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MLP Rating Updates during the Week Ending January 26

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Capital One Securities upgraded CEQP

MLPs saw four rating updates in the week ending January 26. In the previous week, there were several rating updates including nine downgrades from Barclays. In this part, we’ll discuss the MLP rating updates for the four MLPs. We’ll start with Crestwood Equity Partners (CEQP).

Crestwood Equity Partners was upgraded by Capital One Securities in the week ending January 26, 2018. Capital One Securities upgraded Crestwood Equity Partners to “overweight,” which is equivalent to “buy” from “equal-weight,” which is equivalent to “hold.” Capital One Securities increased the partnership’s target price to $32 from $28. Now, 66.7% of the analysts rate Crestwood Equity Partners as a “buy,” while 33.3% rate it as a “hold.” Crestwood Equity Partners’ average target price of $29.7 implies ~3% upside potential from the current price levels.

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Citigroup initiated coverage on three MLPs

Citigroup initiated coverage on three MLPs last week including Rice Midstream Partners (RMP), Andeavor Logistics (ANDX), and EQT Midstream Partners (EQM). Citigroup assigned the following ratings and target prices for the three MLPs.

  • Rice Midstream Partners – “neutral” rating, which is equivalent to a “hold,” and a target price of $24
  • Andeavor Logistics – “buy” rating and a target price of $58
  • EQT Midstream Partners – “neutral” rating and a target price of $82

Now, 81.3% and 83.3% of the analysts rate Andeavor Logistics and EQT Midstream Partners as a “buy,” while 66.7% of the analysts rate Rice Midstream Partners as a “hold.” Rice Midstream Partners, Andeavor Logistics, and EQT Midstream Partners’ average target prices of $23.3, $55.8, and $87.8 imply ~6%, ~4%, and ~15% upside potential from the current price levels.

Next, we’ll discuss Crestwood Equity Partners’ technical indicators.

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