Echelon Co. (ELON), Aixtron AG (AIXG), AnnTaylor Stores Corp. (ANN), Brunswick Co. (BC), Staples, Inc. (SPLS), Total System Services, Inc. (TSS) and Unum Group (UNM) had ratings and price targets adjusted on them by analysts.
Piper Jaffray upgraded Echelon Co. (ELON) from a "Neutral" rating to an "Overweight" rating.
Citigroup (C) upgraded Aixtron AG (AIXG) from a "Sell" rating to a "Neutral" rating.
SunTrust upgraded AnnTaylor Stores Corp. (ANN) from a "Neutral" rating to a "Buy" rating.
Raymond James upgraded Brunswick Co. (BC) from a "Market Perform" rating to a "Strong-Buy" rating.
Caris & Co. upgraded Staples, Inc. (SPLS) from an "Average Above" rating to an "Average" rating.
Susquehanna upgraded Total System Services, Inc. (TSS) from a "Neutral" rating to a "Positive" rating.
RBC Capital upgraded Unum Group (UNM) from a "Sector Perform" rating to a "Outperform" rating.
Showing posts with label Citigroup. Show all posts
Showing posts with label Citigroup. Show all posts
Friday, March 2, 2012
Tuesday, February 14, 2012
Regal Entertainment (RGC) (CZR) (TRIP) (P) (BBBY) (IHG) Ratings, Price Targets
Regal Entertainment (NYSE:RGC), Caesars Entertainment (NASDAQ:CZR), TripAdvisor (NASDAQ:TRIP), Pandora Media (NYSE:P), Bed Bath & Beyond (NASDAQ:BBBY) and Intercontinental Hotels Group (NYSE:IHG) had ratings and price targets on them adjusted by analysts.
Imperial Capital initiated coverage on Caesars Entertainment (CZR). They placed an "Outperform" rating and a price target of $16.20 on the company.
Capstone initiated coverage on TripAdvisor (TRIP). They placed a "Strong Buy" rating on the company.
Capstone initiated coverage on Pandora Media (P). They placed a "Hold" rating on the company.
Regal Entertainment (RGC) was upgraded by Piper Jaffray (NYSE:PJC) from a "Neutral" rating to an "Overweight" rating.
Bed Bath & Beyond (BBBY) was downgraded by Citigroup (NYSE:C) from a "Buy" rating to a "Neutral" rating.
Intercontinental Hotels Group (IHG) was downgraded by Jefferies Group (NYSE:JEF) form a "Buy" rating to a "Hold" rating.
Imperial Capital initiated coverage on Caesars Entertainment (CZR). They placed an "Outperform" rating and a price target of $16.20 on the company.
Capstone initiated coverage on TripAdvisor (TRIP). They placed a "Strong Buy" rating on the company.
Capstone initiated coverage on Pandora Media (P). They placed a "Hold" rating on the company.
Regal Entertainment (RGC) was upgraded by Piper Jaffray (NYSE:PJC) from a "Neutral" rating to an "Overweight" rating.
Bed Bath & Beyond (BBBY) was downgraded by Citigroup (NYSE:C) from a "Buy" rating to a "Neutral" rating.
Intercontinental Hotels Group (IHG) was downgraded by Jefferies Group (NYSE:JEF) form a "Buy" rating to a "Hold" rating.
Monday, February 13, 2012
Tesla (TSLA) (JEC) (SYMC) (TEX) (ACAT) (BDC) (CGNX) Ratings, Price Targets
Tesla Motors (NASDAQ: TSLA), Jacobs Engineering (NYSE: JEC), Symantec (NASDAQ: SYMC), Terex Co. (NYSE: TEX), Arctic Cat Inc. (NASDAQ: ACAT), Belden (NYSE: BDC) and Cognex Co. (NASDAQ: CGNX) had ratings and price targets on them adjusted by analysts.
Tesla Motors (TSLA) had its “Buy” rating reiterated by Needham & Company.
