Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
Valero Energy Partners reported solid third-quarter results that met our expectations. We plan to maintain our $42.25 fair value estimate, which reflects Valero's cash offer for the units, and our narrow moat rating. Results mainly benefited from drop-downs of Port Arthur terminal and the Parkway pipeline last year, as revenue increased 28% to $141 million. Similarly, EBITDA improved 32% over the same time frame to $104 million, which was helped by higher volumes at Valero Energy Partners' other...
Valero Energy Partners reported solid third-quarter results that met our expectations. We plan to maintain our $42.25 fair value estimate, which reflects Valero's cash offer for the units, and our narrow moat rating. Results mainly benefited from drop-downs of Port Arthur terminal and the Parkway pipeline last year, as revenue increased 28% to $141 million. Similarly, EBITDA improved 32% over the same time frame to $104 million, which was helped by higher volumes at Valero Energy Partners' other...
Valero Energy Partners LP Reports Third Quarter 2018 Results Reported net income of $70 million and EBITDA of $104 million.Reported net cash provided by operating activities of $89 million and distributable cash flow of $88 million.Announced merger with Valero Energy Corporation (NYSE: VLO, “Valero”). SAN ANTONIO, Oct. 25, 2018 (GLOBE NEWSWIRE) -- Valero Energy Partners LP (NYSE: VLP, the “Partnership”) today reported third quarter 2018 net income of $70 million, or $0.75 per limited partner common unit, and EBITDA of $104 million. The Partnership reported net cash provided by operati...
Valero Energy Partners is the smallest of the high-growth refinery master limited partnerships we cover, which holds both advantages and disadvantages. Like its peers, Valero Partners is a high-growth yet immature MLP that is tied entirely to the strengths and weaknesses of its sponsor, Valero Energy. About three fourths of the partnership’s revenue is tied to terminals and related assets. These assets are in general very well located, as they typically deliver hydrocarbons to or from a Valero...
Valero Energy has agreed to acquire the remaining portion of narrow-moat Valero Energy Partners it does not own for $42.25 per unit in cash. We see the transaction as fairly reasonable, given our $45 fair value estimate, and we plan to lower our fair value to match the transaction price. We fully expect the transaction to close, given Valero Energy's ownership of two thirds of the limited partner units. A vote is not required, given the majority ownership stake, and we expect the transaction to ...
Valero Energy has agreed to acquire the remaining portion of narrow-moat Valero Energy Partners it does not own for $42.25 per unit in cash. We see the transaction as fairly reasonable, given our $45 fair value estimate, and we plan to lower our fair value to match the transaction price. We fully expect the transaction to close, given Valero Energy's ownership of two thirds of the limited partner units. A vote is not required, given the majority ownership stake, and we expect the transaction to ...
Valero Energy Partners to Announce Third Quarter 2018 Earnings Results on October 25, 2018 SAN ANTONIO, Sept. 13, 2018 (GLOBE NEWSWIRE) -- Valero Energy Partners LP (NYSE:VLP) (the “Partnership”) today announced that it will host a conference call on October 25, 2018, at 3:00 p.m. ET to discuss third quarter earnings results, which will be released earlier that day, and provide an update on partnership operations. Persons interested in listening to the presentation live via the internet may log on to Valero Energy Partner’s web site at . About Valero Energy Partners LPValero Energy Part...
Valero Energy Partners is the smallest of the high-growth refinery master limited partnerships we cover, which holds both advantages and disadvantages. Like its peers, Valero Partners is a high-growth yet immature MLP that is tied entirely to the strengths and weaknesses of its sponsor, Valero Energy. About three fourths of the partnership’s revenue is tied to terminals and related assets. These assets are in general very well located, as they typically deliver hydrocarbons to or from a Valero...
Valero Energy Partners delivered solid second-quarter results, and we plan to maintain our narrow moat rating and $45 fair value estimate. Thanks to the prior acquisitions of the Parkway Pipeline and Port Arthur terminal in November 2017, EBITDA increased to $98 million from $80 million last year. The partnership's results are tracking our expectations. We do assume a $800 million drop-down is completed in the latter stages of the year to set up incremental growth for 2019. The Diamond Pipeline,...
Valero Energy Partners delivered solid second-quarter results, and we plan to maintain our narrow moat rating and $45 fair value estimate. Thanks to the prior acquisitions of the Parkway Pipeline and Port Arthur terminal in November 2017, EBITDA increased to $98 million from $80 million last year. The partnership's results are tracking our expectations. We do assume a $800 million drop-down is completed in the latter stages of the year to set up incremental growth for 2019. The Diamond Pipeline,...
