Rattler Midstream LP Stock Research

RTLR Stock Price

RTLR RSI Chart

RTLR Valuation

Market Cap

582.1M

Price/Earnings (Trailing)

15.22

Price/Sales (Trailing)

1.44

EV/EBITDA

6.12

Price/Free Cashflow

2.38

RTLR Price/Sales (Trailing)

RTLR Profitability

Free Cashflow Yield

41.94%

RTLR Fundamentals

RTLR Revenue

RTLR Earnings

Price Action

Last 7 days

7.3%

Last 30 days

19.8%

Last 90 days

-4.3%

Trailing 12 Months

54.9%

RTLR Financial Health

RTLR Investor Care

Peers (Alternatives to Rattler Midstream)

View All Peers In Detail

Name	Mkt Capsorted ascending	Revenue	Price %, 1M	Returns, 1Y	P/E	P/S	Rev 1-Yr	Inc 1-Yr
LARGE-CAP
ET	40.6B	88.4B	-3.03%	14.51%	8.97	1.48	24.63%	33.29%
WMB	37.0B	11.5B	-5.62%	-22.88%	18.04	3.37	9.33%	76.48%
KMI	36.2B	18.8B	-5.83%	-16.45%	14.14	1.93	19.77%	145.68%
CQP	28.8B	16.8B	-2.04%	-14.17%	20.75	2.2	55.52%	196.39%
OKE	25.7B	21.5B	-12.29%	-11.71%	14.9	1.2	14.23%	14.84%
MID-CAP
DCP	8.2B	14.3B	0.27%	17.84%	9.89	0.59	21.93%	146.67%
NFE	5.4B	2.4B	-12.68%	-44.68%	55.39	2.22	45.18%	-74.31%
ENLC	4.7B	9.1B	-0.82%	-12.65%	12.19	0.52	18.88%	446.66%
ETRN	3.6B	1.4B	59.42%	5.87%	-13.01	2.56	8.81%	80.31%
DKL	2.0B	1.1B	18.80%	2.03%	13.01	1.9	42.53%	-6.64%
SMALL-CAP
NS	1.9B	226.0M	3.36%	9.22%	8.53	8.41	436.62%	482.73%
RTLR	582.1M	-	19.84%	54.87%	15.22	1.44	-	-
VTNR	486.1M	3.4B	-18.86%	-55.98%	8.56	0.14	294.67%	439.41%
SMLP	202.8M	369.6M	-2.15%	-21.67%	-1.71	0.51	-7.74%	-284.00%

Financials for Rattler Midstream

* denotes actual numbers (not divided by Millions)
Income Statement (Last 12 Months)					(In Millions)
Description	(%) Q/Q	2022Q2	2022Q1	2021Q4	2021Q3	2021Q2
Revenue	0.8%	404	401	396	406	406
S&GA Expenses	6.4%	24.00	22.00	22.00	19.00	17.00
EBITDA	-0.3%	211	211	191	-	-
EBITDA Margin	-1.1%	0.52*	0.53*	0.48*	-	-
Earnings Before Taxes	0.2%	187	186	174	168	169
EBT Margin	-0.6%	0.46*	0.46*	0.44*	-	-
Interest Expenses	-2.7%	-34.34	-33.45	-32.08	-30.64	-28.28
Net Income	-0.7%	67.00	68.00	37.00	56.00	57.00
Net Income Margin	-2.0%	0.09*	0.10*	0.09*	-	-
Free Cahsflow	-1.0%	244	247	216	-	-

Balance Sheet					(In Millions)
Description	(%) Q/Q	2022Q2	2022Q1	2021Q4	2021Q3	2021Q2
Assets	1.3%	2,002	1,976	1,921	1,729	1,740
Current Assets	5.2%	97.00	92.00	102	165	77.00
Cash Equivalents	29.8%	18.00	14.00	20.00	13.00	18.00
Inventory	17.4%	16.00	14.00	13.00	10.00	9.00
Net PPE	0.8%	1,095	1,087	1,053	896	984
Liabilities	1.8%	832	816	754	551	553
Current Liabilities	14.6%	68.00	59.00	49.00	42.00	40.00
Long Term Debt	0.3%	726	723	688	492	497
Accumulated Depreciation	10.2%	144	131	122	112	120
Shares Outstanding	0.2%	38.00	38.00	41.00	41.00	-
Float	-	443	-	-	-	-

