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DCP Midstream Partners, LP (NYSE: DPM) reported better-than-expected 1Q16 EBITDA of $173 million, driven by lower operating costs and higher-than-expected natural gas volumes. Goldman Sachs’ Jerren Holder maintained a Sell rating for the company, while raising the price target from $18 to $30.
2Q Earnings Expected To Decline
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Analyst Jerren Holder expects DCP Midstream’s 2Q earnings to decline as its above market commodity hedges roll off. He added, however, that the company would continue to benefit from its cost reduction measures and favorable contract renegotiations.
DCP Midstream is on track to meeting its full-year earnings guidance. The company may perform even better if commodity prices rise to higher-than-expected levels in 2016/17, Holder mentioned.
“We also acknowledge the ethane recovery opportunity, which could benefit its G&P contracts and NGL pipelines in 2017/18. However, although sentiment has improved, we still see challenges in 2016 and into 2017, including volume headwinds and counterparty risk,” Holder wrote.
DCP Midstream’s current stock valuation already reflects the possible upside, besides higher-than-likely growth of the company. The price target has been due to the company’s better-than-expected earnings, increased estimates and a lower probability of a dividend cut, the analyst said.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.