Barclays Lowers Estimates on Enbridge Energy Partners (EEP); Preannouncement Following NGL Price Declines
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Price: $30.65 -0.71%
Rating Summary:
5 Buy, 10 Hold, 0 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 11 | Down: 17 | New: 13
Rating Summary:
5 Buy, 10 Hold, 0 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 11 | Down: 17 | New: 13
Trade EEP Now!
Barclays maintains an 'Equalweight' on Enbridge Energy Partners (NYSE: EEP) price target of $33.00.
Analyst, Richard Gross, said, "EEP's preannouncement does provide clarity, but distribution coverage will likely fall below 0.9x in 2012. While we view EEP's $3B portfolio of largely fee-based crude oil and NGL pipeline projects as favorable long term, tempering our near-term view are large financing needs, lag in cash flows from projects, and low coverage in 2012."
Gross cuts FY12 EPS estimate from $1.25 to $1.01 and FY13 from $1.66 to $1.52.
"We are decreasing our 2012 EBITDA estimate from $1.23 to $1.14B and expect the Street to lower estimates with consensus currently at $1.24B...We are modestly decreasing our 2012/13-year distribution CAGR estimates from 2.3%/2.9% to 1.8%/2.7%."
For an analyst ratings summary and ratings history on Enbridge Energy Partners click here. For more ratings news on Enbridge Energy Partners click here.
Shares of Enbridge Energy Partners closed at $30.99 yesterday, with a 52 week range of $24.66-$33.85.
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Analyst, Richard Gross, said, "EEP's preannouncement does provide clarity, but distribution coverage will likely fall below 0.9x in 2012. While we view EEP's $3B portfolio of largely fee-based crude oil and NGL pipeline projects as favorable long term, tempering our near-term view are large financing needs, lag in cash flows from projects, and low coverage in 2012."
Gross cuts FY12 EPS estimate from $1.25 to $1.01 and FY13 from $1.66 to $1.52.
"We are decreasing our 2012 EBITDA estimate from $1.23 to $1.14B and expect the Street to lower estimates with consensus currently at $1.24B...We are modestly decreasing our 2012/13-year distribution CAGR estimates from 2.3%/2.9% to 1.8%/2.7%."
For an analyst ratings summary and ratings history on Enbridge Energy Partners click here. For more ratings news on Enbridge Energy Partners click here.
Shares of Enbridge Energy Partners closed at $30.99 yesterday, with a 52 week range of $24.66-$33.85.
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Analyst Comments, Analyst EPS Change, Analyst EPS ViewRelated Entities
Barclays, Crude Oil
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