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MIC

Macquarie Infrastructure

$37.98

-25.64 (-40.30%)

14:30
02/22/18
02/22
14:30
02/22/18
14:30

Macquarie Infrastructure plunges after cutting dividend

Shares of Macquarie Infrastructure Corporation (MIC) have plunged after the company announced a 31% reduction in its dividend payout. Following the news, both SunTrust and JPMorgan cut their recommendations on the stock to neutral-equivalent ratings. RESULTS, DIVIDEND CUT: Last night, Macquarie Infrastructure reported fourth quarter earnings per share of $4.13 and revenue $471.21M. The company also said it sees 2018 EBITDA of $690M-$720M. Additionally, Macquarie Infrastructure announced that it has made the decision to reduce its 2018 dividend in favor of internally funding the repurposing of the assets at International-Matex Tank Terminals and to take advantage of the incentives to invest in growth projects that are a part of recent tax reform. "We believe that our guidance for a dividend of $1 per share, per quarter, in 2018 strikes a balance between continuing to return the majority of our Free Cash Flow to shareholders in the form of a dividend and strengthening our balance sheet in support of future dividend growth," said Christopher Frost, CEO. MOVING TO THE SIDELINES: Following the announcement, SunTrust analyst Tristan Richardson downgraded Macquarie Infrastructure to Hold from Buy and lowered his price target on the shares to $60 from $75. With an unexpected 2018 shortfall in the company's International-Matex Tank Terminal leading to the reduction in its dividend payout, the analyst told investors he believes Macquarie Infrastructure is unlikely to outperform in the medium-term. Further, Richardson argued that while the company has growth opportunities both in Aviation and Power, and potential cash flow catalysts from asset sales, these opportunities do not outweigh the utilization headwind in IMTT over the next year. Meanwhile, JPMorgan analyst Jeremy Tonet also downgraded Macquarie Infrastructure to Neutral citing its weaker than expected 2018 EBITDA guide. The analyst noted that he believes Macquarie likely moves into a "show me" camp for investors and could lose a portion of its income-oriented investor base. While Tonet acknowledged he can understand the logic to at least halting dividend growth to increase self-funding, the magnitude of the cut surprises him and will likely lead to some rotation by income investors. SHARES OVERSOLD: Commenting on the selloff in Macquarie Infrastructure shares after management announced the cut of its future dividend to $1/quarter from $1.44/quarter, Oppenheimer analyst Ian Zaffino argued that the stock has fallen "sufficiently" to account for a now marred dividend track record. Earlier in the day, Zaffino had lowered his price target on the stock to $75 from $100, calling the decision to reduce the company's dividend "surprising." In a second note to investors, he further lowered his price target on the shares to $60 from $75, while maintaining a Buy rating on the name. PRICE ACTION: In afternoon trading, Macquarie Infrastructure has dropped 40% to about $38 per share.

  • 22

    Feb

MIC Macquarie Infrastructure
$37.98

-25.64 (-40.30%)

02/22/18
JPMS
02/22/18
DOWNGRADE
JPMS
Neutral
Macquarie Infrastructure downgraded to Neutral from Overweight at JPMorgan
02/22/18
02/22/18
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. First Solar (FSLR) downgraded to Hold from Buy at Miller Tabak. 2. Macquarie Infrastructure (MIC) was downgraded to Neutral from Overweight at JPMorgan and to Hold from Buy at SunTrust. 3. Cheesecake Factory (CAKE) downgraded to Market Perform from Outperform at Telsey. 4. U.S. Silica (SLCA) downgraded to Neutral from Buy at Citi with analyst Scott Gruber saying the company's free cash flow outlook "evaporates" the bull case. 5. Rice Midstream (RMP) downgraded to Market Perform from Outperform at Wells Fargo with analyst Michael Blum saying he believes an EQT Midstream Partners (EQM), Rice Midstream merger would only be accretive to EQT Midstream unit holders if executed at no or modest premium, which he views as negative for Rice. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
02/22/18
OPCO
02/22/18
NO CHANGE
OPCO
Macquarie Infrastructure shares oversold, says Oppenheimer
02/22/18
02/22/18
NO CHANGE

Macquarie Infrastructure shares oversold, says Oppenheimer
Oppenheimer analyst Ian Zaffino noted that Macquarie Infrastructure shares are trading down 38% since the company announced its dividend cut. Zaffino said, after the company's conference call, that he believes shares are now oversold, and maintained his Buy rating, although he cut his price target on Macquarie intra-day to $60 from $75, after cutting it earlier in the day to $75 from $100.

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