According to a research report published this morning, Citi has downgraded Chesapeake Midstream Partners CHKM from Buy to Neutral, and lowered PT from $33 to $29.
Citi commented in the report, "We are downgrading CHKM to Neutral and reducing our TP to $29/unit as we believe the partnership's risk profile has increased following the extreme stock price volatility of Chesapeake Energy (CHK.N; US$16.74; 2), the partnership's general partner and largest customer. Importantly, we are not drawing any conclusions as to the ultimate fate of CHK. However, it seems prudent to look at the potential impacts on the partnership should recent volatility lead to something more operationally material."
Chesapeake Midstream Partners closed yesterday at $27.78.
Market News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in