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DM

Dominion Midstream

$26.10

0.5 (1.95%)

, D

Dominion

$72.75

-0.54 (-0.74%)

16:35
12/01/16
12/01
16:35
12/01/16
16:35

Dominion Midstream acquisition of Questar Pipeline seens as accretive to DCF

Dominion Midstream Partners (DM) closed on the transaction to acquire Questar Pipeline from Dominion Resources (D), for $1.725B. As part of the transaction, Dominion Midstream paid $823M in cash to Dominion, issued $167M of common units and $300M of convertible preferred units to Dominion, and has assumed Questar Pipeline's $435M of outstanding indebtedness. Cash sources included a previously announced $360M underwritten public common unit offering, a $137.5M private placement of common units, and $500M of convertible preferred units placed with a group of institutional investors led by Stonepeak Infrastructure Partners. The addition of Questar Pipeline - which owns and operates Federal Energy Regulatory Commission-regulated natural gas transmission and storage assets in Colorado, Utah and Wyoming - is expected to be immediately accretive to Dominion Midstream's distributable cash flow per unit. This transaction supports the partnership's intention to grow distributions to unitholders at a compounded annual growth rate of 22% per year through the end of the decade. Dominion plans to use the cash generated by the dropdown transaction and other related financing activities to reduce debt at the parent level by $1.2 billion.

DM

Dominion Midstream

$26.10

0.5 (1.95%)

D

Dominion

$72.75

-0.54 (-0.74%)

  • 06

    Dec

DM Dominion Midstream
$26.10

0.5 (1.95%)

09/29/16
MZHO
09/29/16
INITIATION
Target $30
MZHO
Buy
Dominion Midstream initiated with a Buy at Mizuho
Mizuho initiated Dominion Midstream with a Buy and a $30 price target.
10/07/16
WOLF
10/07/16
INITIATION
Target $28
WOLF
Outperform
Dominion Midstream initiated with an Outperform at Wolfe Research
Wolfe Research analyst Steven Fleishman initiated Dominion Midstream with an Outperform and a $28 price target.
11/01/16
BOFA
11/01/16
UPGRADE
BOFA
Buy
Dominion Midstream upgraded to Buy from Neutral at BofA/Merrill
11/01/16
BOFA
11/01/16
UPGRADE
BOFA
Buy
Dominion Midstream upgraded to Buy on valuation at BofA/Merrill
As previously reported, BofA/Merrill upgraded Dominion to Buy from Neutral with a $28 price target. Analyst Gabe Moreen believes underperformance is overdone and the STR pipeline drop-down combined with Q3 results removes the company's equity needs.
D Dominion
$72.75

-0.54 (-0.74%)

06/16/16
JPMS
06/16/16
DOWNGRADE
Target $81
JPMS
Neutral
Dominion downgraded to Neutral from Overweight at JPMorgan
JPMorgan analyst Christopher Turnure downgraded Dominion Resources to Neutral citing the "plunge in New England power." The analyst lowered his price target for the shares to $81 from $76.
08/08/16
MSCO
08/08/16
DOWNGRADE
MSCO
Equal Weight
Dominion downgraded to Equal Weight from Overweight at Morgan Stanley
08/08/16
08/08/16
DOWNGRADE
Target $79

Equal Weight
Dominion downgraded to Equal Weight from Overweight at Morgan Stanley
As previously reported, Morgan Stanley downgraded Dominion to Equal Weight from Overweight. Analysts led by Stephen Byrd said shares are fairly valued on a more balanced risk/reward outlook and lowered its price target to $79 from $82.
08/08/16
08/08/16
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. JPMorgan (JPM) downgraded to Neutral from Buy at Citi with analyst Keith Horowitz citing valuation and his belief that 2017 and 2018 consensus earnings estimates are about 2% too high. 2. Dominion (D) downgraded to Equal Weight from Overweight at Morgan Stanley with analysts led by Stephen Byrd said shares are fairly valued on a more balanced risk/reward outlook. 3. Weyerhaeuser (WY) downgraded to Neutral from Buy at DA Davidson with analyst Steven Chercover citing valuation. 4. Sprouts Farmers Markets (SFM) downgraded to Neutral from Buy at Northcoast with analyst Chuck Cerankosky saying management expects sales growth over the remainder of this year to be challenged by deflation in key protein and other fresh categories that will also put pressure on margins during a year of record store expansion. 5. Bristol-Myers (BMY) downgraded to Neutral from Outperform at Credit Suisse with analyst Vamil Divan citing the failure of the company's frontline lung monotherapy study. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

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