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D

Dominion

$69.96

-0.42 (-0.60%)

, DM

Dominion Energy Midstream

$13.65

-0.05 (-0.36%)

09:15
07/19/18
07/19
09:15
07/19/18
09:15

Dominion Midstream jumps after FERC modifies gas pipeline tax law-related rule

Shares of Dominion Energy (D) and Dominion Energy Midstream Partners (DM) are rising in pre-market trading after the Federal Energy Regulatory Commission announced last night that it took final action to facilitate the pass through of the tax reductions provided by the Tax Cuts and Jobs Act signed into law on December 22, 2017, and ensure natural gas pipeline rates remain just and reasonable. "Today's final rule modifies the proposal from March, which sought to require interstate pipelines to file a one-time report, called FERC Form No. 501-G, to provide a rough estimate of a pipeline's return on equity before and after the new tax law and changes to the Commission's income tax allowance policies. Although the final rule maintains the requirement to file the FERC 501-G, the final rule makes adjustments to the proposed form, including automatically eliminating the accumulated deferred income tax from a pipeline's cost of service when the form enters a federal and state income tax of zero for pipelines that are non-tax paying entities. This adjustment is consistent with the Order on Rehearing of the Revised Policy Statement in Docket PL17-1-001 issued concurrently with the final rule. The final rule also encourages pipelines to file an addendum to the FERC 501-G to reflect their individual financial situation. In addition to filing the one-time report, the final rule provides interstate natural gas pipelines four options to address changes to the pipeline's revenue requirements as a result of the tax reductions," FERC stated. The final rule also adopts, with clarifying modifications, the procedures proposed for Natural Gas Policy Act section 311 and Hinshaw pipelines to reflect in their jurisdictional rates any rate reductions from the new tax law and changes to the Commission's income tax allowance policies. The final rule takes effect 45 days after publication in the Federal Register. The final rule modifies the proposed implementation schedule to combine the third and fourth groups of pipelines into a single group. The deadline for the first group of pipelines to file their FERC Form No. 501-Gs will be 28 days after the effective date of the final rule, and the deadlines for the second and third groups will each be 28 days after the previous group's deadline. In pre-market trading, Dominion shares are up 1.4% while Dominion Energy Midstream Partners shares have jumped 28%. Reference Link

D

Dominion

$69.96

-0.42 (-0.60%)

DM

Dominion Energy Midstream

$13.65

-0.05 (-0.36%)

AMID

American Midstream Partners

$11.55

1.025 (9.74%)

ANDX

Andeavor Logistics

$43.20

0.99 (2.35%)

AMGP

Antero Midstream GP

$18.67

0.03 (0.16%)

AM

Antero Midstream Partners

$30.84

0.9 (3.01%)

APLP

Archrock Partners LP

$0.00

(0.00%)

BKEP

Blueknight Energy Partners

$3.00

-0.15 (-4.76%)

BWP

Boardwalk Pipeline

$0.00

(0.00%)

BPL

Buckeye Partners

$33.23

-1.725 (-4.94%)

CQP

Cheniere Energy Partners

$36.46

0.71 (1.99%)

CNXM

CNX Midstream Partners

$19.37

0.14 (0.73%)

CEQP

Crestwood Equity

$34.20

0.7 (2.09%)

CCLP

CSI Compressco

$5.57

0.1 (1.83%)

DCP

DCP Midstream

$42.40

0.58 (1.39%)

DKL

Delek Logistics

$28.10

0.2 (0.72%)

ENBL

Enable Midstream

$18.30

0.52 (2.92%)

EEQ

Enbridge Energy Management

$10.12

-0.08 (-0.78%)

EEP

Enbridge Energy

$10.57

-0.1 (-0.94%)

ETP

Symbol now ET

$19.40

0.135 (0.70%)

ETE

Energy Transfer Equity

$17.16

0.07 (0.41%)

ENLC

EnLink Midstream

$15.60

0.3 (1.96%)

ENLK

EnLink Midstream Partners

$15.44

0.52 (3.49%)

EPD

Enterprise Products

$28.65

0.43 (1.52%)

EQM

EQT Midstream Partners

$55.18

1.245 (2.31%)

MMLP

Martin Midstream Partners

$13.50

-0.05 (-0.37%)

MMP

Magellan Midstream

$68.03

0.58 (0.86%)

MPLX

MPLX

$34.85

1.33 (3.97%)

NGL

NGL Energy Partners

$12.60

0.4 (3.28%)

NBLX

Noble Midstream

$51.22

0.13 (0.25%)

NS

NuStar Energy

$24.84

0.4 (1.64%)

SHLX

Shell Midstream

$22.93

0.61 (2.73%)

TEGP

Tallgrass Energy GP

$0.00

(0.00%)

TEP

Tallgrass Energy Partners

$0.00

(0.00%)

TLP

TransMontaigne

$39.66

0.77 (1.98%)

VLP

Valero Energy Partners

$38.91

0.17 (0.44%)

WES

Western Gas Partners

$49.45

0.835 (1.72%)

WPZ

Williams Partners

$41.92

1.35 (3.33%)

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D Dominion
$69.96

-0.42 (-0.60%)

04/13/18
WELS
04/13/18
NO CHANGE
Target $68
WELS
Market Perform
Dominion price target lowered to $68 from $77 at Wells Fargo
Wells Fargo analyst Sarah Akers lowered her price target for Dominion Energy to $68 and keeps a Market Perform rating on the name. The analyst updated her earnings outlook and investment thesis to reflect the absence of previously planned drop-downs and the recently announced forward equity offering.
04/30/18
04/30/18
DOWNGRADE
Target $13

Hold
Dominion Midstream downgraded to Hold on lack of Dominion support at Stifel
As previously reported, Stifel analyst Timothy Howard downgraded Dominion Midstream (DM) to Hold from Buy, stating that he had previously assumed Dominion Energy (D) would dropdown assets below 10x in an effort to support the partnership, though that no longer appears likely. While the partnership announced a restructuring of IDRs, Howard said that "is hard to define as support without additional help." He ultimately believes Dominion will acquire Dominion Midstream in a unit-for-share deal, but he thinks the economics remain unclear. Howard lowered his price target on Dominion Midstream units to $13 from $25.
03/29/18
HDLY
03/29/18
NO CHANGE
Target $76
HDLY
Buy
Dominion price target lowered to $76 from $86 at Hilliard Lyons
Hilliard Lyons analyst David Burks lowered his price target for Dominion Energy (D) to $76 citing the "unexpected negative ruling" by the Federal Energy Regulatory Commission on March 15 that master limited partnership interstate natural gas and oil pipelines can't recover an income tax allowance in cost-of-service rates. This negatively impacts Dominion through its ownership stake in Dominion Energy Midstream Partners (DM), Hilliard Lyons tells investors in a research note. The analyst keeps a Buy rating on Dominion Energy.
04/05/18
ARGS
04/05/18
NO CHANGE
Target $87
ARGS
Buy
Dominion offers value to long term investors, says Argus
Argus analyst Jacob Kilstein writes that Dominion Resources, as one of the biggest names in storage, production and transporting of energy, offers value to long term investors thanks to its "strong cash flow, solid financial position, and annual dividend increases". While the analyst lowers his price target on Dominion to $87 from $90 to reflect the company's planned new share issuance and disappointing guidance, he is positive on its increasing investments in midstream assets and in electric utility/transmission, keeping his Buy rating on the stock.
DM Dominion Energy Midstream
$13.65

-0.05 (-0.36%)

04/30/18
GUGG
04/30/18
DOWNGRADE
GUGG
Neutral
Dominion Midstream downgraded to Neutral from Buy at Guggenheim
04/30/18
SCOT
04/30/18
DOWNGRADE
SCOT
Sector Perform
Dominion Midstream downgraded to Sector Perform from Outperform at Scotiabank
04/30/18
STFL
04/30/18
DOWNGRADE
STFL
Hold
Dominion Midstream downgraded to Hold from Buy at Stifel
AMID American Midstream Partners
$11.55