Citigroup (NYSE:C) initiated coverage on Jacobs Engineering (JEC). They placed a “Neutral” rating on the company.
Goldman Sachs (NYSE:GS) initiated coverage on Symantec (SYMC). They placed a “Neutral” rating on the company.
BB&T (NYSE:BBT) initiated coverage on Terex Co. (TEX). They placed a “Buy” rating and a price target of $30.00 on the company.
Arctic Cat Inc. (ACAT) had its price target raised by Wedbush from $29.00 to $33.00. They have a “Neutral” rating on the company.
Belden (BDC) had its price target raised by Longbow Research from $42.00 to $46.00. They have a “Buy” rating on the company.
Cognex Co. (CGNX) had its price target raised by Needham & Company from $38.00 to $48.00. They have a “Buy” rating on the company.
Tesla Motors (TSLA) had its “Buy” rating reiterated by Needham & Company.
Citigroup (NYSE:C) initiated coverage on Jacobs Engineering (JEC). They placed a “Neutral” rating on the company.
Goldman Sachs (NYSE:GS) initiated coverage on Symantec (SYMC). They placed a “Neutral” rating on the company.
BB&T (NYSE:BBT) initiated coverage on Terex Co. (TEX). They placed a “Buy” rating and a price target of $30.00 on the company.
Arctic Cat Inc. (ACAT) had its price target raised by Wedbush from $29.00 to $33.00. They have a “Neutral” rating on the company.
Belden (BDC) had its price target raised by Longbow Research from $42.00 to $46.00. They have a “Buy” rating on the company.
Cognex Co. (CGNX) had its price target raised by Needham & Company from $38.00 to $48.00. They have a “Buy” rating on the company.
Wednesday, January 25, 2012
Western Digital (WDC) Ratings, Price Targets
Western Digital (NYSE: WDC) ratings and price targets.
Western Digital (WDC) was upgraded by Needham & Company from a “Hold” rating to a “Buy” rating. They have a price target of $41.00 on the company.
Western Digital had its price target raised by Citigroup (NYSE:C) to $49.00. They have a “Buy” rating on the company.
Western Digital had its price target raised by Brean Murray to $42.00.
Western Digital had its price target raised by JPMorgan Chase & Co. (NYSE:JPM) to $39.00.
Western Digital had its price target raised by Auriga to $59.00. They have a “Buy” rating on the company.
Western Digital (WDC) was upgraded by Needham & Company from a “Hold” rating to a “Buy” rating. They have a price target of $41.00 on the company.
Western Digital had its price target raised by Citigroup (NYSE:C) to $49.00. They have a “Buy” rating on the company.
Western Digital had its price target raised by Brean Murray to $42.00.
Western Digital had its price target raised by JPMorgan Chase & Co. (NYSE:JPM) to $39.00.
Western Digital had its price target raised by Auriga to $59.00. They have a “Buy” rating on the company.
VMware (VMW) Ratings, Price Targets
VMware, Inc. (NYSE: VMW) ratings and price targets.
VMware, Inc. (VMW) had its “Hold” rating reiterated by Jefferies Group (NYSE:JEF).
VMware, Inc. had its “Neutral” rating reiterated by Nomura (NYSE:NMR).
VMware, Inc. had its “Market Perform” rating reiterated by Morgan Keegan. They have a price target of $95.00 on the company.
VMware, Inc. had its “Sell” rating reiterated by Citigroup (NYSE:C). They have a $80.00 price target on the company.
VMware, Inc. (VMW) had its “Hold” rating reiterated by Jefferies Group (NYSE:JEF).
VMware, Inc. had its “Neutral” rating reiterated by Nomura (NYSE:NMR).
VMware, Inc. had its “Market Perform” rating reiterated by Morgan Keegan. They have a price target of $95.00 on the company.
VMware, Inc. had its “Sell” rating reiterated by Citigroup (NYSE:C). They have a $80.00 price target on the company.
