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Oppenheimer reviewed earnings on energy MLPs Tuesday and highlighted current trends in the industry.
Analyst Bernard Colson commented that "2015 will be a difficult year for the industry as production growth slows and as oil & gas prices remain depressed, causing reductions in capital spending, slowing distribution growth and increasing financial leverage."
Colson noted that the industry had experienced a five-year boom due to high energy prices, increased production and low interest rates with easy access to credit.
The analyst suggested that the current environment may be viewed as a period of "normalization to a more sober environment."
Based on shrinking capital budgets, the analyst expected continued capex reductions in 2015 which did not "bode well for 2016 growth."
Colson concluded that the "party is over for now."
Below are current ratings on the names Oppenheimer covers in the energy MLP space.
BreitBurn Energy Partners L.P.
BBEP - Underperform
EV Energy Partners, L.P.
EVEP - Perform
Legacy Reserves LP
LGCY - Perform
LRR Energy LP
LRE - Perform
Mid-Con Energy Partners LP
MCEP - Perform
Memorial Production Partners LP
MEMP - Underperform
New Source Energy Partners LP
NSLP - Perform
Vanguard Natural Resources, LLC
VNR - Perform
EnLink Midstream Partners LP
ENLK - Outperform, $32 price target
EQT Midstream Partners LP
EQM - Outperform, $97 price target
Marlin Midstream Partners LP
FISH - Perform
Western Gas Partners, LP
WES - Outperform, $81 price target
Western Gas Equity Partners LP
- Outperform, $70 price target
Enbridge Energy Partners, L.P.
EEP - Perform
Genesis Energy, L.P.
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- Perform
Plains All American Pipeline, L.P.
PAA - Outperform, $58
Plains GP Holdings LP
PAGP - Outperform, $32 price target
Tesoro Logistics LP
TLLP - Outperform, $67 price target
Enterprise Products Partners L.P.
EPD - Outperform, $39 price target
Energy Transfer Partners LP
ETP - Perform
Oneok Partners LP
OKS - Perform
ONEOK, Inc.
OKE - Outperform, $49 price target
Crossamerica Partners LP
CAPL - Outperform, $48 price target
Seadrill Partners LLC
SDLP - Outperform, $19 price target
Western Gas Equity Partners LP
WGP - Outperform, $70 price target
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Posted In: Analyst ColorPrice TargetAnalyst RatingsBernard ColsonEnergyOil & Gas Exploration & ProductionOppenheimer
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