1.025 (9.74%)

08/28/17
RBCM
08/28/17
DOWNGRADE
RBCM
Sector Perform
American Midstream Partners downgraded to Sector Perform from Outperform at RBC Capital
08/28/17
RBCM
08/28/17
DOWNGRADE
RBCM
Sector Perform
American Midstream downgraded on likely deals, lack of visibility at RBC Capital
As noted earlier, RBC Capital downgraded American Midstream to Sector Perform from Outperform. As reasons for the downgrade, analyst TJ Schultz cited what he sees as the company's need to make additional acquisition and disposal deals along with the "limited visibility" of its ability to hit its targets.
10/10/17
SBSH
10/10/17
DOWNGRADE
Target $16
SBSH
Neutral
American Midstream Partners downgraded to Neutral from Buy at Citi
Citi analyst Faisel Khan downgraded American Midstream Partners to Neutral citing valuation and lowered his price target for the shares to $16 from $18.
04/30/18
UBSW
04/30/18
DOWNGRADE
Target $11
UBSW
Neutral
American Midstream Partners downgraded to Neutral from Buy at UBS
UBS analyst Shneur Gershuni downgraded American Midstream Partners to Neutral and lowered his price target for the shares to $11 from $16.
ANDX Andeavor Logistics
$43.20

0.99 (2.35%)

07/18/18
BOFA
07/18/18
DOWNGRADE
BOFA
Underperform
Andeavor Logistics downgraded to Underperform from Neutral at BofA/Merrill
BofA/Merrill analyst Dennis Coleman downgraded Andeavor Logistics (ANDX) to Underperform from Neutral and cut its price target to $42 from $47. Coleman said the partnership's growth options are limited going forward following the strategic combination of general partners Marathon Petroleum (MPC) and Andeavor (ANDV) and expects it to lag competitors.
05/21/18
05/21/18
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. Bristol-Myers (BMY) downgraded to Neutral from Buy at UBS. 2. Campbell Soup (CPB) downgraded to Underperform from Neutral at BofA/Merrill with analyst Bryan Spillane saying he expects 2019 to be a transition year and for operating profits and earnings to decline modestly. 3. American Eagle (AEO) downgraded to Hold from Buy at SunTrust with analyst Pamela Quintilliano saying the fundamentals are not catching up to the continued advance in the stock price. 4. Andeavor Logistics (ANDX) downgraded to Neutral from Overweight at JPMorgan with analyst Jeremy Tonet citing the new drop outlook following the parent merger announcement as well as lower than expected Q1 estimates. 5. Williams Partners (WPZ) downgraded to Hold from Buy at Stifel and to Outperform from Strong Buy at Raymond James. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
05/21/18
JPMS
05/21/18
DOWNGRADE
Target $50
JPMS
Neutral
Andeavor Logistics downgraded to Neutral from Overweight at JPMorgan
JPMorgan analyst Jeremy Tonet downgraded Andeavor Logistics to Neutral citing the new drop outlook following the parent merger announcement as well as lower than expected Q1 estimates. The analyst lowered his price target for the shares to $50 from $55.
05/08/18
MSCO
05/08/18
DOWNGRADE
Target $145
MSCO
Equal Weight
Andeavor downgraded to Equal Weight after Marathon deal at Morgan Stanley
As previously reported, Morgan Stanley analyst Benny Wong downgraded Andeavor (ANDV) to Equal Weight from Overweight, citing its agreement to be acquired by Marathon Petroleum (MPC) and his belief in the high probability of the deal closing. Wong also noted that Andeavor reported an EPS beat and accelerated its Andeavor Logistics (ANDX) drops with a $1.6B-$1.7B announcement, which he believes will help, but won't fully alleviate, "orphan" concerns around the MLP.
AMGP Antero Midstream GP
$18.67

0.03 (0.16%)

04/09/18
GHSC
04/09/18
DOWNGRADE
GHSC
Neutral
Antero Midstream GP downgraded to Neutral from Buy at Seaport Global
Seaport Global analyst Bernie Colson downgraded Antero Midstream GP to Neutral from Buy and cut its price target to $16 from $26.
01/17/18
LEHM
01/17/18
DOWNGRADE
Target $23
LEHM
Equal Weight
Antero Midstream GP downgraded to Equal Weight from Overweight at Barclays
Barclays analyst Christine Cho downgraded Antero Midstream GP to Equal Weight and lowered her price target for the shares to $23 from $26. The analyst realigned her ratings in the space to favor commodity and volume exposure.
01/05/18
GSCO
01/05/18
UPGRADE
Target $27
GSCO
Buy
Antero Midstream GP upgraded to Buy from Neutral at Goldman Sachs
Goldman Sachs analyst Jerren Holder upgraded Antero Midstream GP to Buy from Neutral citing his increased estimates given U.S. tax reform, which he does not believe is fully priced in to the shares. Holder increased his price target on the shares to $27 from $22.
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.
AM Antero Midstream Partners
$30.84

0.9 (3.01%)

04/09/18
GHSC
04/09/18
DOWNGRADE
Target $25
GHSC
Neutral
Antero Midstream Partners downgraded to Neutral from Buy at Seaport Global
Seaport Global analsyt Bernie Colson downgraded Antero Midstream Partners to Neutral from Buy and cut its price target to $25 from $37. Colson believes shares will struggle to regain footing until there is some clarity on strategic direction.
01/17/18
STFL
01/17/18
INITIATION
Target $37
STFL
Buy
Antero Midstream Partners resumed with a Buy at Stifel
Stifel analyst Tim Howard resumed coverage of Antero Midstream Partners (AM) with a Buy rating and a $37 price target, as he believes its sponsor, Antero Resources (AR), is well structured to grow volumes into the next decade.
01/04/18
FBCO
01/04/18
INITIATION
Target $35
FBCO
Outperform
Antero Midstream Partners initiated with an Outperform at Credit Suisse
Credit Suisse analyst Kristina Kazarlan initiated Antero Midstream Partners with Outperform rating and a price target of $35.
APLP Archrock Partners LP
$0.00

(0.00%)

03/22/18
JPMS
03/22/18
UPGRADE
Target $18
JPMS
Overweight
Archrock Partners LP upgraded to Overweight from Neutral at JPMorgan
JPMorgan analyst Andrew Burd upgraded Archrock Partners LP to Overweight and raised his price target for the shares to $18 from $16. The analyst thinks the recent FERC-induced master limited partnership sector selloff creates an attractive entry point for contract compression securities. The analyst cites valuation for his upgrade following the recent pullback in the shares.
01/18/18
RAJA
01/18/18
DOWNGRADE
RAJA
Market Perform
Archrock Partners downgraded to Market Perform from Outperform at Raymond James
Raymond James analyst Marshall Adkins downgraded Archrock Partners LP (APLP) to Market Perform due to valuation following the recently announced acquisition by Archrock (AROC).
01/04/18
JPMS
01/04/18
DOWNGRADE
Target $16
JPMS
Neutral
Archrock Partners LP downgraded to Neutral from Overweight at JPMorgan
JPMorgan analyst Andrew Burd downgraded Archrock Partners LP (APLP) to Neutral and lowered his price target for the shares to $16 from $19. The analyst is incrementally positive on Archrock (AROC) following the merger but keeps a Neutral rating on the shares with a $12 price target.
01/03/18
RBCM
01/03/18
DOWNGRADE
Target $15
RBCM
Sector Perform
Archrock Partners LP cut to Sector Perform at RBC Capital on merge
As noted earlier, RBC Capital analyst TJ Schultz downgraded Archrock Partners LP (APLP) to Sector Perform from Outperform and lowered his price target to $15 from $19 after the announcement of its acquisition by Archrock Partners (AROC). Schultz says the deal suggests that the management is "throwing in the towel on the MLP-funding model and instead looking to simplify its structure, lower cost-of-capital, and accelerate de-levering." After the transaction, the analyst anticipates increased trading liquidity and more dividend growth visibility.
BKEP Blueknight Energy Partners
$3.00

