Spectra Energy (NYSE:SE) NGL Pricing Strength Rises over Last Year

The NGL pricing strength of Spectra Energy (NYSE:SE) has risen over the same period last year, according to Jefferies, causing them to retain their "Hold' rating on the company.

The company said, "Management previously stated that they plan to exceed the 2010 incentive target of $1.42 which is predicated on $80/bbl oil, NGL/Crude relationship of 50%, composite NGL barrel of $0.95/gallon and natural gas of $5.50/MCF."

Consequently, Jefferies is raising their 4Q10 EPS estimate by $0.05 to $0.40, and their full year 2010 by $0.05 to $1.50. They are keeping their full year 2011 and full year 2012 estimates at $1.65 and $1.90.

Spectra Energy closed Monday at $24.72, dropping $0.24, or 0.96 percent. Jefferies raised their price target on them from $24 to $26.