Re: TC Pipelines LP (TCP)
Breitburn Energy Partners L.P. (BBEP)
TC PipeLines, LP Raises Distribution and Announces 2012 Second Quarter Financial Results
goo.gl
TC PipeLines, LP (TCP) (the Partnership) today announced that the board of directors of TC PipeLines GP, Inc., its general partner, declared the Partnership's second quarter 2012 cash distribution of $0.78 per common unit. The distribution represents a 1.3 percent increase over the distribution of $0.77 per common unit paid in first quarter 2012. The distribution is payable on August 14, 2012 to unitholders of record as of the close of business on August 3, 2012. May look at peeling off a bit more ATO and see if I can find any other undervalued MLP pipelines.
Breitburn Energy Partners L.P. (BBEP) is one I have recently started a tracking position in but they are not a pure pipeline play. I figure 30% of their value is based on the midstream assets they purchased in 2007.
From their September 2007 press release:
The midstream assets are located in Michigan, Indiana and Kentucky and consist of gathering, transportation, compression and processing assets. These assets are strategically important because they transport and process both equity and third party gas, enhancing the value of the acquired E&P properties by allowing for higher realized gas sale prices and minimizing the reliance on third parties for takeaway capacity.-- Integrated midstream assets enhance value of E&P properties -- Michigan equity gas sold at MichCon prices -- No significant reliance on third party transportation -- Midstream assets in Michigan alone comprise: -- 114,000 horsepower of operated compression -- 297 miles of pipeline including 138 miles of transmission and 159 miles of high pressure gathering -- Over 1,000 miles of low pressure gathering pipelines -- Three gas processing plants for removal of carbon dioxide -- Four NGL recovery plants
Therefore, I may use some of those proceeds to up my holdings in BBEP as it is selling nears it lows. My EKS$ value is around $19.20/share w/ a TBV=$20.54. However, EPS have not been stable and in fact negative 3 out of the last five years. TBV has fallen too from $23.50/share (2/2012) to $20.54/share (7/2012). However 12 analysts who cover the stock have outperform (3) and Buy (7) ratings on the stock.
I still need to look into the other MLP you mentioned in your earlier post. NSH/NS, TCP, BWP, ETP . BWP is one that may be worth another look.
EKS |
