Wells Fargo Sticks to Their Hold Rating for Spectra Energy Partners

In a report released yesterday, Michael Blum from Wells Fargo maintained a Hold rating on Spectra Energy Partners (NYSE: SEP). The company’s shares closed yesterday at $31.92, close to its 52-week low of $29.89.

According to TipRanks.com, Blum is a 4-star analyst with an average return of 14.2% and a 67.4% success rate. Blum covers the Basic Materials sector, focusing on stocks such as Dominion Midstream, Nustar Energy LP, and Kinder Morgan.

Spectra Energy Partners has an analyst consensus of Hold, with a price target consensus of $37.33.

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Based on Spectra Energy Partners’ latest earnings release for the quarter ending March 31, the company reported a quarterly revenue of $779 million and net profit of $407 million. In comparison, last year the company earned revenue of $700 million and had a net profit of $228 million.

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Spectra Energy Partners LP engages in the transmission, storage, and gathering of natural gas. The company also transports and stores crude oil through the interstate pipeline systems. It operates through the following segments: U.S. Transmission, and Liquids.