Stock in the Spotlight: Noble Midstream Partners LP (NYSE: NBLX)

Donald Guice

I am Donald Guice and I’m passionate about business and finance news with over 4 years in the industry starting as a writer working my way up into senior positions.

I am the driving force behind Newz Skoop with a vision to broaden the company’s readership throughout 2016. I am an editor and reporter of “Basic Materials” category.

Address: 4218 Ventura Drive Salinas, CA 93901, USA
Phone: (+1) 831-263-9852
Email: Donaldguice@newzskoop.com
Donald Guice

HOUSTON, October 16, 2019 – Shares of Noble Midstream Partners LP (NYSE: NBLX) showed the bullish trend with a higher momentum of 3.49% to $24.88. The company traded total volume of 557.872K shares as contrast to its average volume of 294.82K shares. The company has a market value of $995.95M and about 40.03M shares outstanding.

Noble Midstream Partners LP (NBLX) reported net income of $63.0M was in line with guidance during the quarter. Adjusted EBITDA was $91.0M in the first quarter, or 11% above the fourth quarter 2018, while Adjusted EBITDA attributable to the Partnership was up 7% from the fourth quarter of 2018 at $63.0M.

First quarter investment income of $2.30M was mainly comprised of about $3.40M from the Partnership’s minority ownership in White Cliffs Pipeline LLC and from the Partnership’s 50% ownership in the Advantage Pipeline, L.L.C.; this was offset by a loss from the Delaware Crossing Joint Venture of $1.10M driven by one-time transaction expenses.

In the first quarter of 2019, cash interest expense attributable to the Partnership was $6.60M and maintenance capital expenditures attributable to the Partnership totaled $6.0M, resulting in distributable cash flow attributable to the Partnership of $54.0M and a distribution coverage ratio of 1.9x.

Liquidity and Balance Sheet:

As of March 31, 2019, the Partnership had $580.0M of liquidity with $10.0M in cash on hand and $570.0M available under its $800.0M unsecured revolving credit facility. During the quarter, Noble Midstream secured a $200.0M preferred equity commitment for the EPIC Crude pipeline; with an initial $100.0M funded during the first quarter and the remaining $100.0M available for a one-year period subject to certain conditions precedent. Initial proceeds were used to repay a portion of outstanding borrowings under our revolving credit facility. The preferred equity is perpetual with a 6.5% dividend rate, payable quarterly in cash, with the ability to accrue unpaid dividends during the first two years. During any quarter in which a dividend is accrued, the accreted value of the preferred equity will be increased by the accrued but unpaid dividend. The preferred equity is reported net of offering costs as mezzanine equity on the Partnership’s balance sheet.

The Company offered net profit margin of 26.60% while its gross profit margin was 55.70%. ROE was recorded as 26.70%. The stock, as of recent close, has shown the weekly upbeat performance of 3.02% which was maintained at -13.73% in this year.

Donald Guice

Donald Guice

I am Donald Guice and I’m passionate about business and finance news with over 4 years in the industry starting as a writer working my way up into senior positions. I am the driving force behind Newz Skoop with a vision to broaden the company’s readership throughout 2016. I am an editor and reporter of “Basic Materials” category. Address: 4218 Ventura Drive Salinas, CA 93901, USA Phone: (+1) 831-263-9852 Email: Donaldguice@newzskoop.com

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