Cashflow (Last 12 Months)					(In Millions)
Description	(%) Q/Q	2022Q2	2022Q1	2021Q4	2021Q3	2021Q2
Cashflow From Operations	-1.0%	253	255	248	238	226
Share Based Compensation	1.2%	10.00	10.00	10.00	10.00	9.00
Cashflow From Investing	-17.8%	-279	-237	-183	17.00	-23.34
Cashflow From Financing	285.3%	27.00	-14.37	-68.81	-259	-196
Dividend Payments	8.2%	43.00	40.00	37.00	35.00	38.00
Buy Backs	-13.3%	34.00	39.00	48.00	43.00	31.00

Risks for RTLR

What is the probability of a big loss on RTLR?

65.7%

Probability that Rattler Midstream stock will be more than 20% underwater in next one year

45.4%

Probability that Rattler Midstream stock will be more than 30% underwater in next one year.

39.0%

Probability that Rattler Midstream stock will be more than 40% underwater in next one year.

*Calculated based on probability distribution of losses observed in actual data in the last 5 years.

How does RTLR drawdown profile look like?

Y-axis is the maximum loss one would have experienced if Rattler Midstream was unfortunately bought at previous high price.

Drawdowns

Returns for RTLR

Cumulative Returns on RTLR

4.4%

3-Year Cumulative Returns

Which funds bought or sold RTLR recently?

View All Details

Datesorted ascending	Fund Name	Type	% Chg	$ Change	$ Held	% Portfolio
2022-11-10	Salient Capital Advisors, LLC	sold off	-100	-8,693,000	-	-%
2022-11-08	ALPHASIMPLEX GROUP, LLC	sold off	-100	-742,000	-	-%
2022-08-15	Frontier Wealth Management LLC	reduced	-1.33	-70,000	707,000	0.05%
2022-05-16	Parametric Portfolio Associates LLC	added	1.84	844,000	4,220,000	-%
2022-05-06	BIVIN & ASSOCIATES, INC.	new	-	1,000	1,000	-%
2021-11-15	Marshall Wace North America L.P.	new	-	1,388,000	1,388,000	0.01%

Latest Funds Activity

Are funds buying RTLR calls or puts?

Calls

Puts

Are funds bullish or bearish(Calls - Puts)?

Net Call Options

No. of funds that own RTLR

No. of Funds

Rattler Midstream News

Schedule 13G FIlings of Rattler Midstream

Date Filed	Name of Filer	Percent of Class	No. of Shares	Form Type
Feb 14, 2023	macquarie group ltd	0.00%	0	SC 13G/A
Feb 14, 2023	cardinal capital management llc /ct	0.0%	0	SC 13G/A
Feb 13, 2023	capital world investors	0.0%	0	SC 13G/A
Jun 08, 2022	kayne anderson capital advisors lp	0%	0	SC 13G/A
Feb 14, 2022	cardinal capital management llc /ct	8.0%	3,199,594	SC 13G
Feb 11, 2022	macquarie group ltd	5.69%	2,269,273	SC 13G
Feb 09, 2022	zimmer partners, lp	0%	0	SC 13G/A
Feb 09, 2022	clearbridge investments, llc	7.7%	3,086,248	SC 13G/A
Feb 03, 2022	kayne anderson capital advisors lp	5.18%	2,065,968	SC 13G/A
Sep 08, 2021	kayne anderson capital advisors lp	5.07%	2,065,968	SC 13G

RTLR Fair Value

Show Fair-Value

Latest Insider Trading transactions for RTLR

Filter Transactions

Datesorted ascending	Name	Buy/Sell	$ Value	Avg. Price	# Shares	Title
2022-08-24	Zmigrosky Matt	back to issuer	-	-	-20,482	see remarks
2022-08-24	WEST STEVEN E	back to issuer	-	-	-36,356	-
2022-08-24	Dick Teresa L.	back to issuer	-	-	-49,965	see remarks
2022-08-24	Stice Travis D.	back to issuer	-	-	-177,996	chief executive officer
2022-08-24	Argo Laurie H	back to issuer	-	-	-26,481	-
2022-08-24	Van't Hof Matthew Kaes	back to issuer	-	-	-864,027	president
2022-08-24	VIVAR ARTURO	back to issuer	-	-	-40,231	-
2022-05-28	Zmigrosky Matt	sold (taxes)	-30,906	17.17	-1,800	see remarks
2022-05-28	Dick Teresa L.	sold (taxes)	-87,034	17.17	-5,069	see remarks
2022-05-28	Van't Hof Matthew Kaes	sold (taxes)	-1,544,340	17.17	-89,944	president

