Barclays maintained its Overweight rating and $25 price target on Kinder Morgan Inc
Kinder Morgan reported third quarter DCF of $1.081 billion and DCF/common share of $0.48, which was in-line with Barclays’ estimates of $1.072 billion and $0.48/common share, respectively. Adjusted EBITDA of $1.77 billion was also in line with Barclays view of $1.77 billion.
“The pace of gas gathering volumes declines in the Eagle Ford finally decelerated compared to what we saw earlier in the year although continued declines are expected through the remainder of the year in the budget,” analyst Christine Cho wrote in a note.
The analyst isn't surprised with Kinder Morgan partially writing down the value of MEP given the basis between the two points exceeds the current tariff and said it positions the company for some contract restructuring.
At time of writing, shares of Kinder Morgan rose 2.37 percent to $21.20.
|Oct 2016||Wolfe Research||Upgrades||Peer Perform||Outperform|
|Oct 2016||Stifel Nicolaus||Upgrades||Hold||Buy|
|Oct 2016||Credit Suisse||Upgrades||Neutral||Outperform|
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