Crestwood Equity Partners LP

NYSE:CEQP.PR 주식 리포트

시가총액: US$3.0b

This company has been acquired

The company may no longer be operating, as it has been acquired. Find out why through their latest events.

Crestwood Equity Partners 향후 성장

Future 기준 점검 3/6

Crestwood Equity Partners 의 수익은 연간 2.9% 감소할 것으로 예상되는 반면, 연간 수익은 20.8% 로 증가할 것으로 예상됩니다. EPS는 연간 23.2% 만큼 성장할 것으로 예상됩니다. 자기자본이익률은 3년 후 18.3% 로 예상됩니다.

핵심 정보

20.8%

이익 성장률

23.16%

EPS 성장률

Oil and Gas 이익 성장11.2%
매출 성장률-2.9%
향후 자기자본이익률18.31%
애널리스트 커버리지

Low

마지막 업데이트03 Nov 2023

최근 향후 성장 업데이트

업데이트 없음

Recent updates

Seeking Alpha • Nov 02

Crestwood: Small Delay In Volume Growth Should Correct This Quarter And Next

Summary Small decline in midpoint of EBITDA guidance due in part to Marcellus sale and production delays from Williston production volume. Balance sheet remains in great shape. Distribution coverage remains robust. Shareholder and asset base clean-up are important for simplifying story and removing overhangs. The Quarter Crestwood (CEQP) reported a lighter than expected quarter this morning (11/2) with EBITDA coming in at $209 million versus expectations of around $223 million. It was a funky quarter given all of the moving parts including the closing of the Sendero Midstream acquisition, the sale of the Marcellus assets (which closed on October 25th), and the repurchase of the units held by Chord (CHRD). I outlined these moves in my most recent write up on the company. That all said, management largely blamed the "miss" this quarter on completion delays of wells primarily in the Williston basin. Per the conference call, the delay traces back to the severe weather in the area in April, which then pushed back a bunch of completions primarily from the third quarter into the fourth quarter and a few into Q1 next year. This issue similarly impacted the second quarter so it's a bit disappointing that it was not resolved this quarter. However, not only do I trust management and take them at their word, but I have heard of delays from other producers, and the fact that there are rigs working in both the Williston and the Permian gives me confidence that producers are active and drilling. The sale of the Marcellus assets and the push from Q3 to Q4 and part of Q1 led to a small cut to the midpoint of EBITDA guidance for the year from $820 million to $790 million. The $30 million reduction is broken down by about $5-7 million coming from the Marcellus sale and the rest from the delay. If history is any guide, then the company will likely hit or exceed the high point of the new guide range of $780-$800 million. While this is not ideal, I don't think a $20 million or so delay of EBITDA should mean much to the stock, particularly when the Sendero acquisition is "going better than expected" according to management on the call and the amount of drilling activity in both major geographies. I'll also add that the distribution remains extremely well covered at close to 2x and the balance sheet is in great shape at just over 4x, which should come down to toward the 3.5x range as the Sendero acquisition is absorbed and new wells come online. Valuation I am changing EBITDA from my last write-up to reflect the revised guidance. The company usually hits or exceeds the high end of its guidance but given now two quarters of slight EBITDA disappointment, it pays to give them the room. That brings the multiple up to 9.5x although the run-rate is over $840 million and I suspect $900 million+ is in reach for next year.
Seeking Alpha • Oct 16

Go With The Flow: Outperforming Energy Preferreds From Crestwood And DCP Midstream, Yielding 8-9%

Summary The energy sector is the only positive sector in 2022 and over the last year. We profile three outperforming Energy stocks still selling at discounts. The yields run from 8.2% to 9.5%, with potential total returns of 10% to 15%.
Seeking Alpha • Sep 23

