Spectra Energy Partners -2% as Barclays downgrades
Seeking Alpha
Published Dec 20, 2017 03:39PM ET
Spectra Energy Partners -2% as Barclays downgrades
- Spectra Energy (F:SEP) Partners (SEP -2.1%) is downgraded to Equal Weight from Overweight with a $46 price target, trimmed from $49, at Barclays (LON:BARC), which says SEP may depend on dropdowns upon further assessment of the potential impact of an IDR buy-in and the limited visibility for organic growth opportunities.
- SEP said last month that it had received an offer from Enbridge to convert all of ENB's IDR and economic GP interests in SEP into a fixed number of SEP common units; while the elimination of IDRs should lower the cost of capital over the longer-term, Barclays believes the benefits may be somewhat offset by dropdowns that likely will be executed to continue growth due to the limited visibility of future organic growth projects at SEP after a multi-year period of heavy spending.
- Now read: Spectra Energy Should Not Trade Under For Long
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