UPDATE: Stifel Reiterates On Southcross Energy Partners LP Following Operational Update
In a report published Friday, Stifel analyst Selman Akyol reiterated a Buy rating on Southcross Energy Partners LP (NYSE: SXE), and raised the price target from $23.50 to $25.50.
In the report, Stifel noted, “Southcross Energy Partners LP (SXE, Buy, $23.72) released an operational and financial update for 2Q14 and guidance in relation to its recently announced TexStar Midstream transaction. In the announcement, SXE stated processed gas volumes and NGL sales volumes grew 10% and 14%, respectively over 1Q14. Despite the higher volumes, management expects Adjusted EBITDA to be $1 million lower than their prior guidance due to upgrades and maintenance performed during the quarter, which equated to downtime. Additionally, the partnership guided to a range $22-$28 million for Adjusted EBITDA in 4Q14, which reflects the TexStar Rich Gas System (3Q14 expected closing) and the Webb Pipeline coming on line in 4Q14.”
Southcross Energy Partners LP closed on Thursday at $23.72.
Latest Ratings for SXE
|Jul 2014||RBC Capital||Initiates Coverage on||Sector Perform|
|Jun 2014||JP Morgan||Maintains||Neutral|
|Jun 2014||Goldman Sachs||Upgrades||Sell||Neutral|
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.