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Stock Market & Financial Investment News

News Breaks
January 2, 2013
18:32 EDTAMIDAmerican Midstream Partners provides Q4 udpate
American Midstream Partners provided an update regarding certain items that affected the fourth quarter 2012, including the impact of Hurricane Isaac and the turnaround of the Bazor Ridge processing plant, among other items as more fully described below. "We had several exciting developments in the fourth quarter, including the completion of the initial gathering system for Silver Oak in the Woodbine as well as significant progress on other commercial opportunities that we hope to announce soon," stated Brian Bierbach, President and CEO. "We also had several events during the fourth quarter, mostly one-time and short-term in nature, that will negatively affect our financial results for the quarter. These items are mostly behind us, and we remain enthusiastic about our backlog of expansion opportunities as we head into 2013." The items impacting the fourth quarter of 2012 include: As previously disclosed, the financial impact of Hurricane Isaac is expected to exceed $2M, of which approximately $1M was incurred in the third quarter 2012 and the balance incurred in the fourth quarter. A portion of this amount related to foregone cash flows resulting from production curtailments immediately following the hurricane, and the remainder resulted from costs incurred to repair the damaged assets. The Partnership is insured for named windstorms on the affected assets after a $1M deductible. As previously disclosed, the Partnership completed a scheduled turnaround of its Bazor Ridge processing plant in eastern Mississippi. The turnaround took longer than anticipated as a result of unscheduled repairs and upgrades that slowed the turnaround process but are expected to deliver long-term, improved efficiencies at the plant. The Partnership estimates the financial impact of the turnaround in the fourth quarter was approximately $1M. As previously disclosed, the Partnership saw a decline in volumes on one of its offshore pipeline systems during the third and fourth quarters as a result of a producer completing work on one of its platforms. The Partnership continues to work with this producer to return volumes to historical levels, although the contract terms may change for a portion of the volumes going forward and a change in contract terms may have a material negative impact on financial results. While the Partnership expects the volumes to return to recent historical levels during the first quarter of 2013, the reduced volumes during the fourth quarter of 2012 resulted in an estimated financial impact of approximately $1M. During the fourth quarter, the Partnership executed a separation agreement with a former officer of the Partnership that resulted in a one-time charge of approximately $0.5M. Also during the fourth quarter, the Partnership obtained a waiver of the leverage covenant on its $200M credit facility for the quarter ended December 31, 2012.
News For AMID From The Last 14 Days
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October 23, 2014
16:38 EDTAMIDAmerican Midstream Partners increases quarterly distribution 2.2% to 47.25c
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October 22, 2014
10:09 EDTAMIDOn The Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: AOL (AOL) upgraded to Buy from Hold at Evercore... ARM Holdings (ARMH) upgraded to Buy from Neutral at UBS... American Assets Trust (AAT) upgraded to Buy from Hold at MLV & Co.... American Midstream Partners (AMID) upgraded to Buy from Neutral at Ladenburg... BancorpSouth (BXS) upgraded to Neutral from Underweight at JPMorgan... Chesapeake (CHK) upgraded at UBS... Chuy's (CHUY) upgraded to Buy from Hold at Stifel... Dean Foods (DF) upgraded to Overweight from Equal Weight at Morgan Stanley... East West Bancorp (EWBC) upgraded at BMO Capital... El Paso Electric (EE) upgraded to Buy from Neutral at Ladenburg... Generac (GNRC) upgraded to Buy from Hold at KeyBanc... Gold Fields (GFI) upgraded to Overweight from Neutral at HSBC... Harmony Gold (HMY) upgraded to Neutral from Underweight at HSBC... Hess Corp. (HES) upgraded to Buy from Neutral at UBS... Hovnanian (HOV) upgraded to Market Perform from Underperform at JMP Securities... Intuitive Surgical (ISRG) upgraded to Buy from Neutral at BTIG... OMV AG (OMVKY) upgraded to Neutral from Underperform at Credit Suisse... Seaspan (SSW) upgraded to Neutral from Underperform at Credit Suisse... Sibanye Gold (SBGL) upgraded to Neutral from Underweight at HSBC... Smith & Nephew (SNN) upgraded to Overweight from Equal Weight at Barclays... Southwestern Energy (SWN) upgraded to Buy from Hold at Maxim... Steel Dynamics (STLD) upgraded to Outperform from Neutral at Macquarie... Steris (STE) upgraded to Strong Buy from Market Perform at Raymond James... Tesoro Logistics (TLLP) upgraded to Strong Buy from Outperform at Raymond James... Texas Instruments (TXN) upgraded to Outperform from Market Perform at Bernstein... Twitter (TWTR) upgraded to Hold from Sell at Hudson Square... Vanguard Natural (VNR) upgraded to Buy from Hold at Wunderlich... Volaris (VLRS) upgraded to Buy from Hold at Deutsche Bank... Wilshire Bancorp (WIBC) upgraded to Outperform from Neutral at Macquarie... Yahoo (YHOO) upgraded to Outperform from Market Perform at FBR Capital.
07:14 EDTAMIDAmerican Midstream Partners upgraded to Buy from Neutral at Ladenburg
Ladenburg upgraded American Midstream Partners to Buy following the company's acquisition of Costar Midstream. The firm raised its price target for shares to $32 from $29.
October 14, 2014
14:09 EDTAMIDAmerican Midstream Partners raises FY14 adjusted EBITDA view to $46M-$48M
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14:01 EDTAMIDAmerican Midstream Partners aims to up 1Q15 distribution
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13:51 EDTAMIDAmerican Midstream Partners acquires Costar for $470M
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11:04 EDTAMIDAmerican Midstream Partners trading halted, pending news

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