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TGE

Tallgrass Energy

$23.73

0.17 (0.72%)

18:30
10/15/18
10/15
18:30
10/15/18
18:30

Tallgrass Energy, Silver Creek Midstream to expand Powder River Basin JV

Tallgrass Energy and Silver Creek Midstream announced that they have agreed to expand their Powder River Basin joint venture. The expanded Joint Venture, Powder River Gateway, LLC will own the Iron Horse Pipeline, the Powder River Express Pipeline, and crude oil terminal facilities in Guernsey, Wyo. Both Iron Horse and PRE will transport crude oil produced in the PRB from Silver Creek's Pronghorn Terminal to Guernsey, Wyo. where the crude oil has access to Tallgrass' Pony Express crude pipeline system and two other existing takeaway pipelines. Tallgrass will operate the Joint Venture and own 51% of Powder River Gateway; Silver Creek will own 49%. Iron Horse, an approximately 80-mile, 16-inch crude oil pipeline currently under construction, will have an initial capacity of approximately 100,000 barrels per day, is expandable up to 200,000 barrels per day and is expected to be in-service in Q1 2019. PRE is an approximately 70-mile, 12-inch crude oil pipeline, with a current capacity of 90,000 barrels per day expandable up to 125,000 barrels per day. The crude oil terminal facilities in Guernsey, Wyo. collectively own over 340 acres, include 370,000 barrels of crude storage currently in-service and, once fully constructed, will include over 1 million barrels of storage. Powder River Gateway has existing interconnections to Pony Express, two other takeaway pipeline connections, and has the ability to access any other current or future markets at Guernsey, Wyo.

TGE Tallgrass Energy
$23.73

0.17 (0.72%)

10/10/18
FBCO
10/10/18
INITIATION
Target $29
FBCO
Outperform
Tallgrass Energy initiated with an Outperform at Credit Suisse
Credit Suisse analyst Spiro Dounis initiated Tallgrass Energy with a Outperform rating and a price target of $29.
10/08/18
GSCO
10/08/18
INITIATION
Target $27
GSCO
Buy
Tallgrass Energy initiated with a Buy at Goldman Sachs
Goldman Sachs analyst Michael Lapides initiated Tallgrass Energy with a Buy rating and a price target of $27 per unit as part of his broader research note on Americas Pipelines and MLPs partially titled "the Age of Normalcy moves ahead". The analyst cites the growth of the company's crude volume flows outweighing the modest headwinds from Rockies Express Pipeline contract expiration as well as the growth projects at its natural gas pipeline segment that includes Cheyenne Connector.
08/20/18
MUFG
08/20/18
NO CHANGE
Target $26
MUFG
Neutral
Tallgrass Energy combination to benefit from lower cost of capital, says MUFG
MUFG analyst Barrett Blaschke says the combined business of the GP and IDRs of Tallgrass stands to benefit from "a lower cost of equity capital as it looks at growth via both organic projects and strategic acquisitions." The analyst also points to the company announcing ambitious new growth opportunities, including the proposed Seahorse crude line that will "effectively tie the partnership's Pony Express line to the Gulf Coast via Cushing, OK". Blaschke keeps his Neutral rating on the stock with a price target of $26.
08/16/18
LEHM
08/16/18
INITIATION
Target $26
LEHM
Equal Weight
Tallgrass Energy resumed with an Equal Weight at Barclays
Barclays analyst Christine Cho reinstated Tallgrass Energy with an Equal Weight rating and $26 price target, telling investors that she believes the transaction under which Tallgrass Energy GP completed the buy-in of the outstanding public Tallgrass Energy Partners units has "several" benefits for shareholders, including reduced corporate complexity and lower cost of equity capital. She views valuation as close to fair on 2020 metrics.

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