Crestwood Equity Partners: Unique Preferred Units, 9% Yield, Strong Coverage

Summary CEQP's preferred units yield 9.23% and pay quarterly. They have stronger investor protections than most preferreds. The preferred distribution coverage factor is 5.43X. Do you own any preferred stocks? Certain preferreds have held up much better than the market so far in 2022. The Crestwood Equity Partners LP, 9.25% Preferred Partnership Units (CEQP.PR) are one example of this. These preferred units are down -7% in 2022, vs. a -20.5% pullback for the S&P 500. In addition, when you consider their 9% yield, they're nearly at breakeven, on a total return basis. Hidden Dividend Stocks Plus Profile: The CEQP.PR units have more investor protections than your average preferred shares, having been part of a Crestwood merger deal back in 2015. The preferred units are entitled to a cumulative distribution of $0.2111/quarter. However, if Crestwood fails to pay the Preferred Distribution in full in cash, then until such time as all accrued and unpaid Preferred Distributions are paid in full in cash, the Distribution Amount will increase to $0.2567 per quarter; Crestwood won't be permitted to declare or make any distributions in respect of any Junior Securities (including the common units) and; ((B)) subject to certain exceptions, certain preferred unitholders shall receive the board designation rights. If a Change of Control (as defined in the Partnership Agreement Amendment) (other than a Cash COC Event) occurs, then each preferred unitholder shall, at its sole discretion: (i) convert its preferred units into common units, at the then applicable Conversion Ratio, subject to the payment of any accrued but unpaid distributions to the date of conversion; (iii) if (1) either ((X)) we are not the surviving entity or ((Y)) we are the surviving entity but the common units are no longer listed on the New York Stock Exchange or another national securities exchange and (2) the consideration per common unit exceeds $10.00, require us to use our best efforts to deliver to such preferred unitholders a mirror security to the preferred units in the surviving entity (iii) if we are the surviving entity and the consideration per common unit exceeds $10.00, continue to hold its preferred units; or (iv) require us to redeem its preferred units at a price of $9.218573 per preferred unit, plus accrued and unpaid distributions to the date of such redemption (which redemption may be paid, in the sole discretion of the general partner, in cash or in common units, in accordance with the terms of the Partnership Agreement Amendment). (prospectus) There's also a conversion feature, which allows preferred unitholders to convert all or any portion of their preferred units into common units, at the then applicable Conversion Ratio. The preferred units have the same voting rights as the common units. qntmnln At its 9/22/22 intraday price of $9.15, CEQP.PR yields 9.23%. They go ex-dividend and pay in a Feb/May/Aug/Nov. schedule, and should go ex-dividend next on ~11/4/22. Unlike most preferreds, there's no call date for CEQP.PR. Hidden Dividend Stocks Plus The coverage for these preferred distributions was in a 4.66X to 4.72X range for 2020 and 2021, and increased by ~12% in Q1-2 '22, to a strong 5.43X figure: Hidden Dividend Stocks Plus Taxes: Unitholders receive a K-1 report at tax time. Company Profile: Crestwood Equity Partners LP (CEQP) is a publicly-traded master limited partnership that owns and operates midstream assets located primarily in the Williston Basin, Delaware Basin, Powder River Basin and Marcellus Shale. Its operations and financial results are divided into three segments that include Gathering & Processing North, Gathering & Processing South and Storage & Logistics. Across its three segments, CEQP is engaged in the gathering, processing, treating, compression, storage and transportation of natural gas; storage, transportation, terminalling and marketing of NGLs; gathering, storage, transportation, terminalling and marketing of crude oil; and gathering and disposal of produced water. (CEQP site) CEQP site The Gathering & Processing North segment is by far the largest, with 70% of estimated 2022 EBITDA, with the G&P South segment at 20%, and the Storage & Logistics segment at 10%. Management is allocating 55% capex to G&P North, 40% to G&P South, and 5% to the S&L segment. Much of CEQP's 2022 capital program is centered around integrating Crestwood's legacy systems with many of its newly acquired assets. CEQP site Management has made several recent acquisitions in order to ramp up its assets, including Oasis for $1.8B, Sendero for $600M, and FirstReserve's interest in a Crestwood JV: CEQP site 56% of Crestwood's cash flow is generated by gas, with oil and water producing 30%, and NGLs kicking in 14%. There's resilience vs. roiling commodity markets, in that 81% of cash flow is covered by fixed fee/take or pay contracts with several well-known oil majors: CEQP site Earnings: CEQP has had major revenue growth in 2021 and so far in 2022, due to its acquisitions and organic expansion projects being put into service. Net income, which includes several non-cash expenses, the major one being depreciation and amortization, is often very lumpy for midstream firms. Instead, investors look at EBITDA, which is up over 13% so far in 2022, and distributable cash flow, DCF, which is up 15.76%. Interest expense is up ~7%, due to more assets to finance. Hidden Dividend Stocks Plus Growth Projects: Management has several more growth projects in the works for 2022 in each of its segments, with the Williston Basin getting ~$115M in capex, and the Delaware Basin getting $90M; while the Powder River and NGL assets are getting ~$5 to $10M: CEQP site
Seeking Alpha • Sep 13

