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ETRN

Equitrans Midstream

$23.02

0.58 (2.58%)

, EQGP

EQGP Holdings

$17.03

0.65 (3.97%)

08:09
11/30/18
11/30
08:09
11/30/18
08:09

Equitrans Midstream to acquire EQGP Holdings for $20.00 per unit in cash

Equitrans Midstream Corporation (ETRN) announced that it has entered into definitive purchase agreements with certain unitholders of EQGP Holdings (EQGP) to acquire limited partner interests in EQGP for $20.00 per unit in cash, which is a 17.5% premium to the EQGP closing market price as of November 29, 2018. The Private Purchases are expected to close on or about December 31, 2018, after which ETRN and its affiliates will own more than 95% of the outstanding EQGP Common Units. Upon closing of the Private Purchases, ETRN intends to exercise the Limited Call Right under EQGP's partnership agreement to acquire all remaining EQGP Common Units not then owned by ETRN and its affiliates. If the Limited Call Right is exercised, the remaining holders of EQGP Common Units will receive at least the same cash price per unit that will be paid in the Private Purchases. The Limited Call Right is expected to close in January 2019 and will be a taxable transaction for EQGP unitholders. ETRN intends to use the cash proceeds from a newly issued Term Loan B to finance the Private Purchases and the purchases pursuant to the Limited Call Right. ETRN has secured committed financing in support of these purchases. ETRN also announced that it has made a proposal to EQM Midstream Partners (EQM) for the exchange of its incentive distribution rights and the economic general partner interest in EQM for 95 million units in EQM and a non-economic general partner interest in EQM, subject to the closing of the Private Purchases and completion of the Limited Call Right. ETRN expects that a portion of the units received will be in the form of Payment-In-Kind Units. The PIK Units would receive distributions in the form of additional PIK Units and would convert on a one-to-one basis into common units representing limited partner interests in EQM at a date to be determined. Final terms of the Proposed IDR Transaction are subject to negotiation with the board of directors of EQM's general partner or its conflicts committee, and assuming an agreement is reached, ETRN expects that the Proposed IDR Transaction would close in the first quarter of 2019. Upon completion of the Private Purchases, the Limited Call Right, and the Proposed IDR Transaction, ETRN will have accomplished a full simplification of EQGP and EQM, resulting in a projected 61% ownership of EQM. Additionally, EQM will be the only publicly traded partnership under ETRN and is expected to benefit from the elimination of the IDR burden, as well as stronger coverage and balance sheet metrics. Highlights: The proposed transactions would not result in a distribution cut for EQM unitholders; Targeting 6% - 8% annual distribution growth beginning in 2019; 2019 distribution coverage in excess of 1.0x; Long-term distribution coverage target in excess of 1.2x beginning in 2020; Long-term debt to EBITDA target of 3.5x - 4.0x beginning in 2020; PIK Units will provide balance sheet and coverage support; Improves cost of capital; No equity issuance is required to fund capital projects for the next several years; Reduces corporate overhead associated with the elimination of a publicly traded entity. ETRN expects that the EQM Conflicts Committee will review the Proposed IDR Transaction. Unitholder voting is not required in connection with the Private Purchases, the exercise of the Limited Call Right, or the Proposed IDR Transaction.

ETRN

Equitrans Midstream

$23.02

0.58 (2.58%)

EQGP

EQGP Holdings

$17.03

0.65 (3.97%)

EQM

EQT Midstream Partners

$50.41

1.15 (2.33%)

ETRN Equitrans Midstream
$23.02

0.58 (2.58%)

