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World Point Terminals cut to Hold from Buy at Stifel

Published 11/11/2016, 03:39 PM
World Point Terminals cut to Hold from Buy at Stifel
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  • World Point Terminals (WPT -1.1%) is lower after Stifel downgraded shares to Hold from Buy with a $16 price target.
  • WPT owns and operates crude oil and refined product storage and terminals located across the U.S.; it reported Q3 results with adjusted EBITDA of $15.7M, below Stifel's $17.1M estimate, with utilization increasing to 90% from 84% the prior year but down from 92% in Q2.
  • The firm notes that while WPT brought online 178K barrels of storage in Little Rock, total utilized storage dropped by ~150K barrels sequentially.

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