UBS Maintains a 'Buy' on PetroLogistics LP (PDH); Cutting FY12 EPS Estimate and Q3 Distribution View

July 27, 2012 3:31 PM EDT Send to a Friend
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Price: $14.15 --0%

Rating Summary:
    3 Buy, 2 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 0 | Down: 0 | New: 0
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UBS maintains a 'Buy' on PetroLogistics LP (NYSE: PDH) price target of $15.50 (from $16.50).

Analyst, Gregg A. Goodnight, said, "PDH reported 2Q12 adjusted EPS of $0.46 were essentially inline with our $0.45 estimate. Propylene production was 310 million lbs. and the propylene-to-propane spread was 37.9¢/lb. vs. our estimates of 299 million lbs. and 38¢/lb., respectively...As a result of our lower propylene-to-propane spread expectations, we are reducing our 2012E EPS to $1.40 from $1.63. We are keeping our 2013E and 2014E EPS forecasts unchanged at this time...For 3Q12, we expect that the propylene-to-propane spread will fall to 26¢/lb. from our previous estimate of 35¢/lb. and the 3Q distribution will decline to $0.22/share from our prior outlook of $0.43/share."

For an analyst ratings summary and ratings history on PetroLogistics LP click here. For more ratings news on PetroLogistics LP click here.

Shares of PetroLogistics LP closed at $10.85 yesterday.


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