash flow to not only cover their new distribution payments but also see even more growth. They also saw their net debt plunge by an impressive 10% during the second quarter of 2021 alone, which helps strengthen their already healthy financial position. Despite being named after a deadly snake, this rattler should not poison your portfolio and thus I still believe that my bullish rating is appropriate.분석 기사 • Aug 12
We Think That There Are More Issues For Rattler Midstream (NASDAQ:RTLR) Than Just Sluggish Earnings
Rattler Midstream LP's ( NASDAQ:RTLR ) stock showed strength after its weak earnings report. Sometimes, shareholders...분석 기사 • May 30
We Think Rattler Midstream (NASDAQ:RTLR) Is Taking Some Risk With Its Debt
Warren Buffett famously said, 'Volatility is far from synonymous with risk.' So it might be obvious that you need to...분석 기사 • May 07
Rattler Midstream LP Earnings Missed Analyst Estimates: Here's What Analysts Are Forecasting Now
As you might know, Rattler Midstream LP ( NASDAQ:RTLR ) recently reported its quarterly numbers. It looks like a pretty...분석 기사 • May 06
Rattler Midstream LP's (NASDAQ:RTLR) Intrinsic Value Is Potentially 71% Above Its Share Price
Today we will run through one way of estimating the intrinsic value of Rattler Midstream LP ( NASDAQ:RTLR ) by...분석 기사 • Mar 18
Rattler Midstream LP (NASDAQ:RTLR) Stock Is Going Strong But Fundamentals Look Uncertain: What Lies Ahead ?
Rattler Midstream's (NASDAQ:RTLR) stock is up by a considerable 19% over the past three months. However, we decided to...분석 기사 • Feb 28
Don't Race Out To Buy Rattler Midstream LP (NASDAQ:RTLR) Just Because It's Going Ex-Dividend
Rattler Midstream LP ( NASDAQ:RTLR ) is about to trade ex-dividend in the next 4 days. You can purchase shares before...분석 기사 • Feb 16
Will Rattler Midstream's (NASDAQ:RTLR) Growth In ROCE Persist?
There are a few key trends to look for if we want to identify the next multi-bagger. In a perfect world, we'd like to...분석 기사 • Jan 26
Is Rattler Midstream LP (NASDAQ:RTLR) A Good Dividend Stock?
Could Rattler Midstream LP ( NASDAQ:RTLR ) be an attractive dividend share to own for the long haul? Investors are...분석 기사 • Jan 05
Here's Why Rattler Midstream (NASDAQ:RTLR) Can Manage Its Debt Responsibly
Legendary fund manager Li Lu (who Charlie Munger backed) once said, 'The biggest investment risk is not the volatility...분석 기사 • Dec 15
Rattler Midstream LP's (NASDAQ:RTLR) Stock Is Going Strong: Have Financials A Role To Play?
Rattler Midstream's (NASDAQ:RTLR) stock is up by a considerable 35% over the past three months. Given that stock prices...분석 기사 • Nov 24
An Intrinsic Calculation For Rattler Midstream LP (NASDAQ:RTLR) Suggests It's 28% Undervalued
How far off is Rattler Midstream LP (NASDAQ:RTLR) from its intrinsic value? Using the most recent financial data...재무 상태 분석
단기부채: RTLR 의 단기 자산 ( $97.0M )이 단기 부채( $67.7M ).
장기 부채: RTLR의 단기 자산($97.0M)이 장기 부채($763.9M)를 충당하지 못합니다.
부채/자본 비율 추이 및 분석
부채 수준: RTLR 의 순부채 대 자기자본 비율( 60.5% )은 높음으로 간주됩니다.
부채 감소: 지난 5년 동안 RTLR의 부채 대비 자본 비율이 감소했는지 판단하기에 데이터가 부족합니다.
부채 범위: RTLR 의 부채는 영업 현금 흐름 ( 34.8% )에 의해 잘 충당되었습니다.
이자 보장: RTLR 의 부채에 대한 이자 지급은 EBIT(5.2x 적용 범위)로 잘 충당됩니다.
대차대조표
건전한 기업 찾아보기
기업 분석 및 재무 데이터 상태
| 데이터 | 최종 업데이트 (UTC 시간) |
|---|---|
| 기업 분석 | 2022/08/25 23:20 |
| 종가 | 2022/08/23 00:00 |
| 수익 | 2022/06/30 |
| 연간 수익 | 2021/12/31 |
데이터 소스
당사의 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.
| 패키지 | 데이터 | 기간 | 미국 소스 예시 * |
|---|---|---|---|
| 기업 재무제표 | 10년 |
| |
| 분석가 컨센서스 추정치 | +3년 |
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| 시장 가격 | 30년 |
| |
| 지분 구조 | 10년 |
| |
| 경영진 | 10년 |
| |
| 주요 개발 | 10년 |
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* 미국 증권에 대한 예시이며, 비(非)미국 증권에는 해당 국가의 규제 서식 및 자료원을 사용합니다.
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산업 및 섹터 지표
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분석가 소스
Rattler Midstream LP는 16명의 분석가가 다루고 있습니다. 이 중 3명의 분석가가 우리 보고서에 입력 데이터로 사용되는 매출 또는 수익 추정치를 제출했습니다. 분석가의 제출 자료는 하루 종일 업데이트됩니다.
| 분석가 | 기관 |
|---|---|
| Christopher Tillett | Barclays |
| Ujjwal Pradhan | BofA Global Research |
| Kyle May | Capital One Securities, Inc. |