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ARES

Ares Management

$28.28

0.42 (1.51%)

, NEP

NextEra Energy Partners

$51.04

-0.54 (-1.05%)

06:37
10/22/19
10/22
06:37
10/22/19
06:37

Ares Management sells ownership in Meade Pipeline to NextEra Energy Partners

Ares Management (ARES) announced that a fund managed by its Infrastructure and Power strategy has signed a definitive agreement to sell its 22.5% ownership interest in Meade Pipeline to a subsidiary of NextEra Energy Partner (NEP) for approximately $286M. Meade owns approximately 39% of the Central Penn Line, a FERC-regulated, 185-mile pipeline that originates in Susquehanna County, Pennsylvania, and extends to Lancaster County, Pennsylvania. Central Penn is the greenfield part of the larger Atlantic Sunrise project operated by The Williams Companies through Transcontinental Gas Pipe Line Company. The pipeline became operational in October 2018, and, through interconnection with the larger Transco pipeline system, it has the capacity to deliver up to approximately 1.7B cubic feet per day of natural gas from the northeastern Marcellus-producing area to markets in the mid-Atlantic and Southeastern regions of the United States. Included in the transaction is a future expansion opportunity that is expected to add an estimated 0.6B cubic feet per day of natural gas capacity to Central Penn through the addition of compression at new and existing stations. The transaction is expected to close in the fourth quarter, subject to closing conditions and regulatory approvals.

ARES

Ares Management

$28.28

0.42 (1.51%)

NEP

NextEra Energy Partners

$51.04

-0.54 (-1.05%)

  • 22

    Oct

  • 31

    Oct

  • 04

    Dec

ARES Ares Management
$28.28

0.42 (1.51%)

08/05/19
LEHM
08/05/19
INITIATION
Target $33
LEHM
Overweight
Ares Management initiated with an Overweight at Barclays
Barclays analyst Jeremy Campbell started Ares Management with an Overweight rating and $33 price target. Alternative investment strategies have a structural growth story, Campbell tells investors in a research note. Counter to active asset management, contends the analyst, there is continued demand for alternatives as an asset class.
10/07/19
BMOC
10/07/19
INITIATION
BMOC
Market Perform
Ares Management initiated with a Market Perform at BMO Capital
10/07/19
BMOC
10/07/19
INITIATION
BMOC
KKR, Victory Capital, Apollo Global top BMO Capital picks among asset managers
BMO Capital analyst James Fotheringham initiated 11 U.S. asset managers, selecting KKR (KKR), Victory Capital (VCTR), and Apollo Global (APO) as his "top picks" with Outperform ratings and respective price targets of $40, $33, and $52 per share. The analyst believes that investors are undervaluing KKR's performance fees reliability and also have yet to appropriately value its "meaningful" excess capital. Instead, Fotheringham believes that investors are too worried about the risks of recession and KKR's relatively larger balance sheet. For Victory Global, the analyst believes that the market is overly concerned with its balance sheet leverage and believes that the company's organic growth will outperform expectations because of its exposure to to higher-growth segments like ETF products and solutions-seeking investors. For Apollo Global, Fotheringham notes that investors are undervaluing its accelerating Fee Related Earnings growth and expects the stock to benefit from technical support related to "improved liquidity, broadened shareholder engagement, and index inclusions." As part of his research note, the analyst also started the following at Market Perform: Ares Management (ARES) with price target $31, Invesco (IVZ) with price target $18, Blackrock (BLK) with price target $44, AssetMark (AMK) with price target $24, Blackstone (BX) with price target of $44, Carlyle Group (CG) with price target of $23, and T. Rowe Price (TROW) with price target of $101. Fotheringham also initiated Franklin Resources (BEN) at Underperform with price target of $16, saying the market is overvaluing its management-fee related income amid continued outflows and magnified redemption risk as well as operating expense "inflexibility". The analyst warns that Franklin's U.S. and European retail channels are facing ongoing fee pressures and risk from active-to-passive rotation.
10/14/19
BOFA
10/14/19
DOWNGRADE
Target $52
BOFA
Neutral
BofA gets more selective in alternative asset managers, downgrades Blackstone
BofA Merrill Lynch analyst Michael Carrier downgraded Blackstone (BX) to Neutral from Buy with a price target of $52, down from $54, stating that he is getting a bit more selective within the alternative asset managers sector since valuation multiples have moved higher so far this year while estimates have moved lower. Despite his view that the firm is structurally very well positioned over the long-term, he sees more modest upside for the stock from here and prefers others with a higher portion of fee related earnings of that have upcoming fundraising catalysts, Carrier tells investors. To reflect a more typical level of fundraising ahead and the potential for slightly lower than expected realizations if geopolitical risks linger, Carrier also trimmed his price target for Ares Management (ARES) to $31 from $32 and lowered his target for target for KKR (KKR) shares to $31 from $32.
NEP NextEra Energy Partners
$51.04

