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MLP Rating Update for the Week Ending August 3

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Hi-Crush Partners

Hi-Crush Partners (HCLP) saw a rating downgrade and target price revision last week. Cowen & Company lowered Hi-Crush Partners to “market perform,” which is equivalent to “hold,” from “outperform,” which is equivalent to “buy.” Credit Suisse raised the partnership’s target price to $17 from $15.

Jefferies lowered Hi-Crush Partners to “hold.” For Hi-Crush Partners, 75.0% of the analysts rate it as a “buy,” while 25.0% of the analysts rate it as a “hold.” The average target price of $17.3 offers ~32% upside from the current price levels.

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EnLink Midstream Partners

EnLink Midstream Partners (ENLK) was upgraded by Stifel last week. Stifel raised EnLink Midstream Partners to “buy” and increased its target price to $19 from $18. UBS also increased the partnership’s target price to $19 from $18. Overall, EnLink Midstream Partners has seen three rating updates since the beginning of 2018—two upgrades and one downgrade. Among the analysts surveyed by Reuters, 62.5% of the analysts rate EnLink Midstream Partners as a “hold,” while 37.5% of the analysts rate it as a “buy.” Currently, EnLink Midstream Partners is trading above its average target price of $17.7.

CVR Refining

Mizuho started coverage on CVR Refining (CVRR) with a “buy” rating last week. Mizuho assigned the partnership a target price of $27. Now, 75% of the analysts rate CVR Refining as “hold,” while 25.0% of the analysts rate it as a“buy.” CVR Refining’s average target price of $24 implies ~8% upside from the current price levels.

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Antero Midstream Partners

Antero Midstream Partners (AM) saw a rating downgrade and two target price revisions last week. Stifel lowered Antero Midstream Partners to “hold” and reduced its target price to $35 from $37. Raymond James increased Antero Midstream Partners’ target price to $38 from $36. Now, 93.7% of the analysts rate Antero Midstream Partners as a “buy,” while 6.3% rate it as a “hold.” Currently, Antero Midstream Partners is trading below the low range ($33) of analysts’ target price. The average target price of $36.9 implies ~18% upside from the current price levels.

Energy Transfer Equity

Morgan Stanley raised Energy Transfer Equity’s (ETE) target price to $21 from $19 last week. Among the analysts surveyed by Reuters, 83.3% of the analysts rate Energy Transfer Equity as a “buy” as of August 3, while 16.7% of the analysts rate it as a “hold.” Energy Transfer Equity’s average target price of $20.7 implies ~9% upside from the current price levels.

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