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Enbridge (ENB) Settles Midcoast Gas Business Interest Sale
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Enbridge Inc. (ENB - Free Report) and Enbridge Energy Partners, L.P. announced the closure of the sale of Enbridge Energy Partners' interest in the Midcoast Gas Gathering and Processing business to Enbridge Energy Company, Inc. (EECI), a subsidiary of Enbridge.
Earlier, the Midcoast Sale was declared as part of the termination and an outcome of the Enbridge Energy Partners’ strategic review. Subsequent to the closure of the sale, 100% of the Midcoast Gas Gathering and Processing business is currently owned by Enbridge through EECI.
The partnership plans to lower cost system expansions, expand Bakken Pipeline and interconnection and invest in ongoing system related to downstream market expansion opportunities as well as merchant contract terminating beyond 2019.
Enbridge Energy Partners is repositioning itself as a premier, low risk, pure play liquids and a master limited partnership (MLP). It has exceptional North American liquids infrastructure, improved business risk profile, attractive commercial agreements and low risk business model. The partnership’s financial position remains strong and has a healthy distribution coverage and investment grade balance sheet. Moderate visible growth secured through embedded organic growth will aid it position advantageously in case of recovery in oil and gas prices.
Enbridge Energy Partners, a MLP, is engaged in the gathering, processing and transmission of natural gas and crude oil. The partnership through its interests in Midcoast Energy Partners, L.P., natural gas transportation systems in the U.S., owns and operates a diversified portfolio of crude oil. Midcoast Partners' natural gas gathering, treating, processing and transmission assets are located onshore in the active U.S. Mid-Continent and Gulf Coast areas.
Enbridge Energy Partners’ price chart is unimpressive. Shares of the company lost 14.4% over the last three months, while the Zacks categorized Oil & Gas – Product/Pipeline MLP industry declined 8.5% in the same time span. Enbridge currently has a Zacks Rank #5 (Strong Sell). Some better-ranked stocks from the same space include Delek US Holdings, Inc. (DK - Free Report) and Canadian Natural Resources Limited Ltd. (CNQ - Free Report) . Both these stocks sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Delek US Holdings delivered a positive earnings surprise of 148.48% in the preceding quarter. The company beat estimates in all of the four trailing quarters with an average positive earnings surprise of 60.68%.
Canadian Natural Resources delivered a positive earnings surprise of 30.77% in the preceding quarter. It surpassed estimates in two of the four trailing quarters with an average negative earnings surprise of 275.46%.
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Enbridge (ENB) Settles Midcoast Gas Business Interest Sale
Enbridge Inc. (ENB - Free Report) and Enbridge Energy Partners, L.P. announced the closure of the sale of Enbridge Energy Partners' interest in the Midcoast Gas Gathering and Processing business to Enbridge Energy Company, Inc. (EECI), a subsidiary of Enbridge.
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Earlier, the Midcoast Sale was declared as part of the termination and an outcome of the Enbridge Energy Partners’ strategic review. Subsequent to the closure of the sale, 100% of the Midcoast Gas Gathering and Processing business is currently owned by Enbridge through EECI.
The partnership plans to lower cost system expansions, expand Bakken Pipeline and interconnection and invest in ongoing system related to downstream market expansion opportunities as well as merchant contract terminating beyond 2019.
Enbridge Energy Partners is repositioning itself as a premier, low risk, pure play liquids and a master limited partnership (MLP). It has exceptional North American liquids infrastructure, improved business risk profile, attractive commercial agreements and low risk business model. The partnership’s financial position remains strong and has a healthy distribution coverage and investment grade balance sheet. Moderate visible growth secured through embedded organic growth will aid it position advantageously in case of recovery in oil and gas prices.
Enbridge Energy Partners, a MLP, is engaged in the gathering, processing and transmission of natural gas and crude oil. The partnership through its interests in Midcoast Energy Partners, L.P., natural gas transportation systems in the U.S., owns and operates a diversified portfolio of crude oil. Midcoast Partners' natural gas gathering, treating, processing and transmission assets are located onshore in the active U.S. Mid-Continent and Gulf Coast areas.
Enbridge Energy Partners’ price chart is unimpressive. Shares of the company lost 14.4% over the last three months, while the Zacks categorized Oil & Gas – Product/Pipeline MLP industry declined 8.5% in the same time span.
Enbridge currently has a Zacks Rank #5 (Strong Sell). Some better-ranked stocks from the same space include Delek US Holdings, Inc. (DK - Free Report) and Canadian Natural Resources Limited Ltd. (CNQ - Free Report) . Both these stocks sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Delek US Holdings delivered a positive earnings surprise of 148.48% in the preceding quarter. The company beat estimates in all of the four trailing quarters with an average positive earnings surprise of 60.68%.
Canadian Natural Resources delivered a positive earnings surprise of 30.77% in the preceding quarter. It surpassed estimates in two of the four trailing quarters with an average negative earnings surprise of 275.46%.
Today's Stocks from Zacks' Hottest Strategies
It's hard to believe, even for us at Zacks. But while the market gained +18.8% from 2016 - Q1 2017, our top stock-picking screens have returned +157.0%, +128.0%, +97.8%, +94.7%, and +90.2%respectively.
And this outperformance has not just been a recent phenomenon. Over the years it has been remarkably consistent. From 2000 - Q1 2017, the composite yearly average gain for these strategies has beaten the market more than 11X over. Maybe even more remarkable is the fact that we're willing to share their latest stocks with you without cost or obligation. See Them Free>>