UPDATE: Stifel Downgrades PennTex Midstream Partners, LP (PTXP) to Hold
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Rating Summary:
2 Buy, 8 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 12 | New: 9
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Stifel downgraded PennTex Midstream Partners, LP (NASDAQ: PTXP) from Buy to Hold with a price target of $15.00 (from $18.00). Analyst Selman Akyol sees limited upside.
"Our downgrade is a result of Energy Transfer Partners’ (ETP, $33.79, Hold) ownership and their comments regarding an eventual roll-up of PTXP. While Energy Transfer did not rule out dropdowns should the numbers work, this is not our base case and we do not believe these transactions would create significant value for PTXP. PennTex maintains a well-positioned asset base with capacity fully contracted under fee-based agreements, although PTXP’s outlook changed with the ownership. Upside is limited in our opinion and we are downgrading PennTex to Hold and lowering our target price to $15.00 from $18.00," said Akyol.
For an analyst ratings summary and ratings history on PennTex Midstream Partners, LP click here. For more ratings news on PennTex Midstream Partners, LP click here.
Shares of PennTex Midstream Partners, LP closed at $15.52 yesterday.
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