Crestwood: Busy Afternoon

Summary Crestwood selling Marcellus Assets for $205 million. Final step in rationalizing the asset portfolio. Chord Energy selling its stake in the company removing overhang. Company repurchasing $125 million of units. Company well positioned to hit 3.5x leverage target in 2023. Monday Announcements: After the close today (Monday Sept 12th), Crestwood (NYSE:CEQP) made a series of announcements that I believe both finish rationalizing the portfolio of assets and remove a large overhang on the units. The sale of its Marcellus Assets to Antero Midstream (AM) The sale of 11.4 million of its units by the largest shareholder Chord Energy (CHRD), formerly Oasis Petroleum The purchase of $125 million of those units from CHRD at the secondary offering price I'll take these one at a time. The sale of the Marcellus assets was pretty heavily telegraphed and was something I speculated on in previous write-ups on the company. The Marcellus was the smallest footprint and growth there was largely capped as the company was primarily servicing acreage owned by Antero Resources (AR), which abutted acreage serviced by Antero Midstream (AM). AR has definitely prioritized AM-serviced acreage at the expense of CEQP in the past, and there was no real prospect to scale in this geography. Unfortunately, this dynamic made AM the only real buyer of the assets. Consequently, the company only got $205 million or about 7x 2023 EBITDA for the sale, which looks cash flow neutral to slightly dilutive. However, the sale focuses management and the proceeds helped out in the unit transactions the company also announced today.
Seeking Alpha • Jul 26

