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UPDATE: Citigroup Initiates Seadrill Partners at Buy on Cash Flow, Fleet Quality

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Citigroup raised its rating on Seadrill Partners (NYSE: SDLP) with a Buy rating and a $30 price target

Citigroup noted, "SDLP already trades at a hefty valuation premium due to its: (1) fleet comprised solely of new and technologically advanced rigs, (2) attractive cash flow payout structure, and (3) lowrisk path to growth through the dropdown of additional rigs from parent Seadrill Limited. We initiate with a Buy rating and $30 price target based on applying a 5.3% yield to our cash distribution estimate of $1.59 per unit (beginning 12 months forward from 3Q12)."

Seadrill Partners closed at $23.10 on Monday.

Latest Ratings for SDLP

DateFirmActionFromTo
Dec 2015Seaport GlobalDowngradesBuyNeutral
Nov 2015OppenheimerDowngradesOutperformPerform
Feb 2015RBC CapitalDowngradesOutperformSector Perform

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Posted-In: CitigroupAnalyst Color Initiation Pre-Market Outlook Analyst Ratings

 

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