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Spectra Energy Partners Lp has a market cap of $2.06 billion; its shares were traded at around $35.05 with a P/E ratio of 20.99 and P/S ratio of 11.5. The dividend yield of Spectra Energy Partners Lp stocks is 5.02%.SEP is in the portfolios of Jim Simons of Renaissance Technologies LLC.
Highlight of Business Operations: For the three months ended September 30, 2010, we reported net income of $38.4 million compared to $40.4 million for the comparable period in 2009. The decrease resulted from a third quarter 2009 revenue benefit at the Ozark gas transmission system due to an opportunity to transport additional gas related to another company’s pipeline outage. For the nine months ended September 30, 2010 and 2009, we reported net income of $110.7 million and $102.5 million, respectively. The increase was due primarily to the acquisition of the Ozark assets in May 2009 and increased earnings from expansion at Gulfstream. For the nine months ended September 30, 2010, cash available for distribution was $139.5 million.
Operating Revenues. The $0.8 million decrease was driven primarily by $1.7 million of a third quarter 2009 revenue benefit at the Ozark gas transmission system due to an opportunity to transport additional gas related to another company’s pipeline outage, partially offset by higher 2010 revenues of $0.8 million at East Tennessee due to increased contracted volumes.
Market Hub’s net income decreased $0.4 million to $20.3 million for the three-month period ended September 30, 2010 compared to $20.7 million for the same period in 2009. The decrease was driven primarily by:
Operating Revenues. The $20.2 million increase was driven primarily by $16.4 million from the acquisition of the Ozark assets in May 2009 and higher revenues of $3.6 million at East Tennessee due to increased contracted volumes in 2010.
Equity in Earnings of Unconsolidated Affiliates. The $1.0 million increase includes a $1.7 million increase in equity earnings from Gulfstream, partially offset by a $0.7 million decrease in equity earnings from Market Hub. The following discussion explains the factors affecting the equity earnings of Gulfstream and Market Hub, each representing 100% of the earnings drivers of those entities.
Gulfstream’s net income increased $7.1 million to $96.9 million for the nine-month period ended September 30, 2010 compared to $89.8 million for the same period in 2009. The increase was driven primarily by:
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