Wednesday, January 18, 2012
NRG (NRG) (NVE) (RRMS) (SRE) (XEL) (GMXR) Ratings, Price Targets
NRG Energy, Inc. (NYSE: NRG), NV Energy (NYSE: NVE), Rose Rock Midstream (NASDAQ: RRMS), Sempra Energy (NYSE: SRE), Xcel Energy (NYSE: XEL) and GMX Resources (NASDAQ: GMXR) ratings and price targets.
Morgan Stanley (NYSE:MS) initiated coverage on NRG Energy, Inc. (NRG). They placed an “Overweight” rating on the company.
Morgan Stanley initiated coverage on NV Energy (NVE). They placed an “Equalweight” rating on the company.
Citigroup (NYSE:C) initiated coverage on Rose Rock Midstream (RRMS). They placed a “Buy” rating on the company.
Morgan Stanley initiated coverage on Sempra Energy (SRE). They placed an “Overweight” rating on the company.
Morgan Stanley initiated coverage on Xcel Energy (XEL). They placed an “Overweight” rating on the company.
GMX Resources (GMXR) was downgraded by Capital One to a “Neutral” rating.
Morgan Stanley (NYSE:MS) initiated coverage on NRG Energy, Inc. (NRG). They placed an “Overweight” rating on the company.
Morgan Stanley initiated coverage on NV Energy (NVE). They placed an “Equalweight” rating on the company.
Citigroup (NYSE:C) initiated coverage on Rose Rock Midstream (RRMS). They placed a “Buy” rating on the company.
Morgan Stanley initiated coverage on Sempra Energy (SRE). They placed an “Overweight” rating on the company.
Morgan Stanley initiated coverage on Xcel Energy (XEL). They placed an “Overweight” rating on the company.
GMX Resources (GMXR) was downgraded by Capital One to a “Neutral” rating.
Friday, January 6, 2012
Devon (DVN) (CHK) (NSC) (ED) (CEG) (EMR) Ratings, Price Targets
Devon Energy Co. (NYSE: DVN), Chesapeake Energy (NYSE: CHK), Norfolk Southern Corp. (NYSE: NSC), Consolidated Edison, Inc. (NYSE: ED), Constellation Energy Group (NYSE: CEG) and Emerson Electric Co. (NYSE: EMR) ratings and price targets.
Chesapeake Energy (CHK) is now covered by Bank of America (NYSE:BAC). They have a “Buy” rating on the company.
Norfolk Southern Corp. (NSC) was upgraded by UBS AG (NYSE:UBS) from a “Neutral” rating to a “Buy” rating.
Consolidated Edison, Inc. (ED) was downgraded by Citigroup (NYSE:C) from a “Buy” rating to a “Neutral” rating.
Constellation Energy Group (CEG) was downgraded by Citigroup from a “Buy” rating to a “Neutral” rating.
Emerson Electric Co. (EMR) is now covered by Morgan Stanley (NYSE:MS). They placed an “Overweight” rating and a price target of $56.00 on the company.
Devon Energy Co. (DVN) had its price target raised by Scotia Capital to $83.00.
Chesapeake Energy (CHK) is now covered by Bank of America (NYSE:BAC). They have a “Buy” rating on the company.
Norfolk Southern Corp. (NSC) was upgraded by UBS AG (NYSE:UBS) from a “Neutral” rating to a “Buy” rating.
Consolidated Edison, Inc. (ED) was downgraded by Citigroup (NYSE:C) from a “Buy” rating to a “Neutral” rating.
Constellation Energy Group (CEG) was downgraded by Citigroup from a “Buy” rating to a “Neutral” rating.
Emerson Electric Co. (EMR) is now covered by Morgan Stanley (NYSE:MS). They placed an “Overweight” rating and a price target of $56.00 on the company.
Devon Energy Co. (DVN) had its price target raised by Scotia Capital to $83.00.
