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Weekly Wrap-Up: MLPs Recovered Slightly Last Week

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Part 5
Weekly Wrap-Up: MLPs Recovered Slightly Last Week PART 5 OF 6

MLP Rating Updates for the Week Ending August 25

Plains All American Pipeline

Plains All American Pipeline (PAA) and its general partner Plains GP Holdings (PAGP) were upgraded last week following a huge correction in previous weeks. Jefferies upgraded Plains All American and Plains GP Holdings to “buy” from “hold.” However, it cut the target price for the two companies:

  • Plains All American Pipeline to $23 from $28
  • Plains GP Holdings to $24 from $27

Now, 54.2% of the analysts rate Plains All American Pipeline as a “hold” and the remaining 45.8% rate it as a “buy” as of August 25. At the same time, Plains GP Holdings has a “hold” rating from 50.0% of the analysts, while the remaining 50.0% rate it as a “buy.” Plains All American Pipeline and Plains GP Holdings’ target prices of $25.0 and $28.6 imply an ~24% and ~25% return from their current price levels.

MLP Rating Updates for the Week Ending August 25

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Valero Logistics Partners

Jefferies upgraded Valero Logistics Partners (VLP) to “buy” from “hold” last week. However, it cut the target price to $50. Now, the partnership has a “buy” rating from 81.3% of the analysts surveyed by Reuters, while the remaining 18.7% rate it as a “hold.” Currently, Valero Logistics Partners is trading significantly below the lower range ($48) of analysts’ target price. Its average target price of $54.2 implies an ~24.0% return from its current price levels.

Archrock Partners

Archrock Partners (APLP), the MLP involved in providing natural gas compression services, was upgraded by RBC Capital Markets to “outperform” from “sector perform.” It also raised Archrock Partners’ target price to $19 from $18. Now, 57.1% of the analysts rate Archrock Partners as a “buy” and the remaining 42.9% rate it as a “hold.” Archrock Partners’ target price of $18.5 implies an ~37% return from its current price levels.

Viper Energy Partners

Viper Energy Partners (VNOM), the MLP formed by Diamondback Energy (FANG) to own and acquire natural gas and crude oil assets in the US, was upgraded by Mizhuo to “buy” from “neutral.” The partnership has seen three rating updates in the past month and six updates since the beginning of 2017. Viper Energy Partners’ YTD rating updates include four upgrades and two new coverages (both buys). Now, 100.0% of the analysts rate Viper Energy Partners as a “buy.” Its average target price of $22.2 implies an ~33% return from its current price levels.

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