Units of MLP Noble Midstream Partners (NYSE: NBLX) plunged 31.5% in February, according to data provided by S&P Global Market Intelligence. Several issues weighed on the midstream company, including its fourth-quarter results and lower oil prices.
Noble Midstream Partners reported its fourth-quarter results last month. It was a busy quarter for the MLP, one in which it closed a transaction with its parent Noble Energy (NASDAQ: NBL) to acquire that company's remaining midstream assets as well as eliminate the costly management fees. The timing of the transaction weighed on the company's financial metrics: it covered its high-yielding distribution by only 1.1 times, and its leverage ratio rose to 4.2 times debt to EBITDA by year end.
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Source: Motley Fool
(March 4, 2020 - 11:51 AM EST)
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