real-time news and commentary for investors
Wednesday, Aug 28
Tortoise Energy upgraded to Buy at Stifel, shares rise
- Tortoise Energy Infrastructure (TYG +1.8%) is upgraded to Buy from Hold with a $47 price target at Stifel Nicolaus following a strong quarterly report.
- TYG reported total distributable cash flow of $18.1M vs. $16.4M in the prior year, 1.11x the current payout of $0.57/share.
- The firm estimates current NAV of ~$41.82 and an adjusted NAV, which gives effect for tax deferred liability, of ~$47.18; thus the firm believes shares trade at 94.4% to its adjusted NAV.