Market Overview

UPDATE: Bank of America Merrill Lynch Initiates Coverage on Tortoise Pipeline & Energy Fund with Neutral Rating

Share:

In a report published Monday, Bank of America Merrill Lynch initiated coverage on Tortoise Pipeline & Energy Fund (NYSE: TTP) with a Neutral rating.

BofA Merrill Lynch noted, “We are initiating coverage of Tortoise Pipeline and Energy Fund with a Neutral rating. We expect modest dividend growth over the medium term at TTP driven by 1) ~40% of its current investment income is derived from premiums received from call options written and we view option income as lower quality than dividend income derived from TTP's underlying portfolio holdings, 2) ~16% exposure to more commodity sensitive oil and gas majors, and 3) we do not expect TTP to refinance over the near-term given its already low cost of leverage. TTP's current dividend yield of 6.3% is slightly above the 6.1% yield of the Alerian MLP Index (AMZ).”

Tortoise Pipeline & Energy Fund closed on Friday at $25.80.

Latest Ratings for TTP

DateFirmActionFromTo
Feb 2016Bank of AmericaDowngradesNeutralUnderperform
Oct 2012Bank of AmericaInitiates Coverage onNeutral

View More Analyst Ratings for TTP
View the Latest Analyst Ratings

Posted-In: Bank of America Merrill LynchAnalyst Color Initiation Analyst Ratings

 

Related Articles (TTP)

View Comments and Join the Discussion!

Latest Ratings

StockFirmActionPT
FNKODA DavidsonMaintains9.5
FCAUCFRAReiterates16.0
PODDCFRAMaintains162.0
MRNANeedhamMaintains35.0
REALB of A SecuritiesMaintains21.0
View the Latest Analytics Ratings
Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Daily Analyst Rating
A summary of each day’s top rating changes from sell-side analysts on the street.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com