A Facebook worker waits for friends to arrive outside of Facebook headquarters in Menlo Park, Calif., Friday, Aug. 17, 2012. Facebook stock is trading at $19 and has lost half its market value since its May public offering. (AP Photo/Paul Sakuma)
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A Facebook worker waits for friends to arrive outside of Facebook headquarters in Menlo Park, Calif., Friday, Aug. 17, 2012. Facebook stock is trading at $19 and has lost half its market value since its May public offering. (AP Photo/Paul Sakuma)
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German tourists who use Facebook, take pictures outside of Facebook headquarters in Menlo Park, Calif., Friday, Aug. 17, 2012. Facebook stock is trading at $19 and has lost half its market value since its May public offering. (AP Photo/Paul Sakuma)
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In this Thursday, Dec. 13, 2012 photo, shoppers walk past a Macy's at the Downtown Crossing in Boston. Macy's reported Tuesday, Feb. 26, 2013, a fourth-quarter profit that beat Wall Street expectations as its strategy of tailoring merchandise to local markets paid off during the holiday season. (AP Photo/Charles Krupa)
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Boise Cascade Chief Executive Officer Thomas Carlile, applauds during his company's IPO on the floor of the New York Stock Exchange, Wednesday, Feb. 6, 2013. Strong earnings reports from media giants Disney and Time Warner aren't impressing investors in early trading, and major U.S. market indexes are opening lower. (AP Photo/Richard Drew)
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Boise Cascade Chief Executive Officer Thomas Carlile, left, confers with specialist Christopher Culhane during his company's IPO, on the floor of the New York Stock Exchange Wednesday, Feb. 6, 2013. Strong earnings reports from media giants Disney and Time Warner aren't impressing investors in early trading, and major U.S. market indexes are opening lower. (AP Photo/Richard Drew)
Ahead of the Bell: Oiltanking Partners
NEW YORK (
AP) — Despite nearly two years of strong growth since going public, Oiltanking Partners LP has yet more room to grow, according to Citi, which raised its price target on the petroleum storage company by $10 Thursday.
Since its initial public offering in July 2011, Oiltanking Partners units have more than doubled. So far this year, the units, or shares, have risen about 27 percent.
Citi analyst John Tysseland expects the company's terminal along the Houston ship channel to get a boost from increased exports of propane/butane and huge pipeline expansions this year. That should lift revenue and renewal rates and provide new opportunities to expand.
Tysseland expects Oiltanking to complete its $270 million crude oil terminal expansion over the next few years, which should fatten returns for investors.
Tysseland backed his "Buy" rating for the Houston partnership and increased his price target to $53.50.
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