UPDATE: Barclays Downgrades Spectra Energy (SE) to Equalweight; Cutting 2012-16 NGL Price Outlook

(Updated - August 31, 2012 12:34 PM EDT)

Barclays downgraded Spectra Energy (NYSE: SE) from Overweight to Equalweight with a price target of $30.00 (from $31.00).

Richard Gross, said, "Prior to the 2Q earnings season, we reduced our 2012-2016 NGL price outlook. As a result, the value of our weighted average NGL barrel came down by 32% in 2012 and 25% in 2013, while our frac spreads declined by 43% and 36% in the respective years, with the impact primarily being reflected in Field Services and Western Canada."

For an analyst ratings summary and ratings history on Spectra Energy click here. For more ratings news on Spectra Energy click here.

Shares of Spectra Energy closed at $28.52 yesterday.

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