-0.54 (-1.05%)

04/30/19
MSCO
04/30/19
NO CHANGE
MSCO
Clearway, Pattern Energy could see boost on Atlantica news, says Morgan Stanley
Morgan Stanley analyst Stephen Byrd noted that Atlantica Yield (AY) has announced plans to explore strategic options and while he has no knowledge of any talks involving any of the companies he covers in the space he believes that the market could begin to price in potential strategic optionality at other YieldCos. If so, he sees the potential for modest upside for Clearway Energy (CWEN) and Pattern Energy (PEGI), depending on a what assumptions the market makes, Byrd tells investors. He also points to NextEra Energy Partners (NEP) as a "special case" among YieldCos, stating that its dividend yield is much lower, but its growth prospects are significantly better. In the case of NextEra, though, Byrd said he sees potential downside given the relatively high amount of non-amortizing leverage at parent NextEra Energy (NEE).
10/08/19
LEHM
10/08/19
UPGRADE
Target $61
LEHM
Overweight
NextEra Energy Partners upgraded to Overweight from Equal Weight at Barclays
Barclays analyst Moses Sutton upgraded NextEra Energy Partners to Overweight from Equal Weight with a price target of $61, up from $52.
10/08/19
LEHM
10/08/19
UPGRADE
Target $61
LEHM
Overweight
Barclays upgrades NextEra to Overweight, downgrades TerraForm to Equal Weight
Barclays analyst Moses Sutton upgraded NextEra Energy Partners (NEP) to Overweight from Equal Weight with a price target of $61, up from $52. NextEra Energy's underperformance relative to TerraForm Power (TERP) "has become a compelling opportunity," Sutton tells investors in a research note. At this point, from numerous perspectives, including price performance, relative yield, and 2020-2021 growth visibility, NextEra Energy screens as the best way to gain an outsized total return in the YieldCos group, contends the analyst. As a result, the analyst upgraded NextEra Energy Partners to Overweight and downgraded TerraForm Power to Equal Weight.
10/08/19
10/08/19
UPGRADE

Fly Intel: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Microsoft (MSFT) upgraded to Buy from Hold at Jefferies with analyst Brent Thill saying he sees "excellent visibility" with a "clear line of sight into double digit revenue growth for the near future" in the "safest large-cap investment option." 2. ServiceMaster (SERV) upgraded to Outperform from Sector Perform at RBC Capital with analyst Seth Weber citing the findings of his RBC Pest Survey, which showed growing customer satisfaction with Terminix product and which he believes should result in higher customer retention rate. 3. NextEra Energy Partners (NEP) upgraded to Overweight from Equal Weight at Barclays with analyst Moses Sutton saying NextEra Energy's underperformance relative to TerraForm Power (TERP) "has become a compelling opportunity." 4. Nordic American Tankers (NAT) upgraded to Buy from Neutral at BTIG with analyst Gregory Lewis saying tanker rates had undergone a "nuclear winter" over the past 2 years but crude spot rates have finally started to show "tangible" signs of recovery, with Suezmax prices rising to over $70k/d presently from $30k/d last month and $16k/d from 2017 through the first half of 2019. 5. HCP (HCP) upgraded to Overweight from Neutral at JPMorgan. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

TODAY'S FREE FLY STORIES

AFG

American Financial Group

$109.84

-0.75 (-0.68%)

08:14
11/12/19
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08:14
Conference/Events
American Financial Group management to meet with Sandler ONeill »

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  • 13

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SCPH

scPharmaceuticals

$5.26

0.11 (2.14%)

08:13
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scPharmaceuticals expects 2019 cash, cash equivalents $65M-$70M »

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SCPH

scPharmaceuticals

$5.26

0.11 (2.14%)

08:12
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Earnings
scPharmaceuticals reports Q3 EPS (31c), consensus (45c) »

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AMRN

Amarin

$16.90

-0.58 (-3.32%)

08:12
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Amarin jumps as FDA posts documents for Vascepa advisory committee meeting »

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CBMG

Cellular Biomedicine

$17.86

0.11 (0.62%)

08:12
11/12/19
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08:12
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08:12
Downgrade
Cellular Biomedicine rating change  »

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VCNX

Vaccinex

$5.05

0.19 (3.91%)

08:11
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Earnings
Vaccinex reports Q3 revenue $404,000, consensus 30,000 »

