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AMID

American Midstream Partners

$13.70

-0.45 (-3.18%)

06:43
08/08/17
08/08
06:43
08/08/17
06:43

American Midstream Partners announces acquisition of Panther for $52M

American Midstream Partners announced the acquisition of 100% of the assets in Panther Asset Management for a total consideration of approximately $52M. The consideration consisted of approximately $39M cash from borrowings under the Partnership's revolving credit facility and common units representing limited partner interests. The underlying assets acquired are highly complementary with AMID's core Gulf of Mexico assets as a substantial portion of Panther's cash flows are generated by AMID joint ventures. Through the purchase, AMID will acquire Panther's 33.3% equity interests in Main Pass Oil Gathering as well as Panther's 40% equity interest in American Panther. As such, the Partnership will now own 100% of MPOG and AmPan. The acquisition of Panther is an important part of the Partnership capital redeployment strategy. Coupled with the recently announced Viosca Knoll acquisition on June 2, 2017, AMID has effectively redeployed $85M of the anticipated proceeds from the sale of Propane Marketing and Services business announced on July 24, 2017. The acquisition of Panther is accretive to 2017 Adjusted EBITDA and distributable cash flow and is expected to earn returns consistent with a mid-single digit cash flow multiple.

  • 08

    Aug

AMID American Midstream Partners
$13.70

-0.45 (-3.18%)

10/25/16
RBCM
10/25/16
NO CHANGE
RBCM
American Midstream potential acquisition positive, says RBC Capital
After American Midstream Partners (AMID) and JP Energy Partners (JPEP) agreed to merge, RBC Capital analyst TJ Schultz says that the deal will increase American Midsteam's discounted cash flow while reducing its debt and increasing the certainty that it will deliver distribution growth around 5%. The analyst raised his price target on the shares to $19 from $16 and keeps an Outperform rating on the stock.
12/02/16
SBSH
12/02/16
UPGRADE
SBSH
Buy
American Midstream Partners upgraded to Buy from Neutral at Citi (pre-open)
12/09/16
JANY
12/09/16
INITIATION
JANY
Buy
American Midstream Partners initiated with a Buy at Janney Capital
12/09/16
12/09/16
INITIATION

On The Fly: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Chesapeake Utilities (CPK) initiated with a Neutral at Ladenburg. 2. CONSOL (CNX) initiated with a Neutral at Goldman. 3. Johnson Controls (JCI) assumed with an Equal Weight at Barclays. 4. American Midstream Partners (AMID) initiated with a Buy at Janney Capital. 5. Brookfield Infrastructure (BIP) coverage resumed with an Outperform at Wells Fargo. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.

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