Commenting on the small cap pipeline MLPs, Wells Fargo (NYSE:WFC) gave their input on Holly Energy Partners, L.P. (NYSE:HEP) and TC Pipeline Partners, L.P. (Nasdaq:TCLP) and Genesis Energy, L.P. (NYSE:GEL)."
"We are increasing valuation ranges for GEL to $25 to $27 from $24 to $26 and for TLP to $33 to $35 from $32 to $34. We are also adjusting our DCF estimates for GEL, HEP and TCLP. Our revised valuation ranges suggest median total return potential of 13% for the subsector. We are downgrading Holly Energy Partners, L.P. and TC Pipeline Partners, L.P. to Underperform from Market Perform based on valuation. Our top Outperform pick in this subsector is Genesis Energy, L.P."
Holly Energy closed down $50.89 Thursday, falling $1.36, or 2.60 percent. TC Pipelines finished the trading day at $47.66, dropping $1.23, or 2.52 percent. Genesis also finished down, ending at $25.01, losing $0.19, or 0.75 percent.
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