-0.15 (-4.76%)

BWP Boardwalk Pipeline
$0.00

(0.00%)

06/26/18
JPMS
06/26/18
DOWNGRADE
JPMS
Neutral
Boardwalk Pipeline downgraded to Neutral from Overweight at JPMorgan
JPMorgan analyst Jeremy Tonet downgraded Boardwalk Pipeline to Neutral and lowered its price target to $12 from $13 following the class-action litigation filed in connection with the potential exercise of the call right for Boardwalk common units. The analyst expects the Loews to exercise the call right by June 29 at approximately $12 per unit, based on the 180 trading day VWAP. Tonet sees better return potential elsewhere based on Boardwalk's move today..
05/01/18
USCA
05/01/18
DOWNGRADE
USCA
Hold
Boardwalk Pipeline downgraded to Hold from Buy at US Capital Advisors
01/17/18
LEHM
01/17/18
UPGRADE
Target $16
LEHM
Equal Weight
Boardwalk Pipeline upgraded to Equal Weight from Underweight at Barclays
Barclays analyst Christine Cho upgraded Boardwalk Pipeline Partners to Equal Weight with an unchanged price target of $16. The analyst realigned her ratings in the space to favor commodity and volume exposure.
01/09/18
BOFA
01/09/18
INITIATION
Target $16
BOFA
Buy
Boardwalk Pipeline reinstated with a Buy at BofA/Merrill
BofA/Merrill analyst Dennis Coleman reinstated coverage on Boardwalk Pipeline with a Buy and $16 price target.
BPL Buckeye Partners
$33.23

-1.725 (-4.94%)

05/07/18
05/07/18
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. Parker-Hannifin (PH) downgraded to In Line from Outperform at Evercore ISI. 2. Flir Systems (FLIR) downgraded to Hold from Buy at Drexel Hamilton with the firm citing valuation. 3. Buckeye Partners (BPL) downgraded to Neutral from Buy at Citi with analyst Eric Genco saying he sees the company's "financial recovery story turning into a longer story than expected." 4. Shake Shack (SHAK) downgraded to Underweight from Neutral at JPMorgan with analyst John Ivankoe citing valuation. 5. SiriusXM (SIRI) downgraded to Neutral from Buy at Buckingham with analyst Matthew Harrigan saying his downgrade is not predicated on any view on a change in fundamentals at Sirius, but rather is due to the availability of Liberty SiriusXM (LSXMA) as a "near pure play" alternative trading at a "remarkable" 33% discount. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
05/07/18
SBSH
05/07/18
DOWNGRADE
Target $39
SBSH
Neutral
Buckeye Partners downgraded to Neutral from Buy at Citi
Citi analyst Eric Genco downgraded Buckeye Partners to Neutral and lowered his price target for the shares to $39 from $55. The analyst sees the company's "financial recovery story turning into a longer story than expected." The contango crude environment appears to be posing a heavier weight on the Global Marine Terminals segment, offsetting other segments, Genco tells investors in a research note. He thinks the stock's upside is likely "capped" as the possibility of a distribution cut "lingers and potentially becomes more likely as leverage increases."
06/12/18
06/12/18
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. SeaWorld (SEAS) downgraded to Sell from Neutral at Citi with analyst Jason Bazinet saying given the high short interest, a short squeeze ensued after SeaWorld beat the Street's Q1 EBITDA expectation by a wide margin. 2. Sotheby's (BID) downgraded to Neutral from Buy at Sidoti. 3. Buckeye Partners (BPL) downgraded to Neutral from Buy at UBS with analyst Shneur Gershuni saying Buckeye will enter a period of "sideways performance" until its growth comes online. 4. Brown-Forman (BF.A, BF.B) downgraded to Sell from Hold at Societe Generale. 5. Barrick Gold (ABX) downgraded to Underweight from Equal Weight at Morgan Stanley. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
06/12/18
UBSW
06/12/18
DOWNGRADE
Target $36
UBSW
Neutral
Buckeye Partners downgraded to Neutral from Buy at UBS
UBS analyst Shneur Gershuni downgraded Buckeye Partners to Neutral and lowered his price target for the shares to $36 from $49. Buckeye will enter a period of "sideways performance" until its growth comes online, Gershuni tells investors in a research note. He expects a "lengthy period" of coverage and balance sheet repair will limit the stock's participation in a broader midstream recovery.
CQP Cheniere Energy Partners
$36.46

0.71 (1.99%)

01/04/18
STFL
01/04/18
INITIATION
Target $30
STFL
Hold
Cheniere Energy Partners initiated with a Hold at Stifel
Stifel analyst Benjamin Nolan started Cheniere Energy Partners with a Hold rating and $30 price target. The analyst views the shares as fully valued at current levels.
03/26/18
BERN
03/26/18
UPGRADE
BERN
Outperform
Cheniere Energy Partners upgraded to Outperform from Market Perform at Bernstein
07/05/18
LEHM
07/05/18
NO CHANGE
Target $77
LEHM
Overweight
Cheniere Energy price target raised to $77 from $65 at Barclays
Barclays analyst Christine Cho raised her price target for Cheniere Energy (LNG) to $77 and keeps an Overweight rating on the shares. She also raised her price target for Equal Weight-rated Cheniere Energy Partners (CQP) to $38 from $35 and Equal Weight-rated Cheniere Energy Partners LP (CQH) to $37 from $32. Cho estimates the combination of Train 6 and Cheniere Energy Partners' buy-in will add $440 in discounted cash flow to Cheniere Energy on a pre-tax basis. At a 7.5% discounted cash flow yield, the analyst estimates this equates to about $20 per Cheniere Energy share on an undiscounted basis. She thinks the stock could trade to $100 as 2024 approaches, all else being equal.
09/26/17
BMOC
09/26/17
INITIATION
BMOC
Outperform
Cheniere Energy Partners initiated at BMO Capital
As noted earlier, BMO Capital started coverage of Cheniere Energy Partners with an Outperform rating and a $32 price target. Analyst Danilo Juvane says that the company "offers one of the best and low-risk yield plus long-term growth platforms in the MLP sector."
CNXM CNX Midstream Partners
$19.37

0.14 (0.73%)

01/17/18
STFL
01/17/18
INITIATION
Target $22
STFL
Buy
CNX Midstream Partners resumed with a Buy at Stifel
Stifel analyst Tim Howard resumed coverage of CNX Midstream Partners with a Buy rating and a $22 price target price. Howard has concerns around CNX Midstream's Q4 results given his analysis of third-party data, but he would use any near-term weakness as a buying opportunity given he believes in the partnership's long-term potential, he tells investors.
01/12/18
JPMS
01/12/18
UPGRADE
JPMS
Overweight
CNX Midstream Partners upgraded to Overweight from Neutral at JPMorgan
CEQP Crestwood Equity
$34.20

0.7 (2.09%)

