Broadpoint.Amtech Initiates Coverage on Willbros Group (WG) with a Buy; Leading North American Pipeline Contractor
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Broadpoint.Amtech initiates coverage on Willbros Group, Inc. (NYSE: WG) with a Buy. Price target $24.
Broadpoint analyst says, "We are initiating coverage of leading North American pipeline contractor Willbros Group with a Buy rating. Recent results and contract wins along with our industry checks suggest the pipeline business is turning the corner. Our secular view of shale development drives our long-term thesis."
Willbros is one of the top mid-stream infrastructure providers: The company has shifted away from high risk regions to North America, where pipeline build-out, in our view, offers one of the only major energy infrastructure themes for investors to make money...Recent acquisitions have diversified Willbros’ mix towards a more favorable balance of upstream/downstream work and services/recurring revenue in an otherwise fixed-price dominated pipeline market that can be very lumpy...Secular thesis unchanged...Stock move only the beginning: We believe the recent stock move will mark the beginning of a re-rating by investors to reflect a resumption of activity. We see longer term EPS power of $2 and view our medium-term price target of $24 as achievable."
To see more analyst ratings on WG Click Here.
Willbros Group, Inc. provides engineering, construction, and specialty services to the oil and gas, power, refinery, and petrochemical industries, as well as to the governmental entities worldwide.
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