Thursday, July 14, 2011
Netflix (NFLX) (LRCX) (AAPL) (BRCM) (CPB) Price Targets Changed
Netflix, Inc. (NASDAQ: NFLX), Lam Research Co. (NASDAQ: LRCX), Apple, Inc (NASDAQ: AAPL), Broadcom Corp (NASDAQ: BRCM) and Campbell Soup Company (NYSE: CPB) had price targets adjusted by analysts.
BMO Capital Markets boosted its price target on Netflix, Inc. (NFLX) to $280.00. They have a “Market Perform” rating on the company.
UBS AG (NYSE:UBS) slashed its price target on Lam Research Co. (LRCX) to $55.00. They have a “Buy” rating on the company.
Citigroup (NYSE:C) raised its price target on Apple, Inc (AAPL) to $450.00. They have a “Buy” rating on the company.
Auriga lowered its price target on Broadcom Corp (NASDAQ: BRCM) from $47.00 to $41.00. They have a "Buy" rating on the company.
JPMorgan Chase & Co. (NYSE:JPM) increased its price target on Campbell Soup Company (CPB) to $35.00.
BMO Capital Markets boosted its price target on Netflix, Inc. (NFLX) to $280.00. They have a “Market Perform” rating on the company.
UBS AG (NYSE:UBS) slashed its price target on Lam Research Co. (LRCX) to $55.00. They have a “Buy” rating on the company.
Citigroup (NYSE:C) raised its price target on Apple, Inc (AAPL) to $450.00. They have a “Buy” rating on the company.
Auriga lowered its price target on Broadcom Corp (NASDAQ: BRCM) from $47.00 to $41.00. They have a "Buy" rating on the company.
JPMorgan Chase & Co. (NYSE:JPM) increased its price target on Campbell Soup Company (CPB) to $35.00.
Friday, November 5, 2010
Citigroup (NYSE:C) Raises Devon Energy (NYSE:DVN) PT
Citigroup (NYSE:C) raised the price target they have on Devon Energy (NYSE:DVN), while maintaining a "Hold" rating on the energy company.
Earnings per share for the full year was also lowered from $5.76 to $5.73 for 2010, and from $5.23 to $5.96 for 2011.
Devon rose with the rest of the commodity and energy sector Thursday, closing the trading day at $69.60, gaining $1.38, or 2.02 percent.
Citigroup raised their price target on Devon from $68 to $72.
Earnings per share for the full year was also lowered from $5.76 to $5.73 for 2010, and from $5.23 to $5.96 for 2011.
Devon rose with the rest of the commodity and energy sector Thursday, closing the trading day at $69.60, gaining $1.38, or 2.02 percent.
Citigroup raised their price target on Devon from $68 to $72.
Thursday, November 4, 2010
Citigroup (NYSE:C) Upgrades K-Sea (NYSE:KSP), Lowers Price Target
Although K-Sea Transportation Partners LP (NYSE:KSP) handily surpassed expectations in their latest quarterly report, it's hard to see anything to get excited about, although Citigroup (NYSE:C) upgraded the marine transportation company from "Sell" to "Hold."
Chief Executive Officer Timothy Casey said in a statement recently, "We benefited this past quarter from the clean-up work in the Gulf of Mexico, which is now essentially over, and the ongoing contribution from our efficiency efforts."
With that scenario in mind, it's difficult to understand the upgrade.
K-Sea was trading at $5.37, losing $0.19, or 3.42 percent as of 3:18 PM EDT Wednesday. Citigroup lowered their price target from $7 to $6 on K-Sea.
Chief Executive Officer Timothy Casey said in a statement recently, "We benefited this past quarter from the clean-up work in the Gulf of Mexico, which is now essentially over, and the ongoing contribution from our efficiency efforts."
With that scenario in mind, it's difficult to understand the upgrade.
K-Sea was trading at $5.37, losing $0.19, or 3.42 percent as of 3:18 PM EDT Wednesday. Citigroup lowered their price target from $7 to $6 on K-Sea.
