Crestwood Equity downgraded to Market Perform from Outperform at Wells Fargo Wells Fargo downgraded Crestwood Equity Partners to Market Perform citing declining natural gas storage cash flows. The firm lowered its price target range for shares to $12-$14 from $15-$17.
Crestwood Equity Crestwood Midstream weakness overdone, says Wells Fargo After Crestwood Equity Partners LP(CEQP) and Crestwood Midstream Partners LP(CMLP) underperformed their broader group over the past month, Wells Fargo thinks the underperformance was driven by Quicksilver Resource's (KWK) financial struggles, concerns regarding gas storage fundamentals as it impacts Tres Palacios, and a decline in crude prices driving reduced activity in the Bakken. The firm believes that these concerns are legitimate, but it does not view them as new and calls the weakness in the stocks overdone. It keeps a Market Perform rating on Crestwood Equity Partners and an Outperform rating on Crestwood Midstream Partners.