Rose Rock Midstream LP
) recently announced the pricing of a public offering of
4,750,000 common units. The partnership also offered a 30-day
option to the underwriters to purchase 712,500 additional units.
The units were priced at $33.44 a piece.
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ROSE ROCK MIDST (RRMS): Free Stock Analysis
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Rose Rock Midstream plans to utilize the net proceeds to pay off
the outstanding balance under its revolving credit facility, for
expenditure related to fund capital and other partnership
On Aug 8, 2013, the partnership reported second-quarter 2013
earnings per unit of 44 cents, in line with the Zacks Consensus
Estimate and ahead of the year-ago profit of 30 cents. The result
was aided by a fall in operating expenses and cash distribution
received from White Cliffs Pipeline and was partially offset by
decreased crude marketing margins.
Last month, the partnership declared cash distribution of 44
cents per unit for the second quarter of 2013 ($1.76 per unit
annualized), representing sequential increase of 2.3% and year
over year increase of 15%. The distribution is payable on Aug 14,
2013 to the unit holders of record as of Aug 5, 2013.
Rose Rock Midstream is primarily involved in the operation and
development of midstream energy properties. The partnership also
owns and acquires those assets. In addition, Rose Rock Midstream
gathers, transports and stores crude oil.
The partnership currently retains a Zacks Rank #3 (Hold),
implying that it is expected to perform in line with the broader
U.S. equity market over the next 1 to 3 months.
Meanwhile, one can look at oil and gas production master limited
partnerships (MLP) like
Magellan Midstream Partners LP
Delek Logistics Partners LP
Pioneer Southwest Energy Partners LP
) that offer value. Magellan Midstream recently carries a Zacks
Rank #1 (Strong Buy), while Delek Logistics and Pioneer Southwest
Energy sport a Zacks Rank #2 (Buy).