Analyst Actions: Access Midstream Partners Keeps Outperform at Credit Suisse; Shares Down 1% From Near 52 Week Highs

By Midnight Trader,  February 20, 2013, 01:15:37 PM EDT

Credit Suisse says "4Q12 In-Line: Stage Set for 2013 - Reiterate Outperform"

It said: "4Q12 In-Line; ~15% Distribution Growth Guidance Reiterated: ACMP reported 4Q12 EBITDA and DCF of $119mm and $82mm, respectively in-line with our estimates of $121mm and $84mm, respectively. Management reiterated 2013 and 2014 guidance including distribution growth of ~15% for the next two years.

"Momentum Accelerates in the Marcellus: Marcellus throughput increased 25% (q/q) to 0.86Bcf/d on the back of 47 wells connected during the quarter. With 269 wells waiting on pipeline as of 3Q12 and additional processing capacity coming on-line in the near-term, we expect this strength to continue throughout 2013.

"Offsetting Declines in the Barnett: Strong growth in the Marcellus offset declines in the Barnett resulting in relatively flat overall throughput Q/Q. While Barnett volumes are expected to remain pressured, ACMP's minimum volume commitment protects the partnership from this headwind.

"Stage is Set for 2013: We expect ACMP to deliver transformational growth throughout 2013. As the company integrates the $2.16b CMO acquisition and executes a $1.65b growth capex program, DCF/unit is forecast to grow each quarter in 2013 from $0.54/unit in 4Q12 to $0.72/unit in 4Q13 (+33% y/y). Furthermore, ACMP's exposure to CHK should gradually decline as CHK continues to divest assets."




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Commodities

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