Crestwood: Winter Weather Impacted The Quarter But Investment Thesis Intact

Crestwood's adjusted EBITDA of $180 million for Q2 was up 23% year over year. Distributable Cash Flow of $108 million was up 26% year over year. $13mm impact from late winter/early spring storms in Williston Basin. Volume growth is projected for 2022 and into 2023. It raised the bottom end of 2022 Adjusted EBITDA guidance and narrowed the range of Distributable Cash Flow. Second Quarter Performance Crestwood (CEQP) reported a decent but weather-impacted quarter this morning (July 26th). Adjusted EBITDA and Distributable Cash Flow came in $180 million and $108 million, respectively. Snowstorms in April and May dumped four feet of snow, which impacted the Williston Basin (Bakken) in particular with power outages. Management estimated these storms cost about $13 million. The good news is management feels confident that this Q2 shortfall can be made up during the rest of the year thanks to healthy rig activity in the three major regions: Bakken, Powder River, and Delaware Basin. I'll also highlight that even with the winter weather and higher unit count, the company finished the quarter with 1.7x distribution coverage. The balance sheet also remains in excellent shape, finishing Q2 with $2.9 billion of debt and 3.7x leverage. Updated Guidance Even with the time shifts in the Williston Basin, the company raised the bottom end of its Adjusted EBITDA guidance for the year from $780 million to $800 million. The company lays out its guidance picture very clearly in its most recent presentation (slide 10). Below, you can see the revised 2022 guidance: 2022 Revised Guidance Table (Company Presentation) This is versus the original guidance from the Spring: Original Guidance Table (Company Presentation) As one can see, the main differences between the two tables in green are the Leverage Ratio and the Free Cash Flow after distributions. Both are impacted by a higher growth capital budget, some of which was inherited from the Sendero acquisition, the bulk of which will be spent this quarter. Crestwood Growth Capital Investment by Quarter (Company Presentation) The good news is these growth capital projects are high return (4x-6x) build multiples and therefore will leave the company exiting the year at around ~$250 million of projected Adjusted EBITDA in Q4. Geographic Location of Capital Investment (Company Presentation) Valuation I am changing EBITDA from my last write-up to reflect the revised guidance and the changes owing to closing of the Sendero and First Reserve transactions subsequent to quarter end (slightly higher debt balance and higher unit counts). I am also updating Adjusted EBITDA to reflect the new guidance. The company usually hits or exceeds the high end of its guidance but I will continue to estimate conservatively using $830 million, just inside the high end. The end result is the multiple goes down about a quarter of a turn.
Seeking Alpha • May 27

Crestwood: Flurry Of Deals That Clean Up The Portfolio

CEQP is selling Barnett Assets. It's buying First Reserve's 50% Stake in the Permian JV. It's acquiring Sendero Midstream. Net accretive deals add to the company's overall scale as well as capacity in the Permian. Balance sheet grows to size and credit metrics that take the company one step closer to investment-grade rating.
Seeking Alpha • Apr 26

Crestwood Equity Partners: 8.7% Yield And Growing

Company just raised distribution by 5%. Oasis acquisition integration ahead of schedule. Original year-end leverage targets already achieved. Volumes growing across the portfolio.
Seeking Alpha • Apr 07

Crestwood Equity Partners: New Era Of Distribution Growth Possibly Beginning

Crestwood Equity Partners recently flagged an upcoming circa 5% distribution increase, thereby possibly marking the beginning of a new era of growth. Their financial performance was solid during 2021 with their operating cash flow ever-so-slightly reaching a new record. Their earnings are set to surge in 2022 following their acquisition of Oasis Midstream, although with higher capital expenditure, their distribution coverage appears thin. Whilst they likely have scope for another increase during 2023, past this point, they require a combination of lower capital expenditure and higher earnings, given their deleveraging objectives. At least their current distributions appear safe and thus as a result, I nevertheless still believe that their high 8%+ yield makes maintaining my buy rating appropriate.
Seeking Alpha • Feb 22

Crestwood Equity Partners: Cash Keeps Flowing

$600 million of EBITDA for 2021, most in company history. $810 million midpoint of 2022 EBITDA guidance above street. Midpoint of $100 million free cash flow after $160-$180 million of growth capital expenditures and all distributions provides >2x distribution coverage and allows for return to opportunistic acquisitions. Leverage ratio targeting Low leverage ratio and increased scale thanks to Oasis Midstream Acquisition brings possibility for investment grade rating.
Seeking Alpha • Dec 25

Crestwood Equity: This 9.92%-Yielder Is Poised For Massive Growth In The Bakken

Crestwood Equity Partners is one of the largest midstream operators in the Bakken shale. The company has been seeing rising volumes through its Arrow system in the region due to a reduction in natural gas flaring. The company is poised to substantially expand its presence in the region through an acquisition that should increase its DCF by more than 50%. The company is one of the best financed in the industry with an incredibly low debt load. The 9.92% yield is easily sustainable.
Seeking Alpha • Sep 17

Crestwood 9.25% Preferred: Fantastic Yield, Low Risk, And Call Protection

Recent deleveraging by the company improves already stout safety of the dividend. Company has a large buyback program it can use for either common or preferred shares. Large institutional seller that was weighing on the preferred shares appears to have finished selling.

