Crosstex Energy LP Receives New Coverage from Analysts at Oppenheimer (XTEX)
Investment analysts at Oppenheimer initiated coverage on shares of Crosstex Energy LP (NASDAQ:XTEX) in a note issued to investors on Tuesday, TheFlyOnTheWall.com reports. The firm set a “market perform” rating on the stock.
The analysts wrote, “We initiate coverage of Crosstex Energy (XTEX) with a Perform rating and do not assign a PT. Exposure to dry natural gas declines and frac spread has resulted in a difficult 2012 and 1H13. However, the start up of Cajun Sibon Phase 1 is expected to lead to a resumption of distribution growth in 2H13. The 2014 growth outlook is less certain, with preferred units converting to cash distribution payment and ongoing spending on Cajun Sibon Phase 2. These issues, combined with our view that XTEX will require equity to finance organic spending and reduce leverage, result in a Perform rating. We believe the units are currently fairly valued and would look to get more constructive at lower levels.”
Several other analysts have also recently commented on the stock. Analysts at Credit Suisse downgraded shares of Crosstex Energy LP (NASDAQ:XTEX) from an “outperform” rating to a “neutral” rating in a research note to investors on Friday, August 9th. They now have a $24.00 price target on the stock, down previously from $25.00. Separately, analysts at Citigroup Inc. initiated coverage on shares of Crosstex Energy LP (NASDAQ:XTEX) in a research note to investors on Friday, June 7th. They set a “buy” rating and a $19.81 price target on the stock.
Seven investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average target price of $20.83.
Shares of Crosstex Energy LP (NASDAQ:XTEX) opened at 18.72 on Tuesday. Crosstex Energy LP has a one year low of $13.06 and a one year high of $22.05. The stock’s 50-day moving average is $20.09 and its 200-day moving average is $19.4. The company’s market cap is $1.660 billion.
Crosstex Energy LP (NASDAQ:XTEX) last posted its quarterly earnings results on Thursday, August 8th. The company reported ($0.23) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.16) by $0.07. The company had revenue of $454.60 million for the quarter, compared to the consensus estimate of $435.03 million. On average, analysts predict that Crosstex Energy LP will post $-0.80 earnings per share for the current fiscal year.
Crosstex Energy, L.P. is an independent midstream energy company engaged in the gathering, transmission, processing and marketing of natural gas and natural gas liquids (NASDAQ:XTEX).
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