Wells Fargo downgrades Excelerate Energy on lack of clarity around projects

As previously reported, Wells Fargo downgraded Excelerate Energy to Equal Weight from Overweight with a price target of $18, down from $20. The firm cites limited visibility to potential growth projects for the downgrade and limited capital return. With most midstream companies moving to boost capital return to shareholders, Wells believes Excelerate Energy could struggle to compete for capital.