About Rattler Midstream

Travis D. Stice

www.rattlermidstream.com

Rattler Midstream LP owns, operates, develops, and acquires midstream and energy-related infrastructure assets in the Midland and Delaware Basins of the Permian Basin. The company provides crude oil and water-related midstream services. As of December 31, 2021, it owned and operated 866 miles of crude oil, sourced water, and produced water gathering pipelines on acreage that overlays Diamondback Energy, Inc.'s core Midland and Delaware Basin development areas. Rattler Midstream GP LLC serves as the general partner of the company. The company was formerly known as Rattler Midstream Partners LP. The company was incorporated in 2018 and is based in Midland, Texas. Rattler Midstream LP is a subsidiary of Diamondback Energy, Inc.

RTLR Income Statement

2022-03-31

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Revenues:
Revenues	$ 103,463	$ 98,808
Costs and expenses:
Direct operating expenses	21,628	32,511
Cost of goods sold (exclusive of depreciation and amortization)	15,180	8,811
Real estate operating expenses	533	517
Depreciation, amortization and accretion	20,687	11,246
Impairment and abandonments	1,082	3,371
General and administrative expenses	5,345	4,634
(Gain) loss on disposal of assets	(71)	6
Total costs and expenses	64,384	61,096
Income (loss) from operations	39,079	37,712
Other income (expense):
Interest income (expense), net	(8,684)	(7,310)
Income (loss) from equity method investments	9,080	(2,823)
Total other income (expense), net	396	(10,133)
Net income (loss) before income taxes	39,475	27,579
Provision for (benefit from) income taxes	2,384	1,671
Net income (loss)	37,091	25,908
Less: Net income (loss) attributable to non-controlling interest	29,160	19,893
Net income (loss) attributable to Rattler Midstream LP	$ 7,931	$ 6,015
Net income (loss) attributable to limited partners per common unit:
Basic (in dollars per share)	$ 0.19	$ 0.13
Diluted (in dollars per share)	$ 0.19	$ 0.13
Weighted average number of limited partner common units outstanding:
Basic (in shares)	38,159	41,742
Diluted (in shares)	38,376	41,742
Midstream revenues—related-party
Revenues:
Revenues	$ 90,302	$ 87,078
Midstream revenues—third-party
Revenues:
Revenues	10,446	8,121
Other revenues—related-party
Revenues:
Revenues	1,751	2,540
Other revenues—third-party
Revenues:
Revenues	$ 964	$ 1,069

RTLR Balance Sheet

2022-03-31

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Current assets:
Cash	$ 13,702	$ 19,897
Accounts receivable—related-party	49,885	58,154
Accounts receivable—third-party, net	14,107	9,415
Sourced water inventory	13,512	13,081
Other current assets	1,008	1,181
Total current assets	92,214	101,728
Property, plant and equipment:
Land	98,646	98,645
Property, plant and equipment	1,119,113	1,075,405
Accumulated depreciation, amortization and accretion	(130,989)	(121,507)
Property, plant and equipment, net	1,086,770	1,052,543
Equity method investments	643,205	612,541
Real estate assets, net	84,563	84,609
Intangible lease assets, net	3,544	3,650
Deferred tax asset	59,548	62,356
Other assets	6,160	3,708
Total assets	1,976,004	1,921,135
Current liabilities:
Accounts payable and accrued liabilities	58,480	48,267
Taxes payable	603	603
Asset retirement obligations	0	79
Total current liabilities	59,083	48,949
Long-term debt	723,460	687,956
Asset retirement obligations	33,932	16,911
Total liabilities	816,475	753,816
Commitments and contingencies (Note 16)
Unitholders’ equity:
General Partner—Diamondback	799	819
Common units—public (38,146,047 units issued and outstanding as of March 31, 2022 and 38,356,771 units issued and outstanding as of December 31, 2021)	347,628	350,230
Class B units—Diamondback (107,815,152 units issued and outstanding as of March 31, 2022 and as of December 31, 2021)	799	819
Accumulated other comprehensive income (loss)	11	10
Total Rattler Midstream LP unitholders’ equity	349,237	351,878
Non-controlling interest	810,292	815,441
Total equity	1,159,529	1,167,319
Total liabilities and unitholders’ equity	$ 1,976,004	$ 1,921,135