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MarkWest Energy Partners, L.P. Message Board

  • rjraecek rjraecek Jan 15, 2014 1:13 PM Flag

    rating change

    finally some good news.....I hope
    MarkWest Energy (MWE +0.4%) is initiated with a Buy rating and $78 price target at Wunderlich, which says the units offer an attractive balance of yield and growth with accelerating distribution increases expected in H2 2014.
    The units had been an investor favorite, rising 48% from year-end 2012 to the 2014 guidance announcement in Nov. 2013, but have since dropped 11%; the firm believes 2014 distributable cash flow will exceed Street estimates and expects MWE to rally through 2014 as cash flows accelerate and visibility on double-digit distribution growth emerges.

    Sentiment: Buy

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    • In a September 2013 statement democratic frontrunner Allyson Schwartz stated she is in favor of drilling in the Marcellus Shale but would impose a 5% severance tax on production there.With only a 17% positive approval rating for current governor looks like a demo in November.

    • Huh? What bad news have we had recently? Does anyone actually care about Wunderlich? Distributions will increase in very late 2014 as the EV compared to the growth finally slows down a bit. We will also shortly have clarity on the KMP JV and if it will happen/when - probability of about 75% IMO - as well as what part of this MWE will play. Since KMP has a ton of pipe worth $$ does MWE put the remainder of the pipe into the JV or what? How many $$ is this going to be. Definitely a LT positive and I could care less about short term appreciation in the unit price, but at some point is MWE going to slow its growth as a % of EV?