11/20/18
WOLF
11/20/18
INITIATION
Target $25
WOLF
Outperform
Equitrans Midstream initiated with an Outperform at Wolfe Research
Wolfe Research initiated Equitrans Midstream with an Outperform and $25 price target.
11/19/18
LTCO
11/19/18
INITIATION
Target $26
LTCO
Buy
Equitrans Midstream initiated with a Buy at Ladenburg
Ladenburg Thalmann analyst Michael Schmitz started Equitrans Midstream with a Buy rating and $26 price target.
11/14/18
11/14/18
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. Avid (AVID) initiated with a Hold at Jefferies. 2. ProQR Therapeutics (PRQR) initiated with an Overweight at Cantor Fitzgerald. 3. GW Pharmaceuticals (GWPH) initiated with an Outperform at Leerink. 4. Equitrans Midstream (ETRN) initiated with an Overweight at US Capital Advisors. 5. Zymogenetics (ZGEN) and Allergan (AGN) were initiated with an Outperform at Leerink. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
11/14/18
USCA
11/14/18
INITIATION
Target $27
USCA
Overweight
Equitrans Midstream initiated with an Overweight at US Capital Advisors
US Capital Advisors initiated Equitrans Midstream with an Overweight and $27 price target.
EQGP EQGP Holdings
$17.03

0.65 (3.97%)

11/14/18
USCA
11/14/18
UPGRADE
USCA
Overweight
EQGP Holdings upgraded to Overweight from Hold at US Capital Advisors
11/13/18
WELS
11/13/18
INITIATION
Target $23
WELS
Market Perform
Equitrans Midstream initiated with a Market Perform at Wells Fargo
Wells Fargo analyst Michael Blum started Equitrans Midstream (ETRN) with a Market Perform rating and $23 price target. The analyst notes that the company's only assets are its 91.3% ownership interest in EQGP Holdings (EQGP) and a 12.7% ownership interest in EQT Midstream Partners (EQM). Blum forecasts a 3-year dividend compounded annual growth rate of 9.3%, compared to the median growth rate of 5.7% for its closest peers, and 6.2% for the midstream C-Corp peer group. However, he believes Equitrans Midstream faces several near-term headwinds including uncertainty around EQT Midstream Partners' Mountain Valley Pipeline, simplification risk tied to the likely merger of EQGP and EQT Midstream Partners, and potential selling pressure as shares move from E&P to midstream investors.
11/29/18
SBSH
11/29/18
UPGRADE
Target $19
SBSH
Buy
EQGP Holdings upgraded to Buy from Neutral at Citi
Citi analyst Timm Schneider upgraded EQGP Holdings to Buy while lowering his price target for the shares to $19 from $31.50. The analyst says Midstream currently trades at 15% discount to the market and that the sector has become "investable."
11/14/18
11/14/18
NO CHANGE

Overweight
Morgan Stanley reiterates Overweight ratings on EQT Midstream, EQGP Holdings
Morgan Stanley analyst Tom Abrams noted that his colleague Drew Venker downgraded EQT Corporation (EQT) to Underweight from Equal Weight, citing his expectations for lower-than-guidance volume and free cash flow, as previously reported. Abrams believes Venker's downgrade of EQT could weigh somewhat on EQT Midstream Partners (EQM) and EQGP Holdings (EQGP), but he reiterates his Overweight ratings on both, citing his optimism on their projects, simplification and new business. Abrams, however, trimmed his price target on EQT Midstream to $54 from $55 and slightly lowered his price target on EQGP to $23 from $24.
EQM EQT Midstream Partners
$50.41

1.15 (2.33%)

11/29/18
SBSH
11/29/18
UPGRADE
Target $58
SBSH
Buy
EQT Midstream Partners upgraded to Buy from Neutral at Citi
Citi analyst Timm Schneider upgraded EQT Midstream Partners to Buy while lowering his price target for the shares to $58 from $82. The analyst says Midstream currently trades at 15% discount to the market and that the sector has become "investable."
11/20/18
WOLF
11/20/18
UPGRADE
WOLF
Outperform
EQT Midstream upgraded to Outperform from Peer Perform at Wolfe Research

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RAVE

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CHAP

Chaparral Energy

$0.89

-0.0521 (-5.52%)

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Get real-time updates on events that are moving the market—from conferences and calls to syndicate announcements.
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Create up to 12 portfolios with 150 stocks each, and see how active they are in market news.