It seems a bit overdone to me...and i never can figure out which upgrades and downgrades actually move the stock...but Morgan Keegan downgrades Boardwalk (BWP) to market perform from outperform. The stock is down 3 points here. Now my question is...since they were clearly wrong on the outperform..why should they be right now...and if market perform means it moves with the rest of the market...and it goes higher from here...doesn't it make it a buy in here?
The mlp index is all about Kinder Morgan (KMP) and Enbridge Energy Partners (EEP) and their stock offerings so the index is down over 2 points. Most MLPS are actually flat to higher right now.Penn Virginia Holdings (PVG) and Atlas Pipeline Partners (APL) are the biggest winners today up strong fractions.
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3 comments:
There's some good discussion on Yahoo's ATN financial blog that LINE owns a lot of acreage near where Atlas recently drilled and completed a huge new natural gas well. Let's hope that's case for those long suffering holders, myself included, of LINE.
More on ATN:
I think its up today on the Wachovia upgrade. They value ATN at $22 without Marcellus plus $19 for the Marcellus = $41 price target
Key Takeaways. We are upgrading our rating on ATN to Outperform from Market
Perform following the partnership's announcement of positive drilling results in the
Marcellus Shale. Management indicated 3P reserve potential in the range of 4-6
Tcfe (compares to year-end reserves of 898 Bcfe). Assuming the partnership drills
its acreage over a ten-year period, our risk-adjusted DCF model suggests $19 per
unit of option value for the play. We calculate the market is crediting ATN with
just $8 per unit of option value for the Marcellus Shale. ATN represents a lowerrisk
way for investors to participate in the development of the Marcellus Shale,
while collecting an attractive tax-deferred yield of 7.4%. We're adjusting our
estimates and raising our valuation range by $10 per unit.
Rating :
BWP's problems are more the downgrades. They have blown their projects up with cost overruns and delays. They do have a very good slate of projects, but the cost inflation is destroying the economics of these projects. he 10K was released last noght and that is what is spooking investors today.
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