Rattler Midstream LP (RTLR) Update - Sept 16
Posted: Thu Sep 16, 2021 2:26 pm
Notes below are from Raymond James
Rattler Midstream LP
Notes from the (Virtual) Road — Simple Story, Dropdown/Buyback Tailwinds Intact
RTLR-NASDAQ | $11.69
Outperform 2 | $14.00 target
Justin Jenkins (RJA) and J.R. Weston, CFA (RJA) < JR is going to be the speaker on the EPG Webinar tomorrow.
Earlier this week, we hosted management of Rattler Midstream (RTLR) for a half day of
calls with investors. Investor interest was greater than anticipated and general sentiment
for RTLR remains solid. Below are our takeaways.
● Thoughts on recent trading.
● ESG is playing an increasing role in conversation — we still like the water recycling angle.
● Dropdown remains a near-term catalyst.
● Strategic views on Delaware vs. Midland mix.
● Outside of EPIC, JV performance remains strong.
● Longer-term outlook better than some might fear.
● Buybacks remain attractive way to deploy capital.
GAAP EPU: 2021E $1.03 2022E $1.11 | MC(M): $1,768 | Debt: $479 | Yield: 8.6%
Rattler Midstream LP
Notes from the (Virtual) Road — Simple Story, Dropdown/Buyback Tailwinds Intact
RTLR-NASDAQ | $11.69
Outperform 2 | $14.00 target
Justin Jenkins (RJA) and J.R. Weston, CFA (RJA) < JR is going to be the speaker on the EPG Webinar tomorrow.
Earlier this week, we hosted management of Rattler Midstream (RTLR) for a half day of
calls with investors. Investor interest was greater than anticipated and general sentiment
for RTLR remains solid. Below are our takeaways.
● Thoughts on recent trading.
● ESG is playing an increasing role in conversation — we still like the water recycling angle.
● Dropdown remains a near-term catalyst.
● Strategic views on Delaware vs. Midland mix.
● Outside of EPIC, JV performance remains strong.
● Longer-term outlook better than some might fear.
● Buybacks remain attractive way to deploy capital.
GAAP EPU: 2021E $1.03 2022E $1.11 | MC(M): $1,768 | Debt: $479 | Yield: 8.6%