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ANDX

Andeavor Logistics

$47.44

1.39 (3.02%)

17:00
08/06/18
08/06
17:00
08/06/18
17:00

Andeavor Logistics reports Q2 EPS 63c, consensus 67c

Reports Q2 revenue $557M, consensus $511.98M.Andeavor Logistics also announced that it has been awarded an additional new crude oil gathering project in the Delaware Basin, for a total of six crude oil gathering projects awarded over the last three quarters. Capital invested for these projects is expected to total approximately $75 to $85 million through 2018 and early 2019, with an anticipated average multiple of 6 to 7 times EBITDA. Acreage dedications in the Permian Basin associated with these projects total 76,000 acres. Following the completion of the drop down and continued build-out, expansion and new connections planned for this system, Andeavor Logistics expects to exit 2018 with a run rate from its Permian Basin assets of $90 million of annual net earnings and $150 million of annual EBITDA. Andeavor's recently announced joint ventures in the Gray Oak Pipeline and marine terminal in Corpus Christi are expected to further enhance Andeavor Logistics' competitive position in the Permian Basin when pursuing crude oil gathering projects, but the impact of these projects is not included in Andeavor Logistics' current outlook.

ANDX Andeavor Logistics
$47.44

1.39 (3.02%)

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.
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.
05/21/18
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.
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.

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