- Atlas Pipeline Partners (APL -3%) falls for a second straight day following a disappointing Q4 earnings report, and Barclays today downgrades APL to Equal Weight from Overweight and cuts its price target to $35 from $41.
- Barclays notes that APL reduced its previous 2014 guidance by 13% and pushed it out by a year; upside or downside to forecasts will come mostly from realized volume performance, as a majority of APL's 2014 commodity price exposure is hedged, but the firm sees execution risk given a lack of signed contracts to support visibility.
- APL's Q4 operating expenses jumped 61% Y/Y, and gross margin fell to 20.6% from 22.6% in the prior-year quarter.
Atlas Pipeline -3% after earnings miss, Barclays downgrade
Feb 19 2014, 12:34 ET