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SEMG

SemGroup

$24.48

0.1225 (0.50%)

07:39
08/20/18
08/20
07:39
08/20/18
07:39

SemGroup to sell 49% interest in Maurepas Pipeline for $350M

SemGroup announced that it has entered into an agreement with investment funds managed by Alinda Capital Partners to sell a 49% interest in Maurepas Pipeline for $350M, subject to customary post-closing adjustments. The transaction, which will be structured as the sale of Class B interests, values Maurepas at approximately 13 times earnings before interest, taxes and depreciation. Under the terms of the agreement, SemGroup has an option to acquire Alinda's interest prior to the fifth anniversary of closing, subject to a 24-month non-call period. The call price is based on a predetermined fixed return on Alinda's investment, including capital contributions. SemGroup plans to use the net proceeds to pay down debt and for general corporate purposes. The transaction is expected to close by year-end 2018, and is subject to certain closing conditions. SemGroup will remain the majority owner and operator of the pipeline system, which consists of three separate transportation pipes serving refineries in the Gulf Coast region of Louisiana.

SEMG SemGroup
$24.48

0.1225 (0.50%)

06/11/18
06/11/18
DOWNGRADE
Target $27

Market Perform
SemGroup downgraded to Market Perform at Wells Fargo
As previously reported, Wells Fargo analyst Michael Blum downgraded SemGroup to Market Perform from Outperform as he believes its growth trajectory is mostly reflected in valuation. The sale of lower quality assets and a more focused strategy around fee-based assets with visible growth has led to multiple expansion for SemGroup, he notes. The analyst also lowered his price target on the shares to $27 from $30.
06/11/18
06/11/18
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. SemGroup (SEMG) downgraded to Market Perform from Outperform at Wells Fargo with analyst Michael Blum saying he believes its growth trajectory is mostly reflected in valuation. 2. Host Hotels (HST) and Park Hotels (PK) were downgraded to Sell from Neutral at Goldman Sachs, Host Hotels was also downgraded to In Line from Outperform at Evercore ISI. 3. NXP Semiconductors (NXPI) downgraded to Hold from Buy at SunTrust with analyst William Stein saying the current stock price is above fair value and demands "an explicit view" that the Qualcomm (QCOM) bid will receive approval from China regulators. 4. Nektar (NKTR) downgraded to Neutral from Buy at H.C. Wainwright with analyst Debjit Chattopadhyay saying an updated cut of NKTR-214 data presented at an investor conference on June 06, does not assuage fears on the outlook of NKTR-214 in the post ECHO-301, immuno-oncology combination therapy landscape. 5. DDR Corp. (DDR) downgraded to Underperform from In Line at Evercore ISI. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
06/12/18
BMOC
06/12/18
INITIATION
Target $25
BMOC
Market Perform
SemGroup initiated with a Market Perform at BMO Capital
BMO Capital analyst Danilo Juvane initiated SemGroup with a Market Perform rating and a price target of $25. The analyst is positive on the company's "streamlined business, visible dividend growth, limited equity funding needs, and shareholder alignment", but sees limited path toward deleveraging and is also concerned with "meaningful" recontract headwinds in SemGroup's crude storage assets and the recently acquired Houston Fuel Oil Terminal Company.
06/22/18
SOCO
06/22/18
DOWNGRADE
SOCO
Equalweight
SemGroup downgraded to Equalweight from Overweight at Capital One

TODAY'S FREE FLY STORIES

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LSCC

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DIS

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WVE

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$26.21

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CALA

Calithera Biosciences

$5.66

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HOTH

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BLCM

Bellicum Pharmaceuticals

$2.93

-0.14 (-4.56%)

08:48
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AZPN

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AVID

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DE

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AMRS

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GRUB

GrubHub

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