06/26/18
GSCO
06/26/18
DOWNGRADE
Target $34
GSCO
Neutral
Crestwood Equity downgraded to Neutral from Buy at Goldman Sachs
Goldman Sachs analyst Jerren Holder downgraded Crestwood Equity to Neutral from Buy, saying he now sees peer-average upside for its shares after their recent year-to-date outperformance. Holder also raised his price target to $34 to $32, adding that the company's position in gathering, processing, storage and transportation assets across various US oil and gas basins should continue its trend of strong earnings from rising volumes and new gas processing projects.
07/10/18
BOFA
07/10/18
INITIATION
Target $34
BOFA
Buy
Crestwood Equity reinstated with a Buy at BofA/Merrill
BofA/Merrill analyst Dennis Coleman reinstated Brookfield Infrastructure with a Buy and $34 price target.
06/22/18
SOCO
06/22/18
NO CHANGE
SOCO
Crestwood Equity named a Top Pick at Capital One
07/12/18
RHCO
07/12/18
INITIATION
Target $36
RHCO
Buy
Crestwood Equity initiated with a Buy at SunTrust
SunTrust analyst Tristan Richardson initiated Crestwood Equity with a Buy rating and a price target of $36, saying the company provides an attractive growth profile thanks to its current exposure to resource plays in the Bakken and Permian basins. The analyst adds that despite the recent outperformance in the unit price, Crestwood Equity's "clear visibility to incremental growth from expansion projects" and its future growth prospects warrant continued multiple expansion and compelling upside potential.
CCLP CSI Compressco
$5.57

0.1 (1.83%)

DCP DCP Midstream
$42.40

0.58 (1.39%)

06/26/18
GSCO
06/26/18
UPGRADE
Target $48
GSCO
Buy
DCP Midstream upgraded to Buy from Neutral at Goldman Sachs
Goldman Sachs analyst Jerren Holder upgraded DCP Midstream to Buy from Neutral and raised his price target to $48 from $42. The analyst notes that increasing commodity prices will act as a catalyst for the company's better than expected earnings, while higher output of oil in the U.S. will support longer term growth. Holder also sees DCP Midstream stock trading at an attractive valuation of 10% discount relative to peer group average on Enterprise Value to EBITDA multiple basis.
06/06/18
STFL
06/06/18
DOWNGRADE
Target $42
STFL
Hold
DCP Midstream downgraded to Hold on valuation at Stifel
Stifel analyst Selman Akyol downgraded DCP Midstream to Hold from Buy citing valuation with the shares nearing his price target of $42. The analyst views the risk/reward as balanced at current unit levels but continues to favor DCP over the long-term given its focus on downstream investment, cash flow growth accelerating into 2019 and an improving financial profile.
06/06/18
STFL
06/06/18
DOWNGRADE
STFL
Hold
DCP Midstream downgraded to Hold from Buy at Stifel
06/12/18
LEHM
06/12/18
DOWNGRADE
Target $39
LEHM
Underweight
DCP Midstream downgraded to Underweight from Equal Weight at Barclays
Barclays analyst Christine Cho downgraded DCP Midstream Partners LP to Underweight and lowered her price target for the shares to $39 from $46. The analyst expects continued Permian volume declines as well as further declines on some of the company's legacy assets.
DKL Delek Logistics
$28.10

0.2 (0.72%)

03/01/18
WELS
03/01/18
DOWNGRADE
WELS
Market Perform
Delek Logistics downgraded to Market Perform from Outperform at Wells Fargo
01/17/18
LEHM
01/17/18
DOWNGRADE
Target $32
LEHM
Underweight
Delek Logistics downgraded to Underweight from Equal Weight at Barclays
Barclays analyst Christine Cho downgraded Delek Logistics Partners to Underweight with an unchanged price target of $32. The analyst realigned her ratings in the space to favor commodity and volume exposure.
ENBL Enable Midstream
$18.30

0.52 (2.92%)

06/12/18
LEHM
06/12/18
UPGRADE
Target $17
LEHM
Equal Weight
Enable Midstream upgraded to Equal Weight from Underweight at Barclays
Barclays analyst Christine Cho upgraded Enable Midstream Partners LP to Equal Weight and raised her price target for the shares to $17 from $14. The analyst cites the company's growing SCOOP exposure and improved fundamental outlook for her upgrade.
06/12/18
06/12/18
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. Albemarle (ALB) upgraded to Buy from Hold at Vertical Research. 2. OMA Airports (OMAB) upgraded to Sector Perform from Underperform at Scotiabank. 3. Newmont Mining (NEM) upgraded to Overweight from Equal Weight at Morgan Stanley. 4. Enable Midstream (ENBL) upgraded to Equal Weight from Underweight at Barclays with analyst Christine Cho citing the company's growing SCOOP exposure and improved fundamental outlook for her upgrade. 5. Entravision (EVC) upgraded to Buy from Hold at Noble Financial. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
06/06/18
STFL
06/06/18
INITIATION
Target $18
STFL
Hold
Enable Midstream resumed with a Hold at Stifel
Stifel analyst Timothy Howard resumed coverage of Enable Midstream Partners with a Hold rating and $18 price target. When Stifel suspended coverage in August 2017 the shares were also rated Hold. The partnership faces recontracting within its transportation segment and one of its sponsors plans to divest its holdings over the coming years, which creates an overhang on the shares, Howard contends.
06/04/18
06/04/18
DOWNGRADE
Target $18

Neutral
Enable Midstream downgraded to Neutral on valuation at Citi
As previously reported, Citi downgraded Enable Midstream to Neutral from Buy. Analyst Vikram Bagri cities valuation for the rating change and increased his price target to $18 from $15.50 on Enable Midstream units.
EEQ Enbridge Energy Management
$10.12

-0.08 (-0.78%)

03/16/18
LTCO
03/16/18
DOWNGRADE
Target $13
LTCO
Neutral
Enbridge Energy Management downgraded to Neutral from Buy at Ladenburg
Ladenburg Thalmann analyst Michael Schmitz downgraded Enbridge Energy Management to Neutral and lowered his price target for the shares to $13 from $18. Yesterday FERC ruled that it will revise its 2005 Policy Statement for Recovery of Income Tax Costs so that it no longer will allow master limited partnership interstate natural gas and oil pipelines to recover an income tax allowance in cost of service rates, Schmitz tells investors in a research note. The ruling, while it could be appealed, may negatively weigh near-term on MLPs with significant exposure to interstate natural gas and oil pipelines with cost of service rates, Schmitz contends.
01/11/18
MSCO
01/11/18
DOWNGRADE
MSCO
Underweight
Enbridge Energy, Enbridge Energy Management downgraded at Morgan Stanley
As previously reported, Morgan Stanley analyst Tom Abrams downgraded Enbridge Energy (EEP) to Underweight from Equal Weight, saying he sees the stock and c-Corp tracker Enbridge Energy Management (EEQ) as possible relative laggards as the midstream sector recovers given constraints such as a levered balance sheet and higher than optimal costs of capital. He also lowered his rating on Enbridge Energy Management to Underweight.
01/09/18
RAJA
01/09/18
INITIATION
Target $14
RAJA
Underperform
Enbridge Energy Management reinstated with an Underperform at Raymond James
BofA/Merrill analyst Dennis Coleman reinstated coverage on Spectra Energy Partners with an Underperform and $14 price target.
07/02/18
07/02/18
UPGRADE

Neutral
Spectra Energy Partners upgraded to Neutral on M&A potential at Goldman Sachs
As previously reported, Goldman Sachs analyst Theodore Durbin upgraded Spectra Energy Partners (SEP) to Neutral from Sell citing Enbridge's (ENB) prior announcement of a plan to "roll-up" all of its subsidiary "sponsored vehicles," including Spectra Energy Partners, Enbridge Energy Partners (EEP) and Enbridge Energy Management (EEQ). Enbridge has proposed to acquire Spectra Energy Partners in a stock-for-stock transaction at a 1.0123 ENB:SEP exchange ratio, noted Durbin, who raised his price target on Spectra Energy Partners to $35 from $30.
EEP Enbridge Energy
$10.57

-0.1 (-0.94%)