Valero Energy Partners delivered solid second-quarter results, and we plan to maintain our narrow moat rating and $45 fair value estimate. Thanks to the prior acquisitions of the Parkway Pipeline and Port Arthur terminal in November 2017, EBITDA increased to $98 million from $80 million last year. The partnership's results are tracking our expectations. We do assume a $800 million drop-down is completed in the latter stages of the year to set up incremental growth for 2019. The Diamond Pipeline,...
Valero Energy Partners LP Reports Second Quarter 2018 Results Reported net income of $64 million and EBITDA of $98 million.Reported net cash provided by operating activities of $89 million and distributable cash flow of $80 million.Declared cash distribution of $0.551 per unit, a 4.5 percent increase over the first quarter 2018, with a distribution coverage ratio of 1.4x. SAN ANTONIO, Texas, July 26, 2018 (GLOBE NEWSWIRE) -- Valero Energy Partners LP (NYSE:VLP) (the “Partnership”) today reported second quarter 2018 net income of $64 million, or $0.66 per limited partner common unit, and ...
Valero Energy Partners LP Increases Quarterly Cash Distribution by 4.5 Percent SAN ANTONIO, Texas, July 23, 2018 (GLOBE NEWSWIRE) -- The Board of Directors of Valero Energy Partners GP LLC, the general partner of Valero Energy Partners LP (NYSE:VLP) (the “Partnership”), has approved the Partnership’s second quarter 2018 cash distribution of $0.551 per unit. This distribution represents a 4.5 percent increase over the Partnership’s previous quarterly distribution, and is payable on August 13, 2018, to unitholders of record at the close of business on August 3, 2018. As a reminder, the P...
Valero Energy Partners to Announce Second Quarter 2018 Earnings Results on July 26, 2018 SAN ANTONIO, June 14, 2018 (GLOBE NEWSWIRE) -- Valero Energy Partners LP (NYSE:VLP) today announced that it will host a conference call on July 26, 2018, at 3:00 p.m. ET to discuss second quarter earnings results, which will be released earlier that day, and provide an update on partnership operations. Persons interested in listening to the presentation live via the internet may log on to Valero Energy Partner’s web site at . About Valero Energy Partners LPValero Energy Partners LP is a master limit...
Valero Energy Partners reported a decent first quarter; however, we plan to lower our $50 fair value estimate a few dollars per unit as we adjust our near-term expectations to align with its results. We plan to maintain our narrow moat rating. Revenue and EBITDA increased 24% and 23% to $132 million and $97 million, respectively, owing to the recent acquisitions of the Port Arthur Terminal and the Parkway Pipeline, which were acquired from parent Valero in November 2017. The entity remains wel...
Valero Energy Partners reported a decent first quarter; however, we plan to lower our $50 fair value estimate a few dollars per unit as we adjust our near-term expectations to align with its results. We plan to maintain our narrow moat rating. Revenue and EBITDA increased 24% and 23% to $132 million and $97 million, respectively, owing to the recent acquisitions of the Port Arthur Terminal and the Parkway Pipeline, which were acquired from parent Valero in November 2017. The entity remains wel...
After updating our model to reflect Valero Energy Partners' latest results and drop-down and reconsidering the strength of the master limited partnership's efficient scale moat source, we are lowering our fair value estimate to $48.50 per unit from $52 and downgrading our moat rating to narrow from wide. Our valuation implies a 2018 enterprise value/EBITDA multiple of 11.5 times and a distribution yield of 4.6%. We see units as about 20% undervalued, reflecting investors' recent shift away from ...
After updating our model to reflect Valero Energy Partners' latest results and drop-down and reconsidering the strength of the master limited partnership's efficient scale moat source, we are lowering our fair value estimate to $48.50 per unit from $52 and downgrading our moat rating to narrow from wide. Our valuation implies a 2018 enterprise value/EBITDA multiple of 11.5 times and a distribution yield of 4.6%. We see units as about 20% undervalued, reflecting investors' recent shift away from ...
Valero Energy Partners’ third-quarter results were as we expected--though some Valero refineries were disrupted because of Hurricane Harvey, Valero Partners’ assets performed well. We plan to maintain our $52 fair value estimate and wide moat rating. Revenue and EBITDA improved to $109 million and $79 million from $92 million and $64 million last year, due to higher pipeline and terminaling throughput thanks to contributions from the Meraux and Three Rivers terminals and Red River pipeline. ...
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.