Your MLP Ratings Updates from Last Week
Phillips 66 Partners
Phillips 66 Partners (PSXP), the MLP (master limited partnerships) formed by one of the largest US refiners, Phillips 66 (PSX), to provide crude oil and refined products transportation and terminaling services, saw two target price cuts last week—from Raymond James and Stifel.
Raymond James has cut PSXP’s target price to $60 from $61, while Stifel has cut the stock’s target price to $61 from $63. PSXP’s average target price of $59.3 implies a 30.5% return from its current price level. Notably, 75% of the analysts rate PSXP as a “buy,” while almost 18.8% rate it as “hold,” and the nearly 6.3% rate it as “sell.”
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Andeavor Logistics (previously Tesoro Logistics Partners)
Andeavor Logistics (ANDX) was formed by a US refiner, Andeavor (ANDV), to provide liquids transportation and terminaling services. ANDX saw a price cut from Barclays to $28 from $32 last week.
The partnership has a “buy” rating from 73.3% of the analysts surveyed by Reuters, while the remaining 26.7% rate it as a “hold.” ANDX’s average target price of $58.7 implies a ~25% return from its current price levels.
CNX Coal Resources
CNX Coal Resources (CNXC), the MLP involved in coal mining and processing, saw a target price cut last week. Jefferies has cut CNXC’s target price to $20 from $22.
Notably, 71.4% of its analysts rate CNX a “buy,” while the remaining 28.6% rate it as “hold.” CNXC’s updated target price of $20.6 implies a ~32% return from its current price level.
Viper Energy Partners
Imperial Capital initiated coverage of Viper Energy Partners (VNOM) with an “outperform” rating, which is equivalent to a “buy.” The firm assigned a target price of $21. VNOM has now seen five rating updates since the beginning of 2017, including two new coverages (both “buys”) and three upgrades to “buy.”
Notably, 91.7% of its analysts rate VNOM a “buy,” while 9.1% rate it as “hold.” VNOM’s average target price of $21.3 implies a ~33% return from its current price level.