Jefferies Raises Price Target on Spectra Energy (SE) Following Managements's Strong Outlook
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Price: $116.26 -2.67%
Rating Summary:
31 Buy, 11 Hold, 1 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 7 | Down: 16 | New: 37
Rating Summary:
31 Buy, 11 Hold, 1 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 7 | Down: 16 | New: 37
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Jefferies is reaffirming its Buy rating on shares of Spectra Energy (NYSE: SE) and is raising its price target by $1 to $33 following the release of its Q3 results.
The company reported operating earnings of $0.38 for the quarter, while earnings did grow year over year, they fell short of the firm's and Street's estimate of $0.40. During the quarter, the company's U.S. Transmission segment ongoing EBIT rose 1.7 percent to $235 million.
Management announced plans to increase its annual dividend rate by $0.08 through 2014 as they anticipate earnings will grow by 7-9 percent annually throughout that time.
An analyst at Jefferies comments, "The key driver for the quarter over quarter improvement was higher commodity prices. Oil prices averaged $90 per barrel versus $76 per barrel in 3Q10. Average liquids prices increased to $1.24/gal versus $0.87/gal last year."
Jefferies forecasts EPS of $1.75 for FY11, $1.90 for FY12, $2.05 for FY13, and $2.25 for FY14.
For more ratings news on Spectra Energy click here and for the rating history of Spectra Energy click here.
Shares of Spectra Energy closed at $28.99 yesterday.
The company reported operating earnings of $0.38 for the quarter, while earnings did grow year over year, they fell short of the firm's and Street's estimate of $0.40. During the quarter, the company's U.S. Transmission segment ongoing EBIT rose 1.7 percent to $235 million.
Management announced plans to increase its annual dividend rate by $0.08 through 2014 as they anticipate earnings will grow by 7-9 percent annually throughout that time.
An analyst at Jefferies comments, "The key driver for the quarter over quarter improvement was higher commodity prices. Oil prices averaged $90 per barrel versus $76 per barrel in 3Q10. Average liquids prices increased to $1.24/gal versus $0.87/gal last year."
Jefferies forecasts EPS of $1.75 for FY11, $1.90 for FY12, $2.05 for FY13, and $2.25 for FY14.
For more ratings news on Spectra Energy click here and for the rating history of Spectra Energy click here.
Shares of Spectra Energy closed at $28.99 yesterday.
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