05/18/18
UBSW
05/18/18
DOWNGRADE
Target $10
UBSW
Neutral
Enbridge Energy downgraded to Neutral from Buy at UBS
UBS downgraded Enbridge Energy to Neutral from Buy and lowered its price target to $10 from $11.
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.
03/19/18
RBCM
03/19/18
NO CHANGE
Target $12
RBCM
Sector Perform
Enbridge Energy price target lowered to $12 from $17 at RBC Capital
RBC Capital analyst TJ Schultz lowered his price target on Enbridge Energy (EEP) to $12, citing the negative impact of FERC's ruling on income tax recovery allowance for MLPs. The analyst keeps his Sector Perform rating on Enbridge Energy, adding that the company's "strategic decision" is now focused around a potential roll-up into Enbridge (ENB).
ETP Symbol now ET
$19.40

0.135 (0.70%)

01/04/18
FBCO
01/04/18
INITIATION
Target $20
FBCO
Outperform
Energy Transfer Partners initiated with an Outperform at Credit Suisse
Credit Suisse analyst Kristina Kazarlan initiated Energy Transfer Partners with an Outperform rating and a price target of $20. The analyst says the MLP "has a solid footprint across many of the major US basins plus several major projects that have either just come online or are coming online".
03/05/18
JANY
03/05/18
UPGRADE
Target $21
JANY
Buy
USA Compression upgraded to Buy from Neutral at Janney Capital
Janney Capital analyst Michael Gyure upgraded USA Compression to Buy from Neutral as he believes the acquisition of Energy Transfer Partners' (ETP) CDM subsidiaries, expected to close later in the first half of this year, will be transformative and give USA a more balanced geographic footprint. He increased his fair value estimate on USA Compression shares to $21 from $19.
01/09/18
BOFA
01/09/18
INITIATION
Target $22
BOFA
Buy
Energy Transfer Partners reinstated with a Buy at BofA/Merrill
BofA/Merrill analyst Dennis Coleman reinstated coverage on Energy Transfer Partners with a Buy and $22 price target.
ETE Energy Transfer Equity
$17.16

0.07 (0.41%)

01/04/18
FBCO
01/04/18
INITIATION
Target $23
FBCO
Outperform
Energy Transfer Equity initiated with an Outperform at Credit Suisse
Credit Suisse analyst Kristina Kazarlan initiated Energy Transfer Equity with an Outperform rating and a price target of $23. The analyst notes that the MLP "has a solid footprint across many of the major US basins plus several major projects that have either just come online or are coming online".
05/17/18
BOFA
05/17/18
UPGRADE
BOFA
Buy
Energy Transfer Equity upgraded to Buy from Neutral at BofA/Merrill
05/17/18
05/17/18
UPGRADE
Target $20

Buy
Energy Transfer Equity upgraded to Buy at BofA/Merrill
As previously reported, BofA/Merrill upgraded Energy Transfer Equity (ETE) to Buy from Neutral and raised its price target to $20 from $17. Analyst Dennis Coleman said on the Q1 call, management provided improved visibility surrounding the consolidation of Energy Transfer Equity (ETE) and Energy Transfer Partners (ETP) and said it could take the form Energy Transfer Equity rolling up Energy Transfer Partners without any C-Corp structure. Coleman has increased confidence the consolidation will happen in 2019 and will improve the leverage outlook of the company.
01/09/18
BOFA
01/09/18
INITIATION
Target $18
BOFA
Neutral
Energy Transfer Equity reinstated with a Neutral at BofA/Merrill
BofA/Merrill analyst Dennis Coleman reinstated coverage on Energy Transfer Equity with a Neutral and $18 price target.
ENLC EnLink Midstream
$15.60

0.3 (1.96%)

04/04/18
JPMS
04/04/18
DOWNGRADE
Target $16
JPMS
Underweight
EnLink Midstream downgraded to Underweight from Neutral at JPMorgan
JPMorgan analyst Jeremy Tonet downgraded EnLink Midstream to Underweight and lowered his price target for the shares to $16 from $17. The analyst believes EnLink Midstream's unit price needs to "meaningfully improve" before distribution growth can resume. As such, he sees limited growth.
01/25/18
RILY
01/25/18
INITIATION
Target $18
RILY
Neutral
EnLink Midstream initiated with a Neutral at B. Riley FBR
B. Riley FBR analyst Robert Balsamo started EnLink Midstream with a Neutral rating and $18 price target.
05/03/18
RBCM
05/03/18
UPGRADE
RBCM
Outperform
EnLink Midstream upgraded to Outperform from Sector Perform at RBC Capital
05/03/18
RBCM
05/03/18
UPGRADE
Target $22
RBCM
Outperform
EnLink Midstream upgraded to Outperform at RBC Capital on cash flow growt
As reported earlier, RBC Capital analyst TJ Schultz upgraded EnLink Midstream (ENLC) to Outperform from Sector Perform and raised his price target to $22 from $20. The analyst says the company's Tall Oak Midstream assets continue to generate strong cash flows, raising his cash flow growth target rate through 2020. Schultz also expects higher valuation from the benefits of simplified EnLink Midstream - EnLink Midstream Partners (ENLK) structure.
ENLK EnLink Midstream Partners
$15.44

0.52 (3.49%)

06/06/18
STFL
06/06/18
INITIATION
Target $18
STFL
Hold
EnLink Midstream Partners resumed with a Hold at Stifel
Stifel analyst Timothy Howard resumed coverage of EnLink Midstream Partners LP with a Hold rating and $18 price target. When Stifel suspended coverage in August of 2017 the shares were rated Buy. The analyst views the risk/reward as more balanced at current shares levels given headwinds from expiring contracts, which he feels could limit near-term cash flow growth.
05/03/18
MUFG
05/03/18
UPGRADE
Target $18
MUFG
Neutral
EnLink Midstream Partners upgraded to Neutral from Underweight at MUFG
MUFG analyst Barrett Blaschke upgraded EnLink Midstream Partners to Neutral with an unchanged price target of $18. The company reported better than anticipated results for both EBITDA and discount cash flow for the Q1, Blaschke tells investors in a post-earnings research note. He believes Louisiana presents opportunity for the company.
06/08/18
MUFG
06/08/18
NO CHANGE
Target $44
MUFG
Neutral
Devon Energy price target raised to $44 from $41 at MUFG
MUFG analyst Michael McAllister raised his price target for Devon Energy (DVN) to $44 saying the sale of its EnLink Midstream Partners (ELNK) interests cleans up the balance sheet and offers clarity to investors. Devon is pledging the bulk of the proceeds to investors, raising its share repurchase program from $1B to $4B, McAllister tells investors in a research note. The analyst keeps a Neutral rating on the shares.
EPD Enterprise Products
$28.65

0.43 (1.52%)

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.
04/25/18
04/25/18
INITIATION

Enterprise Products initiated with a Buy at JonesTrading
JonesTrading analyst Eduardo Seda started Enterprise Products Partners with a Buy rating and $34 price target. The company's lower risk, fee-based business model provides stable cash flow generation and distribution stability, Seda tells investors in a research note.
EQM EQT Midstream Partners
$55.18

1.245 (2.31%)

04/25/18
04/25/18
INITIATION
Target $82

EQT Midstream Partners initiated with a Buy at JonesTrading
JonesTrading analyst Eduardo Seda started EQT Midstream Partners with a Buy rating and $82 price target. The analyst views the company as the midstream leader in the Appalachian Basin.
04/19/18
DBAB
04/19/18
INITIATION
Target $78
DBAB
Buy
EQT Midstream Partners initiated with a Buy at Deutsche Bank
Deutsche Bank started EQT Midstream Partners with a Buy rating and $78 price target.
04/09/18
GHSC
04/09/18
UPGRADE
GHSC
Buy
EQT Midstream Partners upgraded to Buy from Neutral at Seaport Global
Seaport Global analyst Bernie Colson upgraded EQT Midstream Partners to Buy from Neutral from Buy and trimmed its price target to $67 from $70. Colson said EQT Midstream Partners (EQT) has better relative distribution coverage, lower financial leverage, visible growth, and an attractive valuation.
04/30/18
WELS
04/30/18
NO CHANGE
Target $69
WELS
Outperform
EQT Midstream Partners price target lowered to $69 from $79 at Wells Fargo
Wells Fargo analyst Michael Blum lowered his price target for EQT Midstream Partners to $69 from $79 following quarterly results. The analyst reiterates an Outperform rating on the shares.
MMLP Martin Midstream Partners
$13.50

