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ENLC

EnLink Midstream

$12.62

0.21 (1.69%)

, PSX

Phillips 66

$97.10

-1.415 (-1.44%)

09:05
04/15/19
04/15
09:05
04/15/19
09:05

Jefferies downgrades both EnLink Midstream, Phillips 66 to Hold from Buy

Jefferies analyst Christopher Sighinolfi downgraded both EnLink Midstream (ENLC) and Phillips 66 (PSX) to Hold from Buy. With a sharp year-to-date rally in midstream equity prices, stock selection is increasingly important, Sighinolfi tells investors in a research note. Despite an over 35% rise in crude prices year-to-date, U.S. energy fundamentals "remained muted" in Q1 as commodity prices declined, basis spreads further contracted and U.S. producers scaled back capital investment plans, says the analyst. He cites valuation for the two downgrades.

ENLC

EnLink Midstream

$12.62

0.21 (1.69%)

PSX

Phillips 66

$97.10

-1.415 (-1.44%)

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ENLC EnLink Midstream
$12.62

0.21 (1.69%)

03/12/19
SBSH
03/12/19
INITIATION
Target $13
SBSH
Buy
EnLink Midstream resumed with a Buy at Citi
Citi analyst Mirek Zak resumed coverage of EnLink Midstream with a Buy rating and $13 price target. The rating is unchanged from Citi's prior coverage while the target is lowered from $19. The analyst believes EnLink Midstream's near-term volume risk may be less than perceived given the company's continued rig activity and further capital being deployed by producers.
03/22/19
LEHM
03/22/19
INITIATION
Target $14
LEHM
Equal Weight
EnLink Midstream reinstated with an Equal Weight at Barclays
Barclays analyst Christine Cho reinstated coverage of EnLink Midstream with an Equal Weight rating and $14 price target.
04/15/19
STFL
04/15/19
DOWNGRADE
Target $13
STFL
Hold
EnLink Midstream downgraded to Hold from Buy at Stifel
Stifel analyst Timothy Howard downgraded EnLink Midstream to Hold from Buy with an unchanged price target of $13. The analyst cites valuation for the downgrade following the recent performance of the shares. However, EnLink's 8.5% yield remains attractive, says the analyst.
04/15/19
JEFF
04/15/19
DOWNGRADE
Target $13
JEFF
Hold
EnLink Midstream downgraded to Hold from Buy at Jefferies
Jefferies analyst Christopher Sighinolfi downgraded EnLink Midstream to Hold from Buy with a $13 price target.
PSX Phillips 66
$97.10

-1.415 (-1.44%)

01/18/19
SBSH
01/18/19
DOWNGRADE
SBSH
Neutral
Citi downgrades Delek, opens catalyst watches on Valero and Phillips 66
Citi analyst Prashant Rao downgraded Delek US to Neutral from Buy and lowered his price target for the shares to $35 from $45. After running through three "increasingly severe scenarios," the analyst tells investors to "get tactical" in the Refiners & Marketers space as Q4 earnings reports "could get sold." He also opened up a 90 day "Negative Catalyst Watch" on Valero (VLO) and a 30 day "Positive Catalyst Watch" on Phillips 66 (PSX).
02/11/19
STFL
02/11/19
DOWNGRADE
Target $52
STFL
Hold
Phillips 66 Partners downgraded to Hold from Buy at Stifel
Stifel analyst Selman Akyol downgraded Phillips 66 Partners (PSXP) to Hold while raising his price target for the shares to $52 from $50. The analyst cites the current valuation of the units and his analysis on a potential buyout scenario between Phillips 66 Partners and Phillips 66 (PSX) for the downgrade. He continues to expect a transaction in 2019. Akyol currently estimates a 14.0 times multiple would maintain Phillips 66 Partners' fiscal 2019 coverage, but he notes that would reduce his discounted cash flow per unit estimate by 12%. While there is a chance Phillips 66 exchanges IDRs cheaper than a coverage-neutral price, "we have not seen this in a transaction yet," Akyol tells investors in a research note.
02/14/19
ARGS
02/14/19
NO CHANGE
Target $116
ARGS
Buy
Phillips 66 price target lowered to $116 from $133 at Argus
Argus analyst Bill Selesky lowered his price target on Phillips 66 to $116 to reflect his reduced expectations for oil price, forecasting WTI to average $53 per barrel vs. $67 in 2018. The analyst also keeps his Buy rating on the stock with a positive view on the company's "diversified business model that includes refining, midstream, chemicals, and marketing and specialty operations." Selesky contends that the company's "diversification has proven valuable in different commodity price environments", making its cash flows less volatile than that of its peers.
04/15/19
JEFF
04/15/19
DOWNGRADE
Target $107
JEFF
Hold
Phillips 66 downgraded to Hold from Buy at Jefferies
Jefferies analyst Christopher Sighinolfi downgraded Phillips 66 to Hold from Buy while raising his price target for the shares to $107 from $105.

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F

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