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UPDATE: Citigroup Initiates Crestwood Midstream Partners at Neutral on Barnett Shale Visibility

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Citigroup initiated coverage on Crestwood Midstream Partners (NYSE: CMLP) with a Neutral rating and a $24 price target.

Citigroup noted, "We are initiating coverage on CMLP with a Neutral rating as we believe upside from current levels remains uncertain and depends on improved visibility for the partnership's Barnett Shale operations. While CMLP management has executed a number of transactions to diversify its geographic footprint and customer base, the Barnett Shale and Quicksilver Resources (NYSE: KWK) are still important drivers to the partnership's financial performance. KWK remains the partnership's largest customer and is facing capital constraints in the current low gas price environment."

Crestwood Midstream Partners closed at $23.84 on Thursday.

Latest Ratings for CMLP

DateFirmActionFromTo
Feb 2015CitigroupMaintainsNeutral
Feb 2015Stifel NicolausDowngradesBuyHold
Nov 2014BarclaysMaintainsEqual-weight

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Posted-In: CitigroupAnalyst Color Initiation Intraday Update Analyst Ratings

 

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