Citigroup (NYSE:C) Raises Anadarko (NYSE:APC) PT After Earnings Report
Liking what they heard from Anadarko Petroleum Corp (NYSE:APC) from their latest earnings report, Citigroup (NYSE:C) maintained their "Buy" on the energy company, while raising their price target significantly on them.
Sales volume for the latest quarter came in at the high end of guidance for Anadarko.
Anadarko Chairman and CEO Jim Hackett said, "The portfolio continues to perform at a high level, enhancing our confidence in delivering upon the five-year objectives we presented in March, which include increasing production at a 7 to 9 percent compounded annual growth rate."
The company closed at $63.64 Wednesday, losing $0.18, or 0.28 percent. Citigroup raised their price target on Anadarko from $74 to $80.
Sales volume for the latest quarter came in at the high end of guidance for Anadarko.
Anadarko Chairman and CEO Jim Hackett said, "The portfolio continues to perform at a high level, enhancing our confidence in delivering upon the five-year objectives we presented in March, which include increasing production at a 7 to 9 percent compounded annual growth rate."
The company closed at $63.64 Wednesday, losing $0.18, or 0.28 percent. Citigroup raised their price target on Anadarko from $74 to $80.
Friday, October 29, 2010
Citigroup (NYSE:C) Sees Bob Dudley's Strategic Guidance More Important than Quarterly Results
A lot of analysts and commentators are giving their input into the upcoming third quarter report from BP (NYSE:BP), but Citigroup (NYSE:C) rightly notes that what's the most important aren't the earnings for the third quarter, but new CEO Bob Dudley's vision of where he wants to take the company.
Citigroup said, the "path to rehabilitation post Macondo and Bob Dudley's new strategic direction are the key to performance rather than Q3 earnings."
In other words, investors shouldn't be looking at BP in any way concerning short-term results, as they're going to be completely unpredictable and unreliable in the current environment BP is operating in.
Like the Halliburton revelation on their cement job, there are still a lot of unknowns that remain to be resolved before any type of normality will return to the company.
What's most important, as Citigroup says, is how Dudley is going to deal with those realities and not only stabilize the company, but how he's going to grow it.
Citigroup said, the "path to rehabilitation post Macondo and Bob Dudley's new strategic direction are the key to performance rather than Q3 earnings."
In other words, investors shouldn't be looking at BP in any way concerning short-term results, as they're going to be completely unpredictable and unreliable in the current environment BP is operating in.
Like the Halliburton revelation on their cement job, there are still a lot of unknowns that remain to be resolved before any type of normality will return to the company.
What's most important, as Citigroup says, is how Dudley is going to deal with those realities and not only stabilize the company, but how he's going to grow it.
Thursday, October 28, 2010
Citigroup (NYSE:C) Sees Strong Headwinds for Hercules Offshore (NASDAQ:HERO)
It appears that Hercules Offshore Inc. (NASDAQ:HERO) will continue to struggle, as Citigroup (NYSE:C) said there are some major headwinds the company faces which will be difficult to overcome until the price of natural gas increases.
Citigroup said they're maintaining their "Hold-Speculative" rating on the company as a result.
“Our $2.40 EV/EBITDA derivation applies a 6.0x EV/EBITDA multiple to our forward-12-month EBITDA of $161 million. The multiple is below the 10.2x peak HERO multiple reached in the most recent downturn and is well above the 1.6x trough reached at the peak of the last upturn. The multiple is based on historical analysis of HERO and relative market multiples and is within the 2.9x–15.6x historical range where the average of offshore driller stocks traded over the past ten years. The median group EV/EBITDA multiple was 7.9x in the most recent cycle,” said Citi.
Citigroup lowered the price target of Hercules significantly, from $3.60 to $2.40. Hercules was at $2.43 a share as of 12:19 PM EDT, gaining $0.05, or 2.10 percent.
