Wednesday, December 8, 2010

El Paso Pipeline (NYSE:EPB) EPS Estimates Upped on Recent Transactions

El Paso Pipeline (NYSE:EPB) had its EPS estimates raised by Barclays (NYSE:BCS) on the recent completion of acquisitions of Southern LNG Company and Elba Express Company.

Barclays said, "We are updating our earnings estimates and distribution outlook in conjunction with our recent revisions to our EP forecast. Our new model reflects the recent transaction in which EPB acquired the remaining 49% interests in both Southern LNG Company and Elba Express Company as well as an additional 15% interest in Southern Natural Gas from EP....FY11 EPS lowered from $1.98 to $1.96 and FY12 raised from $2.18 to $2.49."

El Paso was trading at $32.80, down $0.20, or 0.61 percent, as of 1:28 PM EST. The price target on the company was raised from $36 to $36 by Barclays.

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