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RKDA

Arcadia Biosciences

$4.08

-0.015 (-0.37%)

, BIOX

Bioceres

$5.70

-0.2 (-3.39%)

08:11
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Hot Stocks
Verdeca receives approval of HB4 drought and herbicide tolerant soybeans »

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RKDA

Arcadia Biosciences

$4.08

-0.015 (-0.37%)

BIOX

Bioceres

$5.70

-0.2 (-3.39%)

03/08/13
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NH

NantHealth

$0.70

0.008 (1.16%)

08:11
11/12/19
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08:11
Hot Stocks
NantHealth reports FDA marketing authorization of Omics Core »

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AMRN

Amarin

$16.90

-0.58 (-3.32%)

08:11
11/12/19
11/12
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08:11
Hot Stocks
Amarin soars after FDA posts briefing docs ahead of Nov. 14 panel »

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  • 14

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SWTX

SpringsWorks Therapeutics

$18.42

-0.1 (-0.54%)

08:10
11/12/19
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08:10
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08:10
Earnings
SpringsWorks Therapeutics reports Q3 EPS ($1.77), consensus (47c) »

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CLNE

Clean Energy

$2.23

-0.01 (-0.45%)

08:09
11/12/19
11/12
08:09
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08:09
Earnings
Clean Energy reports Q3 EPS (2c), consensus (2c) »

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  • 12

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HON

Honeywell

$180.73

-0.48 (-0.26%)

08:09
11/12/19
11/12
08:09
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08:09
Hot Stocks
Honeywell Process Solutions selected by Kuwait Integrated Petroleum Industries »

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CLRB

Cellectar Biosciences

$1.30

-0.095 (-6.81%)

08:09
11/12/19
11/12
08:09
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08:09
Hot Stocks
Cellectar Biosciences expects cash to fund operations into 1Q21 »

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CLRB

Cellectar Biosciences

$1.30

-0.095 (-6.81%)

08:08
11/12/19
11/12
08:08
11/12/19
08:08
Earnings
Cellectar Biosciences reports Q3 EPS (42c), consensus (38c) »

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MBRX

Moleculin Biotech

$1.05

-0.02 (-1.87%)

08:08
11/12/19
11/12
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08:08
Hot Stocks
Moleculin Biotech receives FDA approval for IND of WP1066 »

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  • 13

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LOGC

LogicBio Therapeutics

$9.49

0.09 (0.96%)

08:07
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Hot Stocks
LogicBio Therapeutics expects cash to fund operations into 2021 »

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LOGC

LogicBio Therapeutics

$9.49

0.09 (0.96%)

08:07
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Earnings
LogicBio Therapeutics reports Q3 EPS (48c), consensus (46c) »

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AMRN

Amarin

$16.90

-0.58 (-3.32%)

08:06
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Hot Stocks
Breaking Hot Stocks news story on Amarin »

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  • 14

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MPAA

Motorcar Parts

$19.96

-0.66 (-3.20%)

08:06
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Earnings
Motorcar Parts reports Q2 adj. EPS 68c, consensus 41c »

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  • 12

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FATE

Fate Therapeutics

$14.49

-0.09 (-0.62%)

08:06
11/12/19
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Initiation
Fate Therapeutics initiated  »

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LM

Legg Mason

$38.33

0.17 (0.45%)

08:06
11/12/19
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Legg Mason reports AUM of $791.0B as of October 31 »

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CBS

CBS

$39.21

1.09 (2.86%)

, VIA

Viacom

$26.40

0.87 (3.41%)

08:06
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Hot Stocks
CBS, Viacom merger expected to close in early December »

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CBS

CBS

$39.21

1.09 (2.86%)

VIA

Viacom

$26.40

0.87 (3.41%)

VIAB

Viacom

$23.46

0.71 (3.12%)

03/08/13
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03/06/13
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  • 12

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  • 14

    Nov

  • 09

    Dec

08:05
11/12/19
11/12
08:05
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Conference/Events
Craig-Hallum to hold a conference »

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MJARF

MJardin Group

$0.00

(0.00%)

08:05
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MJardin Group announces partnership with Robes Inc. »

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  • 25

    Nov

RUBY

Rubius Therapeutics

$10.91

-0.13 (-1.18%)

, SYBX

Synlogic

$2.28

-0.015 (-0.66%)

08:04
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Hot Stocks
Rubius Therapeutics appoints Maiken Keson-Brookes as CLO »

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RUBY

Rubius Therapeutics

$10.91

-0.13 (-1.18%)

SYBX

Synlogic

$2.28

-0.015 (-0.66%)

03/08/13
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