Barclays Boosts PT on Enlink (ELNK) to $18 Following Q2 Report; Affirms at 'Neutral'
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Barclays lifts price target on Neutral-rated Enlink (Nasdaq: ENLK) from $15 to $18 following Q2 results.
Analyst Heejung Ryoo noted the following from the Q2 report:
ENLK reported EBITDA of $187.4 mm vs our $179 mm resulting in 1.03x coverage. The ENLK/ENLC consolidated EBITDA guidance was tightened towards the high end to $750-$800 mm vs $720-$800 mm. Key highlights of the call included various steps the company took to mitigate capital needs while positioning itself to take advantage of opportunities. One such move was reflected in the formation of the NGP JV in Delaware basin where ENLK brought in $115 mm of capital from NGP as part of total $400 mm of capital commitment from the JV partner to expand its presence in the Delaware basin around the Lobo II plant which is being built for YE2016 service. Another example is the preferred equity raise at HEP which will close in Q3 and will reduce ENLK's share of capex by $40-$100mm.
The company also shared positive outlook around the Tall Oak assets which led to early start of the Chisholm II plant expected to start in 1H2017 vs previous plan date of 4Q17. In Permian, update was provided on Greater Chickadee project which materialized due to its LPC acquisition. ENLK is spending $70-$80 mm capital for major crude gathering line to be partially in service 2H16 and full service early 2017.
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