Wells Fargo Downgrades Kinder Morgan Energy Partners (KMP) to Market Perform; Raises Estimates
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Wells Fargo downgrades Kinder Morgan Energy Partners (NYSE: KMP) to Market Perform.
Wells analyst says, "We’re downgrading our rating on KMP to Market Perform primarily based on valuation. Even after revising our valuation range to reflect a higher commodity price deck, a shift forward in our models to 2010 as the base year, and a higher estimated 2010 distribution growth rate of 3.6% from 0% previously, KMP’s valuation fairly reflects its future growth prospects, in our view. The partnership trades at a premium to the large-cap pipeline MLP peer group on virtually every valuation metric. KMP currently yields 7.8% and trades at 2010 P/DCF and EV/EBITDA (adj.) multiples of 11.9x and 16.3x, respectively, compared to the large cap pipeline peer group medians of 8.3%, 10.3x, and 12.6x, respectively. We continue to recommend Kinder Morgan Mgmt (NYSE: KMR) as our favorite way to play the Kinder Morgan story."
"Raising Estimates On Revised Price Deck. Our 2009 EPU and DCF/unit estimates increase to $1.37 and $4.12, respectively, from $1.11 and $3.92 previously. Similarly, our 2010 EPU and DCF/unit estimates increase to $2.03 and $4.52, respectively, from $1.93 and $4.33 previously."
To see more analyst ratings on KMP Click Here.
Kinder Morgan Energy Partners, L.P. owns and manages energy transportation and storage assets in North America.
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+0.55Comments
KMP downgrade
analist total idiot. Quit smoking the crap you are smoking. You are on my shit list and that is very unlucky for you.8c4455
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KMP
Heaterman on Jul 22, 2009 07:24 PMI agree, why would anybody change to KMR, which pays no dividend ?? Wait for a bigger pullback in KMP and "load up", people. I agree that this analyst is smoking something funny. Cramer's FAV.