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EPD

Enterprise Products

$26.60

-0.03 (-0.11%)

, MMP

Magellan Midstream

$65.16

-0.755 (-1.15%)

15:32
04/21/18
04/21
15:32
04/21/18
15:32

MPL valuations look cheap, Barron's says

Master limited partnerships' valuations appear cheap, and U.S. energy production is thriving, lifting cash flows for pipeline firms, Darren Fonda writes in this week's edition of Barron's. MLP, such as Enterprise Products Partners (EPD), Magellan Midstream Partners (MMP), MPLX (MPLX), Plains All American Pipeline (PAA), could reward investors with higher yields as cash flows rise, Fonda adds. Reference Link

EPD

Enterprise Products

$26.60

-0.03 (-0.11%)

MMP

Magellan Midstream

$65.16

-0.755 (-1.15%)

MPLX

MPLX

$33.88

(0.00%)

PAA

Plains All American

$24.68

0.42 (1.73%)

  • 30

    Apr

  • 03

    May

  • 08

    May

EPD Enterprise Products
$26.60

-0.03 (-0.11%)

03/21/18
MUFG
03/21/18
NO CHANGE
MUFG
'Indiscriminate' selling in midstream MLPs presents opportunity, says MUFG
MUFG analyst Barrett Blaschke attributes a pair of recent announcements from FERC for the broad selloff that has followed in midstream MLPs. He notes that on March 15, FERC ruled that MLPs can no longer use an income tax allowance in their rate calculation and also proposed a rate adjustment to account for the reduction in the corporate tax rate. This has led to "indiscriminate panic selling" across the space, which he sees as a buying opportunity "at what may be effectively fire-sale prices," he tells investors. Blaschke notes that Antero Midstream Partners (AM), Antero Midstream GP (AMGP), Hess Midstream Partners (HESM) and Noble Midstream (NBLX), on which he has Overweight ratings, "effectively have no assets impacted by the change." The analyst also points toward Enterprise Products (EPD), EQT Midstream Partners (EQM), MPLX (MPLX), Phillips 66 Partners (PSXP) and Valero Energy Partners (VLP) as likely to be only minimally impacted by the ruling.
03/19/18
MZHO
03/19/18
NO CHANGE
MZHO
Mizuho sees MLP buying opportunities after tax ruling selloff
Mizuho analyst Brian Zarahn believes energy infrastructure tailwinds from rising production, higher exports and projects entering service more than offset the headwinds from midstream competition, interest rates and the recent FERC tax ruling. In a research note titled "Tax Policy Impact Not as Bad as Feared," the analyst recommends using the recent share selloffs to buy Energy Transfer Partners (ETP), Enterprise Products (EPD), Plains All American (PAA) and Valero Energy Partners (VLP). Zarahn also lowered his price target for Enbridge Energy (EEP) to $13 from $15 to reflect the negative impact of the FERC tax change.
03/08/18
GHSC
03/08/18
UPGRADE
GHSC
Sell
Enterprise Products upgraded to Buy from Neutral at Seaport Global
Seaport analyst Bernie Colson upgraded Enterprise Products to Buy and maintained a $30 price target following the recent analyst day and stock price weakness. Colson believes Enterprise is well positioned to beat its 2014 high watermark DCFPU of $2.06/unit in 2018 and said underlying business fundamentals are strong combined with healthy financial leverage and ample distribution coverage.
04/19/18
DBAB
04/19/18
INITIATION
Target $31
DBAB
Buy
Enterprise Products initiated with a Buy at Deutsche Bank
Deutsche Bank started Enterprise Products Partners with a Buy rating and $31 price target.
MMP Magellan Midstream
$65.16

-0.755 (-1.15%)