-0.05 (-0.37%)

01/03/18
RILY
01/03/18
NO CHANGE
RILY
Buy
Martin Midstream Partners added to Alpha Generator List at B. Riley FBR
B. Riley FBR analyst Robert Balsamo added Martin Midstream Partners to his firm's Alpha Generator List. The analyst last month resumed coverage of the shares with a Buy rating and $18 price target.
12/19/17
RILY
12/19/17
INITIATION
Target $18
RILY
Buy
Martin Midstream Partners resumed with a Buy at B. Riley FBR
B. Riley FBR analyst Robert Balsamo resumed coverage of Martin Midstream Partners L.P. with a Buy rating and $18 price target.
MMP Magellan Midstream
$68.03

0.58 (0.86%)

04/09/18
RBCM
04/09/18
UPGRADE
RBCM
Outperform
Magellan Midstream upgraded to Outperform from Sector Perform at RBC Capital
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.
04/19/18
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.
07/18/18
JEFF
07/18/18
DOWNGRADE
Target $70
JEFF
Hold
Magellan Midstream downgraded to Hold from Buy at Jefferies
Jefferies analyst Christopher Sighinolfi downgraded Magellan Midstream to Hold while raising his price target for the shares to $70 from $68. The analyst sees the risk/reward as balanced with the shares up 18% over the last three months.
MPLX MPLX
$34.85

1.33 (3.97%)

07/18/18
JEFF
07/18/18
UPGRADE
Target $38
JEFF
Buy
MPLX upgraded to Buy from Hold at Jefferies
Jefferies analyst Christopher Sighinolfi upgraded MPLX to Buy and raised his price target for the shares to $38 from $36. The units are down 7% since early February and now offer an 8% 2019 yield, Sighinolfi tells investors in a research note. The analyst believes the return of ME1 to service and the pending in-service of ME2 "present benefits" to MPLX.
05/02/18
MSCO
05/02/18
DOWNGRADE
Target $46
MSCO
Equal Weight
Andeavor Logistics downgraded to Equal Weight from Overweight at Morgan Stanley
Morgan Stanley analyst Tom Abrams said he thinks the acquisition of Andeavor (ANDV) by Marathon Petroleum (MPC) has positive growth implications for MPLX LP (MPLX) and negative implications for Andeavor Logistics (ANDX). Given that view, he downgraded Andeavor Logistics to Equal Weight, though Abrams recommends investors stay involved near-term in case Andeavor's conference call on May 8 provides confidence in the 2018 growth trajectory for the MLP. He expects the MLPs will eventually be combined, adding it is possible the dropdowns investors anticipated for Andeavor Logistics will end up at MPLX given its currently more competitive cost of capital. Abrams lowered his price target on Andeavor Logistics to $46 from $56.
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
NGL NGL Energy Partners
$12.60

0.4 (3.28%)

08/04/17
RBCM
08/04/17
NO CHANGE
RBCM
NGL Energy Partners weakness overdone, says RBC Capital
RBC Capital analyst TJ Schultz says that the 20% decline in NGL's stock was overdone. He thinks that its valuation implies that its distribution is at risk, but he believes that the distribution will not be cut if the company's results come "anywhere close to lower expectations." Calling the stock "cheap," the analyst expects the company to "come out of distress." He cut his price target on the shares to $14 from $20 but keeps an Outperform rating on the stock.
07/10/18
BOFA
07/10/18
INITIATION
Target $15
BOFA
Buy
NGL Energy Partners reinstated with a Buy at BofA/Merrill
BofA/Merrill analyst Dennis Coleman reinstated NGL Energy Partners with a Buy and $15 price target. Coleman believes management's focus on growing its water solutions and crude logistics operations while divesting the Retail Propane segment will stabilize earnings and support efforts to deleverage.
01/04/18
FBCO
01/04/18
INITIATION
Target $16
FBCO
Outperform
NGL Energy Partners initiated with an Outperform at Credit Suisse
Credit Suisse analyst Kristina Kazarlan initiated NGL Energy Partners with an Outperform rating and a price target of $16 on expected improvement in contract mix and strong positioning in water handling in the Delaware and Denver-Julesburg basins.
NBLX Noble Midstream
$51.22

0.13 (0.25%)

04/19/18
DBAB
04/19/18
INITIATION
Target $57
DBAB
Buy
Noble Midstream initiated with a Buy at Deutsche Bank
Deutsche Bank started Noble Midstream Partners with a Buy rating and $57 price target.
04/11/18
MZHO
04/11/18
UPGRADE
MZHO
Buy
Noble Midstream upgraded to Buy from Neutral at Mizuho
01/04/18
FBCO
01/04/18
INITIATION
Target $61
FBCO
Outperform
Noble Midstream initiated with an Outperform at Credit Suisse
Credit Suisse analyst Kristina Kazarlan initiated Noble Midstream with an Outperform rating and a price target of $61, citing benefits from its sponsor focus on "two of the best U.S. liquids plays - Denver-Julesburg and Delaware basins".
NS NuStar Energy
$24.84

0.4 (1.64%)

03/20/18
RILY
03/20/18
DOWNGRADE
RILY
Neutral
NuStar GP Holdings downgraded to Neutral from Buy at B. Riley FBR
B. Riley FBR analyst Robert Balsamo downgraded NuStar GP Holdings (NSH) to Neutral and lowered his price target for the shares to $14 from $20 citing the merger agreement with NuStar Energy (NS). The analyst also lowered his price target for NuStar Energy to $26 from $31 and keeps a Neutral rating on the name.
02/02/18
SBSH
02/02/18
NO CHANGE
SBSH
Citi downgrades both NuStar Energy, NuStar GP on valuation
Citi analyst Faisel Khan earlier today downgraded both NuStar Energy (NS) and NuStar GP Holdings (NSH) to Neutral from Buy on valuation. The analyst keeps a $33 price target for NuStar Energy and $17 price target for NuStar GP. He believes Plains All American (PAA), Plains GP Holdings (PAGP) and Buckeye Partners (BPL) provide more upside at current valuation levels with exposure to the Port of Corpus Christi. Khan also raised his price target for Buy-rated Cheniere Energy (LNG) to $67 from $59 to incorporate Train 3.
02/02/18
SBSH
02/02/18
DOWNGRADE
SBSH
Neutral
NuStar Energy downgraded to Neutral from Buy at Citi
01/04/18
USCA
01/04/18
DOWNGRADE
USCA
Hold
NuStar Energy downgraded to Hold from Overeight at US Capital Advisors
SHLX Shell Midstream
$22.93

0.61 (2.73%)

