Clearbridge Energy MLP Total Return Fund Coverage Initiated by Analysts at Bank of America Corp. (CTR)
Stock analysts at Bank of America Corp. initiated coverage on shares of Clearbridge Energy MLP Total Return Fund (NYSE:CTR) in a report issued on Monday, Stock Ratings Network.com reports. The firm set a “neutral” rating on the stock.
The analysts wrote, “We believe CTR’s current yield fairly reflects underlying MLP sector characteristics. YTD as of 13 September 2013, CTR produced a total return of 18% versus 13/19% for the average Energy MLP CEF and Alerian MLP Total Return Index (AMZX), respectively. We see moderate dividend growth over the medium-term at CTR and expect limited upside potential from refinancing its currently low-cost leverage. CTR’s MLP sector allocation should benefit from production growth of domestic crude oil and natural gas liquids (NGL) as well as related expansion of infrastructure assets. Of late, NGL pricing and the frac spread have turned from a headwind to a tailwind, in our view. This should have positive implications for CTR’s portfolio, which has a heavier weighting (compared to other ClearBridge MLP CEFs) of MLPs that own natural gas gathering and processing (G&P) assets.”
Clearbridge Energy MLP Total Return Fund (NYSE:CTR) opened at 21.74 on Monday. Clearbridge Energy MLP Total Return Fund has a 1-year low of $18.53 and a 1-year high of $25.13. The stock has a 50-day moving average of $23.00 and a 200-day moving average of $22.88.
Get Analysts' Upgrades and Downgrades via Email - Stay on top of analysts' coverage with Analyst Ratings Network's FREE daily email newsletter that provides a concise list of analysts' upgrades and downgrades. Click here to register now.