Almosthere
3 years ago
“The problem is, shares are not cheap.
Buy now when the prices is too steep?
All here know by now,
I never ask, "How now, brown cow",
Less I be shorn like that of Little Bo Peep.”
Yes totally agree the price of CEQP is way too steep to purchase now in the midst of this pandemic. Wait until they fall back to $14 per share.
This stock will continue to crash and crumble under the ongoing news of the pandemic.
Let the restrictions begin:
https://www.google.com/amp/s/www.cnn.com/travel/amp/eu-travel-restrictions-intl-hnk/index.html
Watts Watt
3 years ago
https://finance.yahoo.com/news/crestwood-equity-partners-lp-ceqp-153103130.html
Crestwood Equity Partners LP (CEQP) Down 10.8% Since Last Earnings Report: Can It Rebound?
Zacks Equity Research
Thu, August 26, 2021, 8:31 AM
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A month has gone by since the last earnings report for Crestwood Equity Partners LP (CEQP). Shares have lost about 10.8% in that time frame, underperforming the S&P 500.
Will the recent negative trend continue leading up to its next earnings release, or is Crestwood Equity Partners LP due for a breakout? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the most recent earnings report in order to get a better handle on the important catalysts.
Crestwood Q2 Earnings and Revenues Miss Estimates
Crestwood Equity Partners LP incurred second-quarter 2021 adjusted loss per unit of 49 cents versus the Zacks Consensus Estimate of earnings of a penny. The bottom line improved from the year-ago adjusted loss of 68 cents per unit.
Total revenues surged to $929.6 million from $352.7 million in the prior-year quarter. However, the top line missed the consensus mark of $1,053 million.
Weaker-than-expected second-quarter results were caused by decreased contribution from storage and transportation as well as marketing, supply and logistics businesses. Also, the Stagecoach divestment played a spoilsport. The negatives were partially offset by higher gas gathering and processing along with decreased operating expenses.
Segmental Performance
Gathering and Processing: The segment generated earnings before interest, taxes, depreciation and amortization (EBITDA) of $123.5 million, up from $83.6 million in the year-ago quarter. Operating and maintenance expenses decreased to $14.7 million from the year-ago level of $19.3 million.
Total gas gathering volumes for the quarter were 902.2 million cubic feet per day (MMcf/d), up from 888.3 MMcf/d a year ago. Gathering volumes declined in Marcellus and Barnett, while rose in Delaware, Bakken - Arrow and Powder River Basin. Total processing volumes increased to 377.6 MMcf/d from the year-ago level of 304 MMcf/d. Yet, compression volumes declined to 249.1 MMcf/d from 336.6 MMcf/d in the year-ago period.
Storage and Transportation: The unit generated operating loss of $23.6 million against a profit of $14.1 million in the year-ago quarter, primarily due to the Stagecoach divestment. Operating and maintenance expenses increased to $1 million from the year-ago level of $0.7 million.
Firm storage services in the Gulf Coast storage declined to 273.6 MMcf/d from 313.9 MMcf/d in the prior-year quarter. Nevertheless, rail loading at the COLT hub increased to 46.1 thousand barrels per day (MBbls/d) from 40.7 MBbls/d a year ago.
Marketing, Supply and Logistics: It generated a loss of $20.1 million against a $2.3 million profit in the year-ago quarter, primarily due to limited storage opportunities for all products and market backwardation. Operating and maintenance expenses decreased to $10.1 million from the year-ago level of $11.6 million.
NGL volumes sold or processed in the second quarter came in at 114 MBbls/d, up from 59.7 MBbls/d in the year-ago period.
Expenses
Total operating expenses and others decreased to $107.1 million from $125.9 million in the year-ago period.
Operations and maintenance costs decreased to $25.8 million from $31.6 million a year ago. General and administrative expenses declined to $22.8 million for the June quarter from $29.5 million in second-quarter 2020.
Cash Flow
Distributable cash flow for the second quarter was recorded at $85.8 million, up from $74.4 million in the year-ago period.
Free cash flow after distributions was recorded at $40.1 million for the June quarter versus an outflow of $21.5 million in the year-ago period.
