JPMorgan analyst Jeremy Tonet downgraded Crestwood Equity to Neutral from Overweight with a price target of $28, down from $31. The analyst cites the company’s "weaker execution" and less financial flexibility for the downgrade. Crestwood’s "weak" 2023 outlook, following prior EBITDA guide-downs and misses, leads the firm to lower EBITA estimates. It believes the company’s Bakken growth is slower than expected. In addition, Crestwood ‘s balance sheet and financial flexibility screens among the lowest in the group, given its relatively higher leverage and rate sensitivity, contends JPMorgan.
Published first on TheFly
See today’s best-performing stocks on TipRanks >>
Read More on CEQP:
- Crestwood Equity initiated with an Outperform at Scotiabank
- Crestwood Equity sees FY23 adjusted EBITDA of $780M-$860M
- Crestwood Equity reports Q4 EPS 26c, consensus 21c
- Mohamed El-Erian Sees Inflation Sticking Around 3-4%; Here Are 2 ‘Strong Buy’ Dividend Stocks That Easily Beat That Rate
- Grab 3 High-Yield Energy Stocks Now as They Go Ex-Dividend Next Week