03/26/18
MZHO
03/26/18
NO CHANGE
MZHO
Mizuho says dropdown MLP model not broken, recommends four names
The dropdown master limited partnership model is not broken following FERC's order to remove the income tax allowance for cost-of-service pipelines, Mizuho analyst Brian Zarahn tells investors in a research note. While structural changes are needed to improve investor sentiment, growth visibility remains from "strong parents," Zarahn adds. He recommends dropdown MLPs focus more on discounted per unit growth, not distribution growth, and reduce equity issuance. The analyst reaffirms Buy ratings on Valero Energy Partners (VLP), Shell Midstream (SHLX), Phillips 66 Partners (PSXP) and BP Midstream (BPMP). He believes all four have "minimal to no expected equity needs in 2018."
04/19/18
DBAB
04/19/18
INITIATION
Target $26
DBAB
Buy
Shell Midstream initiated with a Buy at Deutsche Bank
Deutsche Bank started Shell Midstream Partners with a Buy rating and $26 price target.
05/07/18
RBCM
05/07/18
NO CHANGE
Target $30
RBCM
Outperform
Shell Midstream price target lowered to $30 from $36 at RBC Capital
RBC Capital analyst TJ Schultz lowered his price target on Shell Midstream to $30 after its earnings miss relative to consensus following adjustments for one-time proceeds. The analyst keeps his Outperform rating however, citing a "very visible" growth path for the company and equity raise being out of the way. Schultz also anticipates benefits to come from improving offshore market while also pointing to an "attractive" entry point for the stock.
07/10/18
BOFA
07/10/18
INITIATION
Target $27
BOFA
Buy
Shell Midstream reinstated with a Buy at BofA/Merrill
BofA/Merrill analyst Dennis Coleman reinstated Shell Midstream with a Buy and $27 price target.
TEGP Tallgrass Energy GP
$0.00

(0.00%)

03/28/18
03/28/18
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. General Electric (GE) downgraded to Sell from Hold at DZ Bank. 2. Valeritas (VLRX) downgraded to Market Perform from Outperform at Cowen. 3. Tallgrass Energy Partners (TEP) downgraded to Hold from Buy at Stifel with analyst Selman Akyol saying the agreement for Tallgrass Energy GP (TEGP) to buy Tallgrass Energy Partners in a unit-for-share exchange was mostly as expected. 4. Northern Star (NESRF) downgraded to Market Perform from Outperform at BMO Capital. 5. Japan Airlines (JAPSY) downgraded to Hold from Buy at Deutsche Bank. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
03/28/18
STFL
03/28/18
DOWNGRADE
STFL
Hold
Tallgrass Energy Partners downgraded to Hold from Buy at Stifel
Stifel analyst Selman Akyol downgraded Tallgrass Energy Partners (TEP) to Hold from Buy, stating that the agreement for Tallgrass Energy GP (TEGP) to buy Tallgrass Energy Partners in a unit-for-share exchange was mostly as expected. He believes that after the deal announcement that any incremental investments in the Tallgrass family are best initiated with Tallgrass Energy GP shares.
03/15/18
EVER
03/15/18
NO CHANGE
EVER
Evercore ISI says FERC rule shouldn't impact Kinder Morgan, Enbridge pipelines
After FERC said it no longer will allow master limited partnership interstate natural gas and oil pipelines to recover an income tax allowance in cost of service rates, Evercore ISI analyst Timm Schneider said he does not expect pipelines owned by C-Corps, such as Kinder Morgan (KMI), Oneok (OKE), Enbridge (ENB) and TransCanada (TRP), to be impacted. The proposed change is likely to impact MLPs with large amounts of "cost of service" exposure, such as those with large amounts of interstate gas pipelines, like Williams (WMB) and Tallgrass (TEP; TEGP), he said. Overall the selloff across the sector is likely overstated, added Schneider.
02/12/18
02/12/18
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. La Jolla (LJPC) downgraded to Underperform from Buy at Jefferies by analyst Eun Yang, who said her critical care physician and Pharmacy & Therapeutics committee member polls on Giapreza point to a "likely modest" sales opportunity relative to consensus expectations. In the absence of a potential buyout, downside risks in the stock are greater relative to upside potential in the next two-to-three years. 2. Natural Grocers (NGVC) downgraded to Underweight from Equal Weight at Barclays by analyst Karen Short, who believes upside can only be generated should comps rise to positive low single digits with stable margins, an activist emerges, or if the company were to be viewed as a potential takeout candidate. She believes these scenarios are unlikely, "at least for now." 3. EQT Midstream (EQM) and EQT GP (EQGP) downgraded to Sector Perform from Outperform at RBC Capital by analyst TJ Schultz, who derived his rating from his probability scale around the midstream business, assigning a 65% chance that EQT GP is the surviving entity post midstream simplification and a 30% chance that EQT Midstream Partners is the surviving entity. 4. Tallgrass Energy GP (TEGP) downgraded to Equal Weight from Overweight at Barclays by analyst Christine Cho, who said her analysis suggests a Tallgrass Energy GP acquisition of Tallgrass Energy Partners (TEP) is the most likely scenario. She valued Tallgrass Energy GP at $25 in this scenario. 5. Unisys (UIS) downgraded to Neutral from Positive at Susquehanna. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
TEP Tallgrass Energy Partners
$0.00

(0.00%)

05/17/18
RBCM
05/17/18
DOWNGRADE
RBCM
Sector Perform
Tallgrass Energy downgraded to Sector Perform from Outperform at RBC Capital
05/17/18
RBCM
05/17/18
DOWNGRADE
Target $45
RBCM
Sector Perform
Tallgrass Energy Partners downgraded to Sector Perform at RBC Capital
As reported earlier, RBC Capital analyst Elvira Scotto downgraded Tallgrass Energy Partners to Sector Perform from Outperform and kept her $45 price target. The analyst says that while the recent integration with Tallgrass Energy GP and the elimination of incentive distribution rights is positive, it may have been priced in by the 22% rise in shares since the announcement of the "simplification". Scotto prefers to await more "clarity on re-contracting", as her model also assumes some EBITDA "degradation" in FY20.
04/20/18
SOCO
04/20/18
DOWNGRADE
SOCO
Equalweight
Tallgrass Energy downgraded to Equalweight from Overweight at Capital One
TLP TransMontaigne
$39.66

0.77 (1.98%)

07/11/18
STFL
07/11/18
DOWNGRADE
Target $40
STFL
Hold
TransMontaigne downgraded to Hold from Buy at Stifel
Stifel analyst Selman Akyol downgraded TransMontaigne to Hold and lowered his price target for the shares to $40 from $43. The analyst believes the $38 per share takeover price from ArcLight Energy Partners Fund can go higher, but feels TransMontaigne's "equity needs likely limit the upside."
07/10/18
MUFG
07/10/18
NO CHANGE
Target $46
MUFG
Neutral
TransMontaigne offer price from Arclight may not be enough, says MUFG
MUFG analyst Barrett Blaschke kept his Neutral rating and $46 price target on TransMontaigne after today's unsolicited offer of $38 per unit from its private equity parent Arclight to acquire shares it does not already own. The analyst notes that while investors may be inclined to sell, the offer suggests that a higher price may be required to consummate the deal. Blaschke is also positive on TransMontaigne's fee-based assets which now have a "for sale" sign on them.
03/20/18
STFL
03/20/18
NO CHANGE
Target $42
STFL
Buy
TransMontaigne target lowered to $42 on expectations for equity raise at Stifel
Stifel analyst Selman Akyol said TransMontaigne Partners' Q4 results were in line with his expectations and while its build out of an additional 870,000 barrels of storage in the Collins Phase II expansion was below his expectations, he noted that management is in talks with customers about further expansion. Akyol said he is concerned with the partnership's leverage ratio and he expects TransMontaigne to issue equity in 2018 to pay down debt. Given this expectation he lowered his price target on the stock to $42 from $47, though he maintains a Buy rating on TransMontaigne Partners.
12/19/17
RILY
12/19/17
INITIATION
Target $45
RILY
Neutral
TransMontaigne resumed with a Neutral at B. Riley FBR
B. Riley FBR analyst Robert Balsamo resumed coverage of TransMontaigne Partners with a Neutral rating and $45 price target.
VLP Valero Energy Partners
$38.91

0.17 (0.44%)

04/19/18
DBAB
04/19/18
INITIATION
Target $46
DBAB
Buy
Valero Energy Partners initiated with a Buy at Deutsche Bank
Deutsche Bank started Valero Energy Partners with a Buy rating and $46 price target.
WES Western Gas Partners
$49.45

0.835 (1.72%)