Citigroup said they're maintaining their "Hold-Speculative" rating on the company as a result.
“Our $2.40 EV/EBITDA derivation applies a 6.0x EV/EBITDA multiple to our forward-12-month EBITDA of $161 million. The multiple is below the 10.2x peak HERO multiple reached in the most recent downturn and is well above the 1.6x trough reached at the peak of the last upturn. The multiple is based on historical analysis of HERO and relative market multiples and is within the 2.9x–15.6x historical range where the average of offshore driller stocks traded over the past ten years. The median group EV/EBITDA multiple was 7.9x in the most recent cycle,” said Citi.
Citigroup lowered the price target of Hercules significantly, from $3.60 to $2.40. Hercules was at $2.43 a share as of 12:19 PM EDT, gaining $0.05, or 2.10 percent.
Wednesday, October 27, 2010
Citigroup (NYSE:C) Cautious on Boardwalk Pipeline (NYSE:BWP) Natural Gas Exposure
Although Citigroup (NYSE:C) increased its price target on Boardwalk Pipeline (NYSE:BWP) from $31 to $33, they remain concerned over the natural gas exposure of the company, along with transport.
Citi said, "We remain cautious on BWP's transport and nat gas storage segments. A low nat gas price environment and relatively depressed forward curve do not bode well for regional basis differentials or storage margins. BWP generates 13% of cash flow from storage and 10% of its transport income is interruptible."
Citi maintains a "Hold" on the company.
Boardwalk closed Monday at $33.30, losing $0.32, or 0.95 percent. Trading volume was over three times the 3-month average.
Citi said, "We remain cautious on BWP's transport and nat gas storage segments. A low nat gas price environment and relatively depressed forward curve do not bode well for regional basis differentials or storage margins. BWP generates 13% of cash flow from storage and 10% of its transport income is interruptible."
Citi maintains a "Hold" on the company.
Boardwalk closed Monday at $33.30, losing $0.32, or 0.95 percent. Trading volume was over three times the 3-month average.
Friday, October 22, 2010
Citigroup (NYSE:C) Lands Energy Investment Team of UBS AG (NYSE:UBS)
The energy investment team from UBS AG (NYSE:UBS) has left the company en masse to join Citigroup (NYSE:C), citing concerns over future compensation from the financial institution.
Stephen Trauber, the head of UBS’ energy investment unit, and senior directors Jerry Schretter, Joel Foote II, Sam Pitts and Michael Jamieson are those who left the bank.
UBS AG spokesman Doug Morris commenting on the departure said, “UBS is firmly committed to serving its energy clients and remaining very active in the sector.”
UBS closed at $18.10 Thursday, dropping $0.11, or 0.60 percent.
Stephen Trauber, the head of UBS’ energy investment unit, and senior directors Jerry Schretter, Joel Foote II, Sam Pitts and Michael Jamieson are those who left the bank.
UBS AG spokesman Doug Morris commenting on the departure said, “UBS is firmly committed to serving its energy clients and remaining very active in the sector.”
UBS closed at $18.10 Thursday, dropping $0.11, or 0.60 percent.
Citigroup (NYSE:C) Sees AmeriGas (NYSE:APU) Tops for Distribution Growth in Sector
Citigroup Inc. (NYSE:C) said they believe AmeriGas Partners, LP (NYSE:APU) should be the leader in distribution growth in the sector going forward. They maintain a "Hold" rating on the propane company.
Citigroup's John K. Tysseland said, "We are maintaining our Hold...rating for APU based on valuation, but believe the partnership is likely to have the best distribution growth in the sector and continues to be an active consolidator. We would consider buying APU, all things being equal, on a significant pullback in the unit price. We are increasing our target price to $49 from $40."