04/09/18
RBCM
04/09/18
UPGRADE
Target $79
RBCM
Outperform
Magellan Midstream upgraded to Outperform at RBC Capital on 'overdone' selloff
As reported earlier, RBC Capital analyst Elvira Scotto upgraded Magellan Midstream to Outperform from Sector Perform with a price target of $79. Scotto contends that the selloff in Magellan Midstream stock price related to the FERC ruling on tax allowance for MLPs on is overdone, while the company stands to "benefit from widening Permian Basin crude oil differentials". The analyst is also positive on Magellan Midstream's strong balance sheet, solid distribution coverage, fee-based earnings model, and stable funding.
04/09/18
RBCM
04/09/18
UPGRADE
RBCM
Outperform
Magellan Midstream upgraded to Outperform from Sector Perform at RBC Capital
04/05/18
JEFF
04/05/18
UPGRADE
Target $67
JEFF
Buy
Magellan Midstream upgraded to Buy from Hold at Jefferies
Jefferies analyst Christopher Sighinolfi upgraded Magellan Midstream Partners to Buy while lowering his price target for the shares to $67 from $71. The analyst believes the valuation is attractive following the year-to-date pullback in the shares. He finds concerns over the Longhorn re-contracting and FERC index fears as overblown.
04/19/18
DBAB
04/19/18
INITIATION
Target $70
DBAB
Hold
Magellan Midstream initiated with a Hold at Deutsche Bank
Deutsche Bank started Magellan Midstream Partners with a Hold rating and $70 price target.
MPLX MPLX
$33.88

(0.00%)

04/19/18
DBAB
04/19/18
INITIATION
Target $40
DBAB
Buy
MPLX initiated with a Buy at Deutsche Bank
Deutsche Bank started MPLX with a Buy rating and $40 price target.
04/16/18
GUGG
04/16/18
UPGRADE
GUGG
Buy
MPLX upgraded to Buy from Neutral at Guggenheim
03/23/18
MSCO
03/23/18
UPGRADE
Target $40
MSCO
Overweight
MPLX upgraded to Overweight from Equal Weight at Morgan Stanley
Morgan Stanley analyst Tom Abrams upgraded MPLX to Overweight from Equal Weight and updated his price target on shares to $40 from $41 following the Federal Energy Regulatory Commission policy revision, in which FERC no longer will allow master limited partnership interstate natural gas and oil pipelines to recover an income tax allowance in cost-of-service rate filings. In a research note to investors, the analyst said that a "positive" for MPLX is there there is no direct impact from the FERC NOPR, adding that it has "solid" single-unit distributable cash flow/unit growth and sees opportunity for upside to that growth.
03/23/18
03/23/18
UPGRADE

On The Fly: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Wynn Resorts (WYNN) and Wynn Macau (WYNMF) were upgraded to Buy from Hold at Union Gaming. 2. Cisco (CSCO) upgraded to Conviction Buy from Buy at Goldman Sachs with analyst Rod Hall saying as market volatility increases, Cisco provides a "relatively defensive" name in the sector. 3. General Mills (GIS) upgraded to Positive from Neutral at Susquehanna. 4. MPLX (MPLX) upgraded to Overweight from Equal Weight and Dominion Midstream (DM) upgraded to Equal Weight from Underweight at Morgan Stanley. 5. KB Home (KBH) upgraded to Outperform from Market Perform at Wells Fargo with analyst Stephen East saying the shares have fallen 25% since January 11, the worst in the group, while estimates "must rise." This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
PAA Plains All American
$24.68

0.42 (1.73%)

03/06/18
STFL
03/06/18
UPGRADE
Target $24
STFL
Buy
Plains All American upgraded to Buy with $24 price target at Stifel
Stifel analyst Selman Akyol upgraded Plains All American Pipeline to Buy from Hold with an unchanged price target of $24. The analyst expects that over the next two years, Plains will grow cash flows per unit at the highest rate relative to its large cap peers, or 12% annually. He believes investors are well served by the company's "strong presence" in the Permian, number of projects entering service over the next 12 months and de-levered balance sheet.
04/19/18
DBAB
04/19/18
INITIATION
Target $29
DBAB
Buy
Plains All American initiated with a Buy at Deutsche Bank
Deutsche Bank started Plains All American Pipeline with a Buy rating and $29 price target.
04/09/18
RHCO
04/09/18
UPGRADE
RHCO
Buy
Plains All American and Plains GP Holdings upgraded to Buy from Hold at SunTrust
SunTrust analyst Tristan Richardson upgraded Plains All American (PAA) and Plains GP Holdings (PAGP) to Buy from Hold in the wake of last week's rally, saying he expects further outperformance from the stocks. The analyst cites increased confidence around the Transportation segment given the completion activity trends. Richardson is also positive on improved opportunities in the S&L segment trends of "widening differentials between Midland-Cushing & Midland-Houston" persisting through the end of the year.

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$93.60

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$79.77

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PH

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VSM

Versum Materials

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