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ANDX

Andeavor Logistics

$35.59

0.715 (2.05%)

, MPLX

MPLX

$31.33

0.63 (2.05%)

09:28
05/13/19
05/13
09:28
05/13/19
09:28

Andeavor Logistics upgraded to Neutral at Credit Suisse

As previously reported, Credit Suisse analyst Spiro Dounis upgraded Andeavor Logistics (ANDX) to Neutral from Underperform, with a $35 price target, following the announcement of a definitive agreement for MPLX (MPLX) to acquire the company. With the announcement, the analyst now tethers Andeavor Logistics' valuation to MPLX's share price to reflect the 1.135-times takeout ratio.

ANDX

Andeavor Logistics

$35.59

0.715 (2.05%)

MPLX

MPLX

$31.33

0.63 (2.05%)

  • 14

    May

ANDX Andeavor Logistics
$35.59

0.715 (2.05%)

11/13/18
RHCO
11/13/18
DOWNGRADE
Target $42
RHCO
Hold
Andeavor Logistics downgraded to Hold at SunTrust on distribution growth pause
As reported earlier, SunTrust analyst Tristan Richardson downgraded Andeavor Logistics to Hold from Buy and also lowered his price target to $42 from $51. The analyst says that he previously believed that "earnings contributions from the recent dropdown would drive distribution growth" until the company merged with its sister, but now sees the timing of the merger as less clear amid a "pause in distribution growth, results below expectations and past guidance now stale". Richardson views the management's "decision to halt distribution growth" as a sign that it is assessing the "earnings growth trajectory" while also deciding on the extent that the cash flows of the asset base "can support further distribution growth".
11/29/18
BOFA
11/29/18
DOWNGRADE
Target $36
BOFA
Neutral
MPLX downgraded to Neutral at BofA/Merrill on likely Andeavor bid
As reported earlier, BofA/Merrill analyst Dennis Coleman downgraded MPLX (MPLX) to Neutral from Buy and lowered his price target to $36 from $43. The analyst notes that following the closure of Marathon Petroleum Corporation's (MPC) acquisition of Andeavor (ANDV), investors now anticipate the combination of the MPLX and Andeavor Logistics LP (ANDX) MLPs. Coleman further states that the former acquiring the latter would be modestly accretive for all unitholders and assumes a 10% premium paid in the combination, adding that the enterprise value to EBITDA multiple of the combined entity warrants only a slightly premium valuation for MPLX relative to its peers. As part of his research note, the analyst also lowers his price target on Andeavor Logistics LP to $35 from $42.
02/07/19
MUFG
02/07/19
NO CHANGE
Target $38
MUFG
Neutral
Andeavor Logistics price target lowered to $38 from $43 at MUFG
MUFG analyst Barrett Blaschke lowered his price target on Andeavor Logistics (ANDX) to $38 and kept his Neutral rating, saying the company's Q4 results did not pick up as much as he had anticipated. The analyst notes that the distribution coverage hovering near 1.0-times is also "of some concern", adding that the primary "lingering question" for the stock is how long it will take for it to combine with its "sister MLP", MPLX (MPLX).
05/13/19
FBCO
05/13/19
UPGRADE
FBCO
Neutral
Andeavor Logistics upgraded to Neutral from Underperform at Credit Suisse
MPLX MPLX
$31.33

0.63 (2.05%)

03/12/19
FBCO
03/12/19
NO CHANGE
Target $39
FBCO
Outperform
MPLX price target lowered to $39 from $44 at Credit Suisse
Credit Suisse analyst Spiro Dounis lowered his price target for MPLX to $39 from $44 as he expects increasingly more moderate growth in the Northeast as key E&Ps have announced tempered production growth for 2019 and beyond. Furthermore, the analyst believes the market remains skeptical of key Permian projects and still needs to be convinced of their viability and ability to achieve strong returns. Dounis reiterates an Outperform rating on the shares.
03/12/19
USCA
03/12/19
DOWNGRADE
USCA
Overweight
MPLX downgraded to Overweight from Buy at US Capital Advisors
04/16/19
RAJA
04/16/19
DOWNGRADE
RAJA
Outperform
MPLX downgraded to Outperform from Strong Buy at Raymond James
04/16/19
RAJA
04/16/19
DOWNGRADE
Target $38
RAJA
Outperform
MPLX downgraded to Outperform on near-term overhangs at Raymond James
As previously reported, Raymond James downgraded MPLX (MPLX) to Outperform from Strong Buy and lowered its price target to $38 from $42. Analyst Justin Jenkins sees near-term overhangs from a potential deal with Andeavor Logistics (ANDX), optimistic 2020 guidance and Q1 results that will likely be underwhelming due to G&P headwinds.

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