After reputation problems results from the pipeline spills, Barclays (NYSE:BCS) sees Enbridge Energy Partners (NYSE:EEP) as having turned the corner, maintaining their "Equalweight" on them while raising the price target.
Barclays said, "Turning the corner following pipeline spills. Combining better-than-expected 3Q results, a restart of Lines 6A and 6B, expected accretion from the Elk City acquisition and reaffirmation of distribution growth guidance, we feel EEP has turned the corner following the pipeline spills. While EEP will likely have a few messy accounting quarters and higher '11 maintenance capex, the spill overhang is largely removed, in our opinion."
Since the middle of September Enbridge has rebounded in share price nicely.
They closed Friday at $61.49, dropping $0.09, or 0.15 percent. Barclays raised their price target from $58 to $62 on Enbridge.
For earnings per share, that was adjusted for FY11 EPS from $2.72 to $2.92 and FY12 from $3.00 to $3.05.
Showing posts with label Enbridge Pipeline Leak. Show all posts
Showing posts with label Enbridge Pipeline Leak. Show all posts
Monday, November 1, 2010
Monday, September 13, 2010
Citigroup (NYSE:C): No Estimates on When Enbridge (NYSE:EEP) Pipeline to Restart
A deadline from the Environmental Protection Agency has passed, and the Enbridge (NYSE:EEP) pipeline transporting oil from Canada across the U.S. remains closed.
Consequently, the price of oil soared to its highest level since August 11, increasing $1.59 to $78.04 early in the trading session at the New York Mercantile Exchange.
Citigroup analyst Tim Evans in a note, "The petroleum markets were trading higher in early going Monday, with support coming from a stronger equity market, a weaker U.S. dollar, and ongoing concerns regarding the Enbridge pipeline outage as there were still no estimates on how long the disruption of Midwest crude oil deliveries will last."
Workers are getting ready to cut the section of the pipeline which caused the leak and replace it.
Over 6,000 barrels of oil have leaked from the pipe.
Consequently, the price of oil soared to its highest level since August 11, increasing $1.59 to $78.04 early in the trading session at the New York Mercantile Exchange.
Citigroup analyst Tim Evans in a note, "The petroleum markets were trading higher in early going Monday, with support coming from a stronger equity market, a weaker U.S. dollar, and ongoing concerns regarding the Enbridge pipeline outage as there were still no estimates on how long the disruption of Midwest crude oil deliveries will last."
Workers are getting ready to cut the section of the pipeline which caused the leak and replace it.
Over 6,000 barrels of oil have leaked from the pipe.
EPA Tells Enbridge (NYSE:EEP) to End Leak by Noon Monday
The EPA has directed Enbridge Energy Partners (NYSE:EEP) that they have until Monday noon to stop the leaking oil from their pipeline in a Chicago suburb.
Terri Larson, a spokesman for Enbridge, said, "The leak site itself is contained but oil is continuing to drain out of the pipeline. As that oil drains out crews are cleaning it up."
Crews have been working day and night to clean up the draining oil.
The leak was discovered on Thursday in Romeoville, a Chicago suburb, and the pipeline the leak was coming from was shut down in response.
According to Terrance McGill, President of the Partnership, no new oil is "reaching the roadway, the nearby ditch or the retention pond."
Terri Larson, a spokesman for Enbridge, said, "The leak site itself is contained but oil is continuing to drain out of the pipeline. As that oil drains out crews are cleaning it up."
Crews have been working day and night to clean up the draining oil.
The leak was discovered on Thursday in Romeoville, a Chicago suburb, and the pipeline the leak was coming from was shut down in response.
According to Terrance McGill, President of the Partnership, no new oil is "reaching the roadway, the nearby ditch or the retention pond."
Subscribe to:
Posts (Atom)