04/19/18
DBAB
04/19/18
INITIATION
Target $53
DBAB
Buy
Western Gas Partners initiated with a Buy at Deutsche Bank
Deutsche Bank started Western Gas Partners with a Buy rating and $53 price target.
04/09/18
GHSC
04/09/18
DOWNGRADE
GHSC
Neutral
Western Gas Partners downgraded to Neutral from Buy at Seaport Global
Seaport Global analyst Bernie Colson downgraded Western Gas Partners to Neutral from Buy and cut its price target to $41 from $59. Colson believes the company needs to restructure and eliminate burdensome IDRs in order to remain competitive going forward and notes holders to absorb a distribution reduction as part of the consolidation.
03/27/18
SBSH
03/27/18
UPGRADE
SBSH
Buy
Western Gas Partners upgraded to Buy from Neutral at Citi
Citi analyst Eric Genco upgraded Western Gas Partners to Buy citing valuation and the company's Permian exposure.
01/17/18
LEHM
01/17/18
DOWNGRADE
Target $54
LEHM
Equal Weight
Western Gas Partners downgraded to Equal Weight from Overweight at Barclays
Barclays analyst Christine Cho downgraded Western Gas Partners to Equal Weight and lowered her price target for the shares to $54 from $62. The analyst realigned her ratings in the space to favor commodity and volume exposure.
WPZ Williams Partners
$41.92

1.35 (3.33%)

05/04/18
STFL
05/04/18
NO CHANGE
Target $41
STFL
Buy
Williams Partners roll up into Williams still likely, says Stifel
Stifel analyst Selman Akyol noted that Williams (WMB) remains confident in maintaining a 21% income tax allowance despite FERC's recent announcement. He also believes Williams Partners (WPZ) would be able to maintain the income tax allowance by rolling into Williams and he continues to believe the MLP will be rolled into Williams given their C-Corp structure. Akyol maintains his Buy rating and $41 price target on Williams Partners.
05/21/18
RAJA
05/21/18
DOWNGRADE
RAJA
Outperform
Williams Partners downgraded to Outperform from Strong Buy at Raymond James
05/21/18
STFL
05/21/18
DOWNGRADE
STFL
Hold
Williams Partners downgraded to Hold from Buy at Stifel
Stifel analyst Selman Akyol downgraded Williams Partners (WPZ) to Hold from Buy to reflect the announcement of a rollup into Williams Companies (WMB).

TODAY'S FREE FLY STORIES

UBER

Uber

$40.46

-0.63 (-1.53%)

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Uber to roll out JUMP electric bike service in London, Reuters says »

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AMZN

Amazon.com

$1,815.30

-42.44 (-2.28%)

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LM

Legg Mason

$36.91

-0.25 (-0.67%)

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Legg Mason to cut 12% of its workforce, FT reports »

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TGTX

TG Therapeutics

$7.12

0.22 (3.19%)

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TG Therapeutics CEO: We're a bit of an unconventional company »

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SQM

SQM

$30.86

-1.82 (-5.57%)

18:57
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Downgrade
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SQM

SQM

$30.86

-1.82 (-5.57%)

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VSAT

ViaSat

$87.89

-1.63 (-1.82%)

, DECK

Deckers Brands

$147.27

-2.94 (-1.96%)

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DECK

Deckers Brands

$147.27

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DXC

DXC Technology

$52.00

-2.5 (-4.59%)

HPQ

HP Inc.

$19.20

-0.095 (-0.49%)

INTU

Intuit

$241.30

-6.22 (-2.51%)

NVCR

Novocure

$49.40

-1.92 (-3.74%)

CTL

CenturyLink

$9.66

-0.29 (-2.91%)

ADSK

Autodesk

$169.64

-4.47 (-2.57%)

LGF.A

Lionsgate

$15.96

-0.06 (-0.37%)

ROST

Ross Stores

$94.54

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SPLK

Splunk

$128.68

-7.12 (-5.24%)

HPE

HP Enterprise

$14.33

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DVAX

Dynavax

$6.36

(0.00%)

RTIX

RTI Surgical

$4.40

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EPE

EP Energy

$0.16

(0.00%)

18:32
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Hot Stocks
EP Energy suspends NYSE trading, begins trading on OTC markets »

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TMUS

T-Mobile

$76.07

-0.28 (-0.37%)

, NFLX

Netflix

$352.23

-7.47 (-2.08%)

18:15
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T-Mobile says new Magenta plan will include Netflix Basic for families »

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TMUS

T-Mobile

$76.07

-0.28 (-0.37%)

NFLX

Netflix

$352.23

-7.47 (-2.08%)

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HOPE

Hope Bancorp

$13.23

-0.5 (-3.64%)

18:06
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Hot Stocks
Hope Bancorp names Kevin S. Kim chairman of the board »

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CTL

CenturyLink

$9.66

-0.29 (-2.91%)

18:06
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Hot Stocks
CenturyLink CEO buys 50K shares of common stock »

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EXR

Extra Space Storage

$106.85

0.59 (0.56%)

18:00
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Extra Space Storage raises quarterly dividend by 4.7% to 90c per share »

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HPQ

HP Inc.

$19.20

-0.095 (-0.49%)

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HP Inc. says continue to expect FY19 free cash flow of at least $3.7B »

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HPQ

HP Inc.

$19.20

-0.095 (-0.49%)

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HP Inc CFO sees FY19 tax rate of about 19% »

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BA

Boeing

$350.57

-1.93 (-0.55%)

17:56
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FAA tells U.N. it sees 737 MAX approval as soon as late June, Reuters says »

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BA

Boeing

$350.57

-1.93 (-0.55%)

, UAL

United Continental

$80.91

-0.94 (-1.15%)

17:52
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Periodicals
Airlines see 737 MAX needing 100-150 hours of preparation, Reuters says »

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BA

Boeing

$350.57

-1.93 (-0.55%)

UAL

United Continental

$80.91

-0.94 (-1.15%)

AAL

American Airlines

$29.49

-0.43 (-1.44%)

LUV

Southwest

$50.97

-1.6 (-3.04%)

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HPQ

HP Inc.

$19.20

-0.095 (-0.49%)

17:50
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HP Inc CFO says continued to 'outperform PC market and gain profitable share' »

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TCCO

Technical Comm Corp

$3.48

(0.00%)

17:48
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Hot Stocks
Technical Comm Corp receives compliance and plan acceptance notices from Nasdaq »

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HPQ

HP Inc.

$19.20

-0.095 (-0.49%)

17:42
05/23/19
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Hot Stocks
HP Inc. says PC growth across industry was subdued this quarter »

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RST

Rosetta Stone

$24.93

1.135 (4.77%)

17:38
05/23/19
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Hot Stocks
Rosetta Stone officer Sonia Galindo sells over $107K in company shares »

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CCF

Chase Corporation

$100.72

0.32 (0.32%)

17:32
05/23/19
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17:32
Hot Stocks
Chase Corporation chairman sells 2K shares of common stock »

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RNR

RenaissanceRe

$170.85

-0.34 (-0.20%)

17:24
05/23/19
05/23
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17:24
Syndicate
Breaking Syndicate news story on RenaissanceRe »

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RTIX

RTI Surgical

$4.40

-0.08 (-1.79%)

17:21
05/23/19
05/23
17:21
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17:21
Syndicate
Breaking Syndicate news story on RTI Surgical »

RTI Surgical files to…

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DXC

DXC Technology

$52.00

-2.5 (-4.59%)

17:21
05/23/19
05/23
17:21
05/23/19
17:21
Earnings
DXC Technology sees FY20 adjusted EPS $7.75-$8.50, consensus $9.21 »

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RTIX

RTI Surgical

$4.40

-0.08 (-1.79%)

17:19
05/23/19
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17:19
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Breaking Syndicate news story on RTI Surgical »

RTI Surgical files $100M…

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