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PTXP

PennTex

$19.88

3.23 (19.40%)

, ETP

Energy Transfer Partners

$23.00

0.08 (0.35%)

18:11
05/19/17
05/19
18:11
05/19/17
18:11

PennTex board to review unsolicited tender offer from Energy Transfer Partners

"PennTex Midstream Partners (PTXP) confirmed that our affiliate and owner of our general partner, Energy Transfer Partners, L.P. (ETP), has commenced an unsolicited tender offer to acquire all of the outstanding common units representing limited partner interests in the Partnership for $20.00 per unit in cash. The board of directors of our general partner intends to advise unitholders of its formal position regarding the tender offer within ten business days of its commencement by making available to unitholders and filing with the Securities and Exchange Commission a solicitation/recommendation statement on Schedule 14D-9."

PTXP

PennTex

$19.88

3.23 (19.40%)

ETP

Energy Transfer Partners

$23.00

0.08 (0.35%)

PTXP PennTex
$19.88

3.23 (19.40%)

05/19/17
RBCM
05/19/17
DOWNGRADE
Target $20
RBCM
Sector Perform
PennTex downgraded to Sector Perform from Outperform at RBC Capital
RBC Capital analyst Elvira Scotto downgraded PennTex Midstream Partners (PTXP) to Sector Perform from Outperform and raised her price target to $20 from $19 to account for Energy Transfer Partners' (ETP) tender offer to purchase all of the outstanding common units.
05/19/17
BARD
05/19/17
DOWNGRADE
BARD
Neutral
PennTex downgraded to Neutral from Outperform at Baird
01/03/17
DBAB
01/03/17
DOWNGRADE
Target $17
DBAB
Hold
PennTex downgraded to Hold from Buy at Deutsche Bank
Deutsche Bank analyst Kristina Kazarian downgraded PennTex (PTXP) to Hold saying the Energy Transfer Partners (ETP) acquisition of the company's general partnership and sponsor-held LP units has "clouded the outlook." The analyst lowered her price target for PennTex shares to $17 from $20.
12/06/16
12/06/16
DOWNGRADE
Target $15

Hold
PennTex downgraded to Hold after Energy Transfer deal at Stifel
As previously reported, Stifel analyst Selman Akyol downgraded PennTex Midstream Partners (PTXP) to Hold from Buy, stating that its outlook changed with the Energy Transfer Partners' (ETP) deal. While Energy Transfer did not rule out dropdowns, Akyol doesn't expect them and does not believe transactions would create significant value for PennTex. He lowered his price target on PennTex shares to $15 from $18.
ETP Energy Transfer Partners
$23.00

0.08 (0.35%)

05/12/17
WOLF
05/12/17
INITIATION
Target $25
WOLF
Peer Perform
Energy Transfer Partners initiated with a Peer Perform at Wolfe Research
Wolfe Research initiated Energy Transfer Partners with a Peer Perform and a $25 price target.
05/10/17
BERN
05/10/17
UPGRADE
BERN
Outperform
Energy Transfer Equity, Energy Transfer Partners upgraded at Bernstein
As noted earlier, Bernstein upgraded Energy Transfer Equity (ETE) and Energy Transfer Partners (ETP) to Outperform from Market Perform. Analyst Jean Ann Salisbury says that the companies are "arguably levered" to three growth areas: Permian, Marcelllus, and ethane volumes. The analyst adds that several "very positive developments" for the companies have occurred since January: the DAPL project proceeded and its "finish line is in sight; progress was made with the Rover project; the DEP approved Mariner East 2; and 73 rigs were added in the Permian, while oil production there rose meaningfully. Target $23 for Energy Transfer Equity and $30 for Energy Transfer Partners.
05/10/17
BERN
05/10/17
UPGRADE
BERN
Outperform
Energy Transfer Partners upgraded to Outperform at Bernstein

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