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MLP Rating Update for the Week Ended July 27

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Jul. 31 2018, Updated 11:50 a.m. ET

Buckeye Partners

Buckeye Partners (BPL), a midstream MLP involved in liquids transportation and terminaling, was downgraded by SunTrust Robinson Humphrey last week. It lowered BPL to a “sell” from a “hold” and reduced the target price to $31 from $43. Previously, Citigroup lowered the partnership to a “hold.” BPL has seen five rating updates since the start of the year, including four downgrades and one new coverage initiation.

About 73% of analysts surveyed by Reuters rate BPL a “hold,” 20% rate it a “buy,” and 6.7% rate it a “sell.” BPL’s average target price of $41.80 implies a ~25% upside potential from its current price level.

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EQT Midstream Partners

EQT Midstream Partners (EQM) saw a target price cut last week. Stifel lowered its target price to $66 from $73. That could be mainly attributed to the postponement of the Mountain Valley Project. About 71.4% of analysts rate EQM a “buy,” and the remaining 28.6% rate it a “hold.” EQM is currently trading below the low range ($61) of analysts’ target price. Its average target price of $70.10 offers a ~35% upside from its current price level.

EQT GP Holdings

EQT GP Holdings (EQGP), the MLP GP (general partner) of EQT Midstream Partners, saw a new coverage initiation last week. Jefferies started coverage on EQGP with a “hold” rating and assigned it a target price of $22. 58. About 3% of analysts surveyed by Reuters rate EQGP a “hold,” and the remaining 41.7% rate it a “buy.” Its average target price of $27.90 implies a ~22% upside potential from its current price level.

Hi-Crush Partners

Hi-Crush Partners (HCLP) was downgraded by Jefferies to a “hold.” It also reduced HCLP’s target price to $12 from $16. About 81% of analysts rate HCLP a “buy,” and the remaining 18.7% rate it a “hold.” HCLP’s average target price of $17 implies a ~12% upside potential from its current price level.

In the next part, we’ll look at Hi-Crush Partners’ technical indicators.

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