Concerning earnings projections for 2010-2011, AmeriGas said in a press release, "The Partnership expects to report net income attributable to AmeriGas Partners of approximately $165 million for its fiscal year ended September 30, 2010. Adjusted earnings before interest expense, income taxes, depreciation and amortization excluding the impacts of a previously reported $12.2 million loss related to the termination of interest rate protection agreements and an additional $7.0 million litigation reserve recorded during the fiscal year 2010 fourth quarter (Adjusted EBITDA), are expected to be approximately $340 million for fiscal 2010."
AmeriGas closed Thursday at $46.56, gaining $0.02, or 0.04 percent.
Citigroup's John K. Tysseland said, "We are maintaining our Hold...rating for APU based on valuation, but believe the partnership is likely to have the best distribution growth in the sector and continues to be an active consolidator. We would consider buying APU, all things being equal, on a significant pullback in the unit price. We are increasing our target price to $49 from $40."
Concerning earnings projections for 2010-2011, AmeriGas said in a press release, "The Partnership expects to report net income attributable to AmeriGas Partners of approximately $165 million for its fiscal year ended September 30, 2010. Adjusted earnings before interest expense, income taxes, depreciation and amortization excluding the impacts of a previously reported $12.2 million loss related to the termination of interest rate protection agreements and an additional $7.0 million litigation reserve recorded during the fiscal year 2010 fourth quarter (Adjusted EBITDA), are expected to be approximately $340 million for fiscal 2010."
AmeriGas closed Thursday at $46.56, gaining $0.02, or 0.04 percent.
Thursday, October 21, 2010
Citigroup (NYSE:C) Downgrades Cheniere Energy Partners (AMEX:CQP)
Citigroup (NYSE:C) downgraded Cheniere Energy Partners (AMEX:CQP) from "Hold" to "Sell."
Cheniere made a nice upward move earlier in 2010, but have remained level since the latter part of April, hovering around the $20 a share mark and a little above.
Concerning cash distributions, Cheniere reported this in a press release Tuesday: [They] declared (i) a cash distribution per common unit of $0.425 ($1.70 annualized) to unit holders of record as of November 1, 2010, and (ii) a cash distribution of $229,121.46 to its general partner. All of these distributions are payable on November 12, 2010.
Cheniere closed at $20.57 Wednesday, gaining $0.07, or 0.34 percent.
Cheniere made a nice upward move earlier in 2010, but have remained level since the latter part of April, hovering around the $20 a share mark and a little above.
Concerning cash distributions, Cheniere reported this in a press release Tuesday: [They] declared (i) a cash distribution per common unit of $0.425 ($1.70 annualized) to unit holders of record as of November 1, 2010, and (ii) a cash distribution of $229,121.46 to its general partner. All of these distributions are payable on November 12, 2010.
Cheniere closed at $20.57 Wednesday, gaining $0.07, or 0.34 percent.
Wednesday, October 20, 2010
Citigroup (NYSE:C) Keeps Halliburton (NYSE:HAL) as Top Pick in Diversified Service Companies
Even though Halliburton Company (NYSE:HAL) took a big hit after reporting its most recent quarterly results, Citigroup (NYSE:C) said the drop in price of 5 percent wasn't justified.
“Completions intensity trends remain strong in North America, volume (and eventually pricing gains) internationally should materialize in 2011, and drill bits should start turning again next year in the Gulf of Mexico. The stock still looks cheap at its 2011 EV/EBITDA of 6.5x compared to 9.1x, 7.5x, and 6.6x for SLB, WFT, and BHI, respectively,” Citigroup wrote in a note.
So with the fundamentals still in place, Citigroup said, “We have raised our price target to $47 from $42 solely on our higher estimates and HAL remains our top pick among the ‘big four' diversified service companies.”
Halliburton took more damage Tuesday, closing at $33.18, down $0.91, or 2.67 percent.
“Completions intensity trends remain strong in North America, volume (and eventually pricing gains) internationally should materialize in 2011, and drill bits should start turning again next year in the Gulf of Mexico. The stock still looks cheap at its 2011 EV/EBITDA of 6.5x compared to 9.1x, 7.5x, and 6.6x for SLB, WFT, and BHI, respectively,” Citigroup wrote in a note.