Balance Sheet
As of Jun 30, 2021, the partnership had $16.6 million in cash, up from $16.3 million at first quarter-end. Total debt of $2,621.8 million at second quarter-end increased from $2,588.4 million at first quarter-end. The partnership had a long-term debt to capitalization of 62%.
Guidance
The partnership reduced 2021 adjusted EBITDA expectation to the $570-$600 million range from the prior guidance of $575-$625 million, primarily due to the Stagecoach divestiture. Net income is now expected within a loss of $25 million and profit of $5 million. The partnership now estimates free cash flow after paying distributions within $150-$180 million, higher than the previous projection of $130-$180 million.
Furthermore, it expects capital spending related to growth projects of $35-$45 million. Maintenance capital is expected within $20-$25 million. Crestwood anticipates volumes from Bakken, Powder River Basin, Delaware and Barnett to increase in the second half of the year.
How Have Estimates Been Moving Since Then?
In the past month, investors have witnessed an upward trend in estimates review. The consensus estimate has shifted 198.67% due to these changes.
VGM Scores
Currently, Crestwood Equity Partners LP has an average Growth Score of C, though it is lagging a bit on the Momentum Score front with a D. However, the stock was allocated a grade of A on the value side, putting it in the top quintile for this investment strategy.
Overall, the stock has an aggregate VGM Score of B. If you aren't focused on one strategy, this score is the one you should be interested in.
Outlook
Estimates have been trending upward for the stock, and the magnitude of these revisions looks promising. Notably, Crestwood Equity Partners LP has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.
TruckingAngler
4 years ago
Be a UNIT-HOLDER as of today May 8 for CEQP dividend! :::
"4:38 pm ET April 16, 2020 (Dow Jones) Print
Crestwood Announces Quarterly Distribution, Provides Market Update and Schedules First Quarter 2020 Earnings Release Date
HOUSTON--(BUSINESS WIRE)--April 16, 2020--
Crestwood Equity Partners LP (NYSE: CEQP) ("Crestwood" or "CEQP") announced today that the board of directors of its general partner has declared the partnership's quarterly cash distribution of $0.625 per limited partner unit ($2.50 annually) for the quarter ended March 31, 2020. In addition, Crestwood announced a quarterly cash distribution of $0.2111 per Class A preferred equity unit ($0.8444 annually). Both common and preferred distributions will be made on May 15, 2020, to unitholders of record as of May 8, 2020.
"Based on our current financial position and expected first quarter financial and operating results, Crestwood's board of directors has elected to maintain the common and preferred distributions at their current levels for the quarter ended March 31, 2020. We are closely monitoring the unprecedented market conditions created by the COVID-19 pandemic and the corresponding volatility for global crude oil demand and commodity prices. Crestwood has been responding to these extraordinary market events by aggressively canceling or delaying capital projects, significantly reducing operating and administrative costs, optimizing storage assets and working with customers to maintain volumes across our diversified asset portfolio. We are also closely collaborating with our customers, considering near-term market prices and access, to update Crestwood's financial and operating guidance for the balance of 2020 as the financial policies we laid out earlier this year are no longer relevant or appropriate on an intermediate-term basis given the current environment. These revised forecasts, and the current dislocations we are seeing across our capital structure, will form the basis for our comprehensive strategy focused on preserving liquidity and balance sheet flexibility through this industry-wide downturn. As a part of this strategy, we are evaluating multiple avenues to further enhance and preserve optionality with respect to the company's financial position, including our common and preferred unit distribution policies, " commented Robert G. Phillips, Chairman, President and Chief Executive Officer.
Mr. Phillips continued, "Due to actions we have taken in the past several years, including building substantial distribution coverage and a strong balance sheet with no debt maturities until 2023, Crestwood is positioned to manage the partnership through this current down-cycle. Additionally, in response to the unprecedented industry conditions over the past few weeks, we have reduced Crestwood's capital expenditures in 2020 by over $40 million and O&M and G&A expenses by approximately $40 million on an annual run-rate basis. These cost reductions are intended to partially offset the near-term impact of record low crude oil prices and limited market access for our customers in the current market environment. Over the long term, we continue to believe that our diversified portfolio of midstream infrastructure assets and services will position Crestwood to regain the value our stakeholders have lost due to the current pandemic crisis."
