Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.
What: Shares of Semgroup
So what: Adjusted EBITDA grew 57% from a year ago, to $28.9 million, although that couldn't swing Semgroup to a profit. Net loss was $12.3 million, or $0.30 per share, still a great improvement from a $2.92-per-share loss last year.
Now what: This follows an announcement during the day Friday that the company's recently formed Rose Rock Midstream LP had filed for an IPO. The new company expects to use the proceeds to make a distribution to Semgroup. The improvements in the quarter and coming cash infusion should help Semgroup, but I'd still like to see it turning a profit before buying shares.
Interested in more info on Semgroup? Add it to your watchlist.
