Deutsche Bank Upgrades Chesapeake Midstream Partners (CHKM) to Buy

May 17, 2012 8:10 AM EDT
Get Alerts CHKM Hot Sheet
Price: $28.46 --0%

Rating Summary:
    11 Buy, 3 Hold, 0 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 28 | Down: 28 | New: 23
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Deutsche Bank upgraded Chesapeake Midstream Partners (NYSE: CHKM) from Hold to Buy Thursday morning. A $30 price target was maintained.

The firm said Chesapeake Midstream held an analyst on Wednesday, saying issues with its parent Chesapeake Energy (NYSE: CHK) are strictly Chesapeake Energy issues.

Deutsche Bank also pointed to the company's Midstream opportunities: "CHKM is projecting $660 million of growth capital expenditures this year. Our summary of project returns is in the mid to high teens for this capital creating further visibility of growth in distributable cash flows and distributions. With CHKM operating as a 100% fee for service business and a longer term distribution growth rate of 12% on top of the 18% growth in the past year. Back at CHK there are $2 billion of midstream assets that are being developed as future drop-downs to CHKM."

For an analyst ratings summary and ratings history on Chesapeake Midstream Partners click here. For more ratings news on Chesapeake Midstream Partners click here.

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