So with the fundamentals still in place, Citigroup said, “We have raised our price target to $47 from $42 solely on our higher estimates and HAL remains our top pick among the ‘big four' diversified service companies.”
Halliburton took more damage Tuesday, closing at $33.18, down $0.91, or 2.67 percent.
Wednesday, October 13, 2010
Citigroup (NYSE:C) on Constellation Energy (NYSE:CEG) and EDF
Commenting on the disintegrating relationship between Constellation Energy (NYSE:CEG) and its largest shareholder, Electricite de France SA, Citigroup (NYSE:C) analyst Sofia Savvantidou said in a note to clients the "preferred option" from Citi's viewpoint would be "A clean exit out of the U.S."
EDF has said as the situation has worsened that they wouldn't be adverse to the sale of Constellation. They had opposed it over the last several months when they interest was shown over a possible sale.
The differences center primarily around Constellations decision to drop out of negotiations over a $7.5 billion loan guarantee related to their joint venture in a Maryland reactor. They felt the resultant risk was too high.
Another point of tension was a battle over a $2 billion put option on non-nuclear plants.
While open to a sale, EDF won't pursue one. They would rather see new management put in place.
EDF holds a board seat of Constellation and has about an 8.4 percent stake in the company.
EDF has said as the situation has worsened that they wouldn't be adverse to the sale of Constellation. They had opposed it over the last several months when they interest was shown over a possible sale.
The differences center primarily around Constellations decision to drop out of negotiations over a $7.5 billion loan guarantee related to their joint venture in a Maryland reactor. They felt the resultant risk was too high.
Another point of tension was a battle over a $2 billion put option on non-nuclear plants.
While open to a sale, EDF won't pursue one. They would rather see new management put in place.
EDF holds a board seat of Constellation and has about an 8.4 percent stake in the company.
Friday, October 8, 2010
Citigroup (NYSE:C) Raises Inergy, LP's (NYSE:NRGY) Price Target, Maintain "Hold"
Citigroup (NYSE:C) said in a note to clients that they're raising the price target on propane distributor and retailer Inergy, LP (NYSE:NRGY), while maintaining a "Hold" on them.
The financial giant is also raising "...2011 EBITDA estimate by -14% to $432.4 million and our EPU estimate to $1.14 ($1.08 previously). Despite a significant increase in our 2011 cash flow expectations, distribution coverage remains below 1.0x as we account for PIK units as part of the total number of units outstanding. As a result, we expect distributions to remain flat over the next 12-months.
"While we view NRGY's growing Midstream segment as positive long-term, we are cautious on natural gas storage margins near-term. We also note that beyond 2011 nearly all of the partnership's growth projects are natural gas storage expansions that potentially could get delayed if storage margins remain weak. As a result, we are maintaining our Hold... rating on NRGY, but are slightly increasing our target price to $40.50 to reflect the acquisition."
Inergy dropped to $40.67, falling $0.13, or 0.32 percent as of 2:01 PM EDT.
The financial giant is also raising "...2011 EBITDA estimate by -14% to $432.4 million and our EPU estimate to $1.14 ($1.08 previously). Despite a significant increase in our 2011 cash flow expectations, distribution coverage remains below 1.0x as we account for PIK units as part of the total number of units outstanding. As a result, we expect distributions to remain flat over the next 12-months.
"While we view NRGY's growing Midstream segment as positive long-term, we are cautious on natural gas storage margins near-term. We also note that beyond 2011 nearly all of the partnership's growth projects are natural gas storage expansions that potentially could get delayed if storage margins remain weak. As a result, we are maintaining our Hold... rating on NRGY, but are slightly increasing our target price to $40.50 to reflect the acquisition."
Inergy dropped to $40.67, falling $0.13, or 0.32 percent as of 2:01 PM EDT.
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