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ENB

Enbridge

$38.52

0.015 (0.04%)

, EPD

Enterprise Products

$26.25

0.18 (0.69%)

07:35
12/09/19
12/09
07:35
12/09/19
07:35

Enbridge, Enterprise Products to jointly develop crude oil export terminal

Enbridge (ENB) and Enterprise Products (EPD) announced they have agreed to jointly develop and market a deep-water offshore crude oil export terminal capable of fully loading very large crude carriers, or VLCCs. Under the terms of the letter of intent, or LOI, Enbridge and Enterprise will work to finalize an equity participation agreement. The agreement would allow Enbridge an option to purchase an ownership interest in Enterprise's sea port oil terminal, or SPOT, subject to SPOT receiving a deep-water port license. The parties intend to initially focus commercial development efforts on seeking customer support to fully utilize SPOT. As the crude oil export market continues to grow, Enbridge anticipates that its Texas COLT deep-water port will be well positioned to proceed. Enbridge also announced that it will advance the development of a new wholly-owned Jones Creek Crude Oil Storage Terminal. The terminal will have ultimate capability of up to 15M barrels of storage; access to crude oil from all major North American production basins and will be fully integrated with the Seaway Pipeline system to allow for access to Houston-area refineries, existing export facilities and other facilities in the future. Seaway announced on November 25, a plan to proceed with an open season to secure interest in a potential 200,000 barrels per day expansion of the system. Seaway is "well-positioned as a highly competitive option" to transport Cushing volumes to a fully integrated network of pipelines, storage facilities and export terminals along the U.S. Gulf Coast.

ENB

Enbridge

$38.52

0.015 (0.04%)

EPD

Enterprise Products

$26.25

0.18 (0.69%)

  • 10

    Dec

  • 11

    Dec

ENB Enbridge
$38.52

0.015 (0.04%)

11/25/19
UBSW
11/25/19
UPGRADE
UBSW
Buy
Enbridge upgraded to Buy from Neutral at UBS
UBS analyst Shneur Gershuni upgraded Enbridge to Buy from Neutral and raised his price target to CAD54 from CAD50. The analyst sees the company's Analyst Day as a potential catalyst amid improving "general direction of news flow" and also anticipates its FY20 growth capital expenditure budget to come in at the lower end of its "$5B-$6B self-funding range". Gershuni adds that Enbridge will likely focus on the "high return, shorter time-frame brownfield type projects".
12/04/19
ARGS
12/04/19
INITIATION
Target $44
ARGS
Buy
Enbridge initiated with a Buy at Argus
Argus analyst Bill Selesky initiated coverage of Enbridge with a Buy rating and $44 price target. The analyst cites the company's position as a leader in the midstream energy industry, with expected benefits coming from its "extensive" infrastructure network in crude oil and natural gas transportation. Selesky further notes that Enbridge offers a strong dividend yield of about 5.9% and stable cash flows, adding that its high yield is increasingly attractive given the low returns for fixed income investors over the past year.
12/04/19
12/04/19
INITIATION

Fly Intel: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Enbridge (ENB) initiated with a Buy at Argus. 2. Mesa Labs (MLAB) initiated with a Buy at Jefferies. 3. Middlesex Water (MSEX) initiated with an Outperform at Baird. 4. Staar Surgical (STAA) initiated with a Buy at BTIG. 5. SpringsWorks Therapeutics (SWTX) initiated with a Buy at H.C. Wainwright. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
12/05/19
JEFF
12/05/19
INITIATION
Target $54
JEFF
Hold
Enbridge initiated with a Hold at Jefferies
Jefferies analyst Vikram Bagri initiated coverage of Enbridge with a Hold rating and C$54 price target. Enbridge owns high quality, diversified, stable assets, but following a period of outperformance its stock price now implies low to no execution risk on current projects, which do face regulatory issues, Bagri tells investors.
EPD Enterprise Products
$26.25

0.18 (0.69%)

04/12/19
MUFG
04/12/19
NO CHANGE
Target $35
MUFG
Overweight
Enterprise Products cash flow more stable than for overall midstream, says MUFG
MUFG analyst Barrett Blaschke kept his Overweight rating and $35 price target on Enterprise Products after its Analyst Day. The analyst says that while the presentation was "relatively unrevealing", it offered insight on the management's view of "everything from crude oil to the petrochemical world." Blaschke remains positive on the stock, stating the company has a "market leading set of assets and a market price that does not currently reflect it."
05/30/19
JRCO
05/30/19
INITIATION
Target $35
JRCO
Buy
Enterprise Products initiated with a Buy at Johnson Rice
Johnson Rice analyst Georg Venturatos initiated Enterprise Products with a Buy and $35 price target.
07/17/19
PIPR
07/17/19
INITIATION
Target $37
PIPR
Overweight
Enterprise Products initiated with an Overweight at Piper Jaffray
Piper Jaffray analyst Pearce Hammond started Enterprise Products with an Overweight rating and $37 price target. The analyst views Enterprise Products as the top company in the midstream sector given its integrated value chain, "superb" management team and "self-funding" business model.
09/03/19
SCOT
09/03/19
INITIATION
Target $35
SCOT
Outperform
Enterprise Products initiated with an Outperform at Scotiabank
Scotiabank started Enterprise Products Partners with an Outperform rating and $35 price target.

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UNTY

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