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TEGP

Tallgrass Energy GP

$23.78

0.38 (1.62%)

, TEP

Tallgrass Energy Partners

$43.39

-0.6 (-1.36%)

16:27
02/07/18
02/07
16:27
02/07/18
16:27

Tallgrass Equity acquires 25.01% membership in REX pipeline

Tallgrass Energy GP (TEGP) and Tallgrass Energy Partners (TEP) announced that Tallgrass Equity, LLC, a subsidiary of TEGP, has acquired a 25.01% membership interest in Rockies Express Pipeline LLC and 5,619,218 TEP common units from Tallgrass Development, LP. The companies also announced that TEP has acquired a 2 percent membership interest in Tallgrass Pony Express Pipeline, LLC and other administrative assets from TD. In addition, Tallgrass announced it is beginning an evaluation of potential reorganization alternatives involving TEGP and TEP. On Feb. 7, 2018, TD merged into a wholly owned subsidiary of Tallgrass Equity. As a result, Tallgrass Equity acquired a 25.01 percent membership interest in REX and 5,619,218 TEP common units. In consideration, TEGP and Tallgrass Equity issued 27,554,785 unregistered TEGP Class B shares and Tallgrass Equity units valued at approximately $644.8 million based on the TEGP closing price on Feb. 6, 2018. The equity issued by TEGP and Tallgrass Equity was based on a discounted 30-day volume-weighted average price of TEGP Class A shares. The 25.01 percent REX membership interest was valued at approximately $400 million and the 5,619,218 TEP common units were valued at approximately $256.2 million based on a 30-day volume-weighted average price. Management intends to recommend to the board of directors of TEGP's general partner that TEGP increase its quarterly distributions for the first and second quarters of 2018 by an aggregate of approximately $0.12 ($0.48 annualized) per class A share, which would be an increase of approximately 33 percent as compared to the quarterly distribution declared for the fourth quarter of 2017. Effective Feb. 1, 2018, TEP acquired a 2 percent membership interest in Pony Express and administrative assets -- primarily information technology assets -- from TD for cash consideration of approximately $60 million. TEP funded the transaction with borrowings under its revolving credit facility. Tallgrass is evaluating potential reorganization transactions that could, among other things, streamline and simplify TEP and TEGP's organizational structure, improve its equity cost of capital, improve its debt cost of capital and facilitate financing of its current and future growth opportunities. Management expects that the evaluation process and any resulting transaction or transactions could potentially be completed by the end of 2018, although the process is ongoing and no decision to pursue a particular alternative has been reached. Tallgrass does not intend to disclose further developments with respect to the evaluation process except to the extent that a specific course of action is approved, the process is concluded, or it is required by law or otherwise deemed appropriate.

TEGP

Tallgrass Energy GP

$23.78

0.38 (1.62%)

TEP

Tallgrass Energy Partners

$43.39

-0.6 (-1.36%)

  • 13

    Feb

TEGP Tallgrass Energy GP
$23.78

0.38 (1.62%)

02/21/17
STFL
02/21/17
UPGRADE
STFL
Buy
Tallgrass Energy GP upgraded to Buy from Hold at Stifel
As noted earlier, Stifel upgraded Tallgrass Energy to Buy from Hold. Analyst Selman Akyol upgraded the stock based on valuation and recent IDR buyout activity in the midstream space. Target to $33 from $26.
04/19/17
MUFG
04/19/17
INITIATION
Target $32
MUFG
Neutral
Tallgrass Energy GP initiated with a Neutral at MUFG
MUFG analyst Barrett Blaschke started Tallgrass Energy GP with a Neutral rating and 432 price target.
04/21/17
MACQ
04/21/17
INITIATION
Target $32
MACQ
Outperform
Tallgrass Energy GP initiated with an Outperform at Macquarie
Macquarie analyst Andrew Weisel initiated Tallgrass Energy GP with an Outperform and a $32 target citing good visibility from recent dropdowns, project expansions, and contract updates.
01/04/18
FBCO
01/04/18
INITIATION
FBCO
Underperform
Tallgrass Energy GP initiated with an Underperform at Credit Suisse
Credit Suisse analyst Kristina Kazarlan initiated Tallgrass Energy GP with an Underperform rating and a price target of $21. Kazarlan suggested waiting for longer-term clarity and an improvement in sentiment in the company across the broader investor base.
TEP Tallgrass Energy Partners
$43.39

-0.6 (-1.36%)

04/21/17
MACQ
04/21/17
INITIATION
Target $61
MACQ
Outperform
Tallgrass Energy Partners initiated with an Outperform at Macquarie
Macquarie analyst Andrew Weisel initiated Tallgrass Energy Partners with an Outperform and a $61 price target citing good visibility from recent dropdowns, project expansions, and contract updates.
01/04/18
USCA
01/04/18
DOWNGRADE
USCA
Hold
Tallgrass Energy Partners downgraded to Hold from Overeight at US Capital Advisors
01/04/18
FBCO
01/04/18
INITIATION
FBCO
Neutral
Tallgrass Energy Partners initiated with a Neutral at Credit Suisse
Credit Suisse analyst Kristina Kazarlan initiated Tallgrass Energy with a Neutral rating and a price target of $43. Kazarlan suggested waiting for longer-term clarity and an improvement in sentiment in the company across the broader investor base.
01/09/18
SBSH
01/09/18
UPGRADE
Target $51
SBSH
Buy
Tallgrass Energy Partners upgraded to Buy from Neutral at Citi
Citi analyst Faisel Khan upgraded Tallgrass Energy Partners to Buy while lowering his price target for the shares to $51 from $55. The analyst sees the company continuing to grow distributions at a sustainable coverage ratio.

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