Global Hunter Securities Downgrades Williams Partners LP (WPZ) to Accumulate

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Global Hunter Securities downgraded Williams Partners LP (NYSE: WPZ) from Buy to Accumulate with a price target of $54.00.

The firm comments, "While we still believe risk/reward is favorable (especially after the price decline over the past few days), guidance was lowered meaningfully for 2013-2014. With distribution coverage now expected at approximately 0.9x for 2013, it seems like it will be 2014 before WPZ covers its distribution and 2015 before it generates a more normalized coverage cushion (greater than 1.1x). Until then, there will be a subset of investors that remain skeptical of 9% distribution growth. This may preclude WPZ from trading up to reflect a yield more appropriate for a 9% annual grower. All that said, we believe the stock grinds higher as it sees steady improvement in coverage."

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

Shares of Williams Partners LP closed at $51.34 yesterday, with a 52 week range of $45.01-$62.42.

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