Valero Energy Partners Reports Decent 1Q; Plan to Lower FVE
Valero Energy Partners reported a decent first quarter; however, we plan to lower our $50 fair value estimate a few dollars per unit as we adjust our near-term expectations to align with its results. We plan to maintain our narrow moat rating. Revenue and EBITDA increased 24% and 23% to $132 million and $97 million, respectively, owing to the recent acquisitions of the Port Arthur Terminal and the Parkway Pipeline, which were acquired from parent Valero in November 2017.ÂThe entity remains well...
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