Barclays Maintains an 'Equalweight' on Copano Energy (CPNO); Housekeeping
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Price: $40.21 --0%
Rating Summary:
2 Buy, 7 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 12 | Down: 15 | New: 40
Rating Summary:
2 Buy, 7 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 12 | Down: 15 | New: 40
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Barclays maintains an 'Equalweight' on Copano Energy (NASDAQ: CPNO), PT $36.
Barclays analyst says, "We believe CPNO will improve coverage throughout the remainder of 2011 and potentially be in a position to raise distribution by end of 2012. Near term variables include commodity price movements and equity cost of capital. While the company plans to fund 2011 capex with revolver, CPNO needs to term it out with higher cost equity capital at some point. Some of the factors affecting longer term distribution growth include conversion of preferred units (10.327 mm units issued July 2010) which is currently paid in kind. Assuming 2013 conversion we estimate unit count to increase 18% which should dampen Copano's ability to grow distribution compared to peers without convertible PIK units."
For more ratings news on Copano Energy click here and for the rating history of Copano Energy click here.
Shares of Copano Energy closed at $33.26 yesterday.
Barclays analyst says, "We believe CPNO will improve coverage throughout the remainder of 2011 and potentially be in a position to raise distribution by end of 2012. Near term variables include commodity price movements and equity cost of capital. While the company plans to fund 2011 capex with revolver, CPNO needs to term it out with higher cost equity capital at some point. Some of the factors affecting longer term distribution growth include conversion of preferred units (10.327 mm units issued July 2010) which is currently paid in kind. Assuming 2013 conversion we estimate unit count to increase 18% which should dampen Copano's ability to grow distribution compared to peers without convertible PIK units."
For more ratings news on Copano Energy click here and for the rating history of Copano Energy click here.
Shares of Copano Energy closed at $33.26 yesterday.
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