이익 및 매출 성장 예측

NYSE:CEQP.PR - 애널리스트 향후 추정치 및 과거 재무 데이터 (USD Millions)
날짜매출이익자유현금흐름영업현금흐름평균 애널리스트 수
12/31/20244,6112163765931
12/31/20234,6492802676591
9/30/20234,827136294540N/A
6/30/20235,253103188454N/A
3/31/20235,680-9192463N/A
12/31/20226,001-29210439N/A
9/30/20225,978-4156331N/A
6/30/20225,639-1245385N/A
3/31/20225,120-78290391N/A
12/31/20214,569-139344427N/A
9/30/20213,843-189420486N/A
6/30/20213,136-145472518N/A
3/31/20212,559-131457547N/A
12/31/20202,254-116240408N/A
9/30/20202,440-97170437N/A
6/30/20202,744-6716410N/A
3/31/20203,075182-65409N/A
12/31/20193,182225-35420N/A
9/30/20193,111244-116331N/A
6/30/20193,217211-104288N/A
3/31/20193,374-29-73236N/A
12/31/20183,654-9-52254N/A
9/30/20184,133-191-31229N/A
6/30/20184,158-21765283N/A
3/31/20184,168-196115346N/A
12/31/20173,881-25468256N/A
9/30/20173,429-196174330N/A
6/30/20173,061-155N/A286N/A
3/31/20172,813-187N/A271N/A
12/31/20162,521-245N/A346N/A
9/30/20162,355-1,577N/A384N/A
6/30/20162,398-1,794N/A423N/A
3/31/20162,437-1,783N/A418N/A
12/31/20152,633-1,673N/A441N/A
9/30/20153,001-220N/A410N/A
6/30/20153,40610N/A367N/A
3/31/20153,69145N/A358N/A
12/31/20143,93156N/A283N/A
9/30/20143,74226N/A249N/A
6/30/20143,13315N/A258N/A
3/31/20142,32621N/A236N/A
12/31/20131,4277N/A188N/A
9/30/20136861N/A138N/A
6/30/201332215N/A117N/A
3/31/201325817N/A114N/A
12/31/201224015N/A102N/A

애널리스트 향후 성장 전망

수입 대 저축률: CEQP.PR 의 연간 예상 수익 증가율(20.8%)이 saving rate(2.2%)보다 높습니다.

수익 vs 시장: CEQP.PR 의 연간 수익(20.8%)이 US 시장(18.6%)보다 빠르게 성장할 것으로 예상됩니다.

고성장 수익: CEQP.PR 의 수입은 향후 3년 동안 상당히 증가할 것으로 예상됩니다.

수익 대 시장: CEQP.PR 의 수익은 향후 3년간 감소할 것으로 예상됩니다(연간 -2.9%).

고성장 매출: CEQP.PR 의 수익은 향후 3년 동안 감소할 것으로 예상됩니다(연간 -2.9%).

주당순이익 성장 예측

향후 자기자본이익률

미래 ROE: CEQP.PR의 자본 수익률은 3년 후 18.3%로 낮을 것으로 예상됩니다.

성장 기업 찾아보기

7D

1Y

7D

1Y

7D

1Y

기업 분석 및 재무 데이터 상태

데이터최종 업데이트 (UTC 시간)
기업 분석2023/11/04 09:34
종가2023/11/03 00:00
수익2023/09/30
연간 수익2022/12/31

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패키지데이터기간미국 소스 예시 *
기업 재무제표10년
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시장 가격30년
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지분 구조10년
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경영진10년
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주요 개발10년
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분석가 소스

Crestwood Equity Partners 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.

분석가기관
Ethan BellamyBaird
Heejung RyooBarclays
Dennis ColemanBofA Global Research