TruckingAngler
4 years ago
CEQP earnings were solid:
Recap: Crestwood Equity Partners Q1 Earnings
7:38 am ET May 5, 2020 (Benzinga) Print
Shares of Crestwood Equity Partners (NYSE:CEQP) moved higher by 3.5% in pre-market trading after the company reported Q1 results.
Quarterly Results
Earnings per share were up 742.86% over the past year to $0.45, which beat the estimate of $0.22.
Revenue of $727,900,000 less by 12.85% year over year, which missed the estimate of $776,410,000.
Outlook
Crestwood Equity Partners hasn't issued any earnings guidance for the time being.
Crestwood Equity Partners hasn't issued any revenue guidance for the time being.
How To Listen To The Conference Call
Date: May 05, 2020
Time: 03:01 PM ET
Webcast URL: https://event.on24.com/eventRegistration/EventLobbyServlet?target=reg20.jsp&referrer=https%3A%2F%2Fwww.crestwoodlp.com%2Finvestors%2Fevents-and-presentations%2Fdefault.aspx&eventid=2156874&sessionid=1&key=AE9686EDD616B30517C399EDB71703A6®Tag=&sourcepage=register
TruckingAngler
4 years ago
Get those CEQP divs. Holders as of May8...
"4:38 pm ET April 16, 2020 (Dow Jones) Print
Crestwood Announces Quarterly Distribution, Provides Market Update and Schedules First Quarter 2020 Earnings Release Date
HOUSTON--(BUSINESS WIRE)--April 16, 2020--
Crestwood Equity Partners LP (NYSE: CEQP) ("Crestwood" or "CEQP") announced today that the board of directors of its general partner has declared the partnership's quarterly cash distribution of $0.625 per limited partner unit ($2.50 annually) for the quarter ended March 31, 2020. In addition, Crestwood announced a quarterly cash distribution of $0.2111 per Class A preferred equity unit ($0.8444 annually). Both common and preferred distributions will be made on May 15, 2020, to unitholders of record as of May 8, 2020.
"Based on our current financial position and expected first quarter financial and operating results, Crestwood's board of directors has elected to maintain the common and preferred distributions at their current levels for the quarter ended March 31, 2020. We are closely monitoring the unprecedented market conditions created by the COVID-19 pandemic and the corresponding volatility for global crude oil demand and commodity prices. Crestwood has been responding to these extraordinary market events by aggressively canceling or delaying capital projects, significantly reducing operating and administrative costs, optimizing storage assets and working with customers to maintain volumes across our diversified asset portfolio. We are also closely collaborating with our customers, considering near-term market prices and access, to update Crestwood's financial and operating guidance for the balance of 2020 as the financial policies we laid out earlier this year are no longer relevant or appropriate on an intermediate-term basis given the current environment. These revised forecasts, and the current dislocations we are seeing across our capital structure, will form the basis for our comprehensive strategy focused on preserving liquidity and balance sheet flexibility through this industry-wide downturn. As a part of this strategy, we are evaluating multiple avenues to further enhance and preserve optionality with respect to the company's financial position, including our common and preferred unit distribution policies, " commented Robert G. Phillips, Chairman, President and Chief Executive Officer.
Mr. Phillips continued, "Due to actions we have taken in the past several years, including building substantial distribution coverage and a strong balance sheet with no debt maturities until 2023, Crestwood is positioned to manage the partnership through this current down-cycle. Additionally, in response to the unprecedented industry conditions over the past few weeks, we have reduced Crestwood's capital expenditures in 2020 by over $40 million and O&M and G&A expenses by approximately $40 million on an annual run-rate basis. These cost reductions are intended to partially offset the near-term impact of record low crude oil prices and limited market access for our customers in the current market environment. Over the long term, we continue to believe that our diversified portfolio of midstream infrastructure assets and services will position Crestwood to regain the value our stakeholders have lost due to the current pandemic crisis."
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