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Due Diligence Report: SXE Earnings Report Will Cause Volatility; Hopes for the Better
Summary:
Southcross Energy Partners, L.P., incorporated on April 12, 2012, is a limited partnership. The Company provides natural gas gathering, processing, treating, compression and transportation services and natural gas liquid (NGL) fractionation and transportation services. The Company also sources, purchases, transports and sells natural gas and NGLs. The Company’s assets are located in South Texas, Mississippi and Alabama and include four gas processing plants, two fractionation facilities and approximately 3,005 miles of pipeline as of December 31, 2014.
The Company’s assets in the South Texas region are located between Conroe and Webb and Dimmitt Counties near the Texas-Mexico border. As of December 31, 2014, these assets consisted of approximately 1,866 miles of pipeline ranging in diameter from 2 to 24 inches, the Company’s Woodsboro processing plant, the Company’s Bonnie View NGL fractionation facility, the Company’s Gregory processing plant and NGL fractionation facility, the Company’s Lone Star processing plant and the Company’s Conroe gathering system and its associated processing plant. The majority of the Company’s pipelines in South Texas feed rich gas from multiple producing fields, including the Eagle Ford Shale, to the Company’s processing and NGL fractionation facilities at Lone Star, Woodsboro, Gregory and Conroe. The residue gas pipelines from the Company’s processing plants and the remaining pipelines in lean gas service in South Texas are used to serve multiple industrial and electric generation customers, and to deliver gas to a number of intrastate and interstate pipelines.
The assets in the Company’s Mississippi region are located principally in the southern half of the state and comprise the intrastate pipeline system in Mississippi. The Mississippi assets consist of approximately 625 miles of pipeline, ranging in diameter from 2 to 20 inches with an estimated design capacity of 345 Million Cubic Feet per Day (MMcf/d), and two treating plants. The Company’s system throughput volumes in Mississippi are affected by both on-system gas production volumes and customers’ demand for gas. The system has the capability to receive natural gas from three unaffiliated interstate pipelines (Southeast Supply Header, Southern Natural Gas Company (SONAT) and Texas Eastern) to supplement supply on the system or to market gas off the system.
Southcross Energy Partners, L.P. has a current market capitalization of $171.95 with 28.51 M outstanding shares. Its daily average volume traded is 1.06 M shares.
Financial Highlights (Q4 2015):
Revenue: 165.75 M
Gross Profit: 47.70 M
Net Income: -16.48 M
Cash and Cash Equivalents: 11.35 M
Total Debt: 609.02M
Recent News and Analysis:
Recently, the company filed its annual report on Form 10-K with the Securities and Exchange Commission for the year ended December 31, 2015. In addition, Southcross will host a conference call for investors at 10:00 a.m. Central Time (11:00 a.m. Eastern Time) on Friday, April 22, 2016 to discuss fourth quarter and full-year 2015 financial and operating results as well as provide first quarter 2016 guidance.
Additionally, Southcross Holdings LP, owner of Southcross’ general partner and approximately 62% of the common equity, announced on April 13, 2016 that it had successfully consummated its pre-packaged plan of reorganization and emerged from bankruptcy protection. Holdings had previously commenced voluntary cases under chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court for the Southern District of Texas on March 27, 2016.
Investors will be waiting to see if the company hits or misses earnings projections after the next earnings release. Southcross Energy Partners, L.P. (NYSE:SXE) is slated to next post quarterly results on or around 2016-04-22. The company most recently reported earnings of $N/A against the Zacks Research consensus estimate of $-0.28 for the period ending on 2016-03-31. The result created a surprise factor of 39.29%, a difference of $0.11. A large surprise factor may trigger significant stock price swings immediately after an earnings report, or in the following days and weeks. As the next earnings date approaches, analysts may modify their models based on company announcements and Street sentiment. These have the ability be key indicators looking at whether results will meet or beat consensus projections. Shares of Southcross Energy Partners LP (NYSE:SXE) have earned an average rating of “Hold” from the ten brokerages that are covering the firm, Marketbeat.com reports. Four investment analysts have rated the stock with a sell rating and six have issued a hold rating on the company. The average 1-year price objective among analysts that have covered the stock in the last year is $7.50.
SXE has been the subject of a number of recent research reports. Stifel Nicolaus downgraded Southcross Energy Partners from a “hold” rating to a “sell” rating in a research note on Thursday, March 17th. Wunderlich downgraded Southcross Energy Partners from a “buy” rating to a “hold” rating and lowered their price objective for the stock from $9.00 to $3.00 in a research note on Friday, January 8th. Wells Fargo downgraded Southcross Energy Partners from an “outperform” rating to a “market perform” rating in a research note on Friday, January 8th. Citigroup Inc. downgraded Southcross Energy Partners from a “buy” rating to a “neutral” rating in a research note on Monday, January 11th. Finally, JPMorgan Chase & Co. downgraded Southcross Energy Partners from a “neutral” rating to an “underweight” rating in a research note on Thursday, March 17th.
Conclusions:
Upcoming earnings report will definitely move this stock. With the energy market as a whole fluctuating wildly, expect massive volatility from SXE. On Thursday the stock trade in a range from $2.38 to $3.65 and this is the type of range one can expect moving forward in the energy space. SXE is poising for a breakout despite the recent surge, still being down 26% year – to – date. As energy recovers, this ticker just might follow the same trend.
Sources:
- http://www.reuters.com/finance/stocks/companyProfile?rpc=66&symbol=SXE
- http://finance.yahoo.com/news/southcross-energy-partners-l-p-002940058.html
- http://www.franklinindependent.com/southcross-energy-partners-l-p-nysesxe-checking-on-earnings/
- http://www.webbreakingnews.com/2016/04/16/brokerages-set-southcross-energy-partners-lp-nysesxe-target-price-at-7-50/
- https://www.google.ca/finance?q=NYSE%3ASXE&hl=en&gl=ca&ei=2eEXV_K8JYqO2AbM45bADw
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