Ratings/Target Price Changes Log 06/30 (II) | MLPs Message Board Posts

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Msg  120813 of 121121  at  6/30/2020 4:23:29 PM  by


 In response to msg 120811 by  passandshoot
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Re: Ratings/Target Price Changes Log 06/30 (II)

Brief clip....
NBLX continues to be better positioned than E&P-sponsored midstream peers given
its strength of sponsor (NBL), diversification by basin (DJ 75%/Permian 25% of 2020E
EBITDA), diversification by service (G&P, freshwater and pipeline) as well as diversification
by customers (~20% 3rd party business). The biggest differentiator relative to peers is that
NBLX provides a wellhead-to-water service via their ownership in the EPIC pipeline. NBLX
units offer ~20% total return to our revised $9/unit price target which is based on 7.0x
'21E EBITDA less net debt and non-controlling interests. The total return potential is not
enough to warrant a change in our Neutral rating at this time. The biggest catalyst ahead is
Q2 earnings which should represent the earnings and cash flow trough for the year. YTD,
NBLX is down 68.5% vs. AMZ -39.3%. NBLX has rebounded sharply (up 362%) from its
52 week low of $1.81/unit reached on 3/18/20.


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