Zacks Reaffirms “Neutral” Rating for Markwest Energy Partners (MWE)
Markwest Energy Partners (NYSE:MWE)‘s stock had its “neutral” rating reissued by Zacks in a research note issued to investors on Thursday. They currently have a $79.00 price objective on the stock. Zacks‘s price target points to a potential upside of 3.29% from the stock’s previous close.
Zacks’ analyst wrote, “We are maintaining our Neutral recommendation on units of MarkWest Energy, given limited near term price upside. We continue to like MarkWest for its high-quality and diverse portfolio of midstream assets, as well as its proven track record of supporting producers in the growth of shale plays and its steady improvement in its liquidity/cash flow position. However, we think the current valuation is fair and adequately reflects the partnership’s future growth prospects. MarkWest’s core business – natural gas processing – is also faced with a higher degree of commodity price exposure than most MLPs. This is expected to further limit its ability to generate positive earnings surprises. As a result, our long-term total return expectation for MarkWest remains rather muted. “
Several other analysts have also recently commented on the stock. Analysts at Credit Suisse raised their price target on shares of Markwest Energy Partners from $82.00 to $83.00 in a research note on Monday, August 11th. They now have an “outperform” rating on the stock. Separately, analysts at Barclays raised their price target on shares of Markwest Energy Partners from $70.00 to $76.00 in a research note on Monday, August 11th. They now have an “equal weight” rating on the stock. Finally, analysts at RBC Capital raised their price target on shares of Markwest Energy Partners from $70.00 to $72.00 in a research note on Friday, August 8th. Six investment analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the stock. The company has an average rating of “Buy” and a consensus price target of $78.09.
Shares of Markwest Energy Partners (NYSE:MWE) traded up 0.03% during mid-day trading on Thursday, hitting $76.50. The stock had a trading volume of 166,420 shares. Markwest Energy Partners has a one year low of $58.62 and a one year high of $76.84. The stock’s 50-day moving average is $72.26 and its 200-day moving average is $67.22. The company’s market cap is $13.542 billion.
Markwest Energy Partners (NYSE:MWE) last announced its earnings results on Wednesday, August 6th. The company reported $0.05 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.16 by $0.11. The company had revenue of $518.40 million for the quarter, compared to the consensus estimate of $553.11 million. During the same quarter in the previous year, the company posted $0.55 earnings per share. The company’s revenue for the quarter was up 24.9% on a year-over-year basis. On average, analysts predict that Markwest Energy Partners will post $0.79 earnings per share for the current fiscal year.
MarkWest Energy Partners, L.P. (NYSE:MWE) is a master limited partnership engaged in the gathering, processing and transportation of natural gas; the transportation, fractionation, storage and marketing of natural gas liquids (NGLs), and the gathering and transportation of crude oil.
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