UPDATE - Barclays Initiates Coverage on Tesoro Logistics (TLLP) with an Overweight; Initiate Bakken & Drop Down Play
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Price: $52.13 --0%
Rating Summary:
11 Buy, 5 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 12 | Down: 15 | New: 40
Rating Summary:
11 Buy, 5 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 12 | Down: 15 | New: 40
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UPDATE - Barclays initiates coverage on Tesoro Logistics (NYSE: TLLP) with an Overweight. PT $28.
Barclays analyst said, "We view TLLP as a high-growth, relatively low-risk crude oil/refined products pipeline MLP with an attractive total return value proposition of 15.5%, comprised of 5.5% yield and 10% growth (3-year CAGR). Growth visibility supported by organic projects, including the emerging Bakken Shale, drop down opportunities and increased asset utilization by third parties. With an expected 10% distribution growth rate, TLLP is the only crude oil/refined products MLP in our coverage universe with forecasted double-digit growth."
"Our price target is based on a forward 12-month distribution run rate of $1.48 and a target yield of 5.3%."
Barclays analyst said, "We view TLLP as a high-growth, relatively low-risk crude oil/refined products pipeline MLP with an attractive total return value proposition of 15.5%, comprised of 5.5% yield and 10% growth (3-year CAGR). Growth visibility supported by organic projects, including the emerging Bakken Shale, drop down opportunities and increased asset utilization by third parties. With an expected 10% distribution growth rate, TLLP is the only crude oil/refined products MLP in our coverage universe with forecasted double-digit growth."
"Our price target is based on a forward 12-month distribution run rate of $1.48 and a target yield of 5.3%."
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