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SEMG

SemGroup

$16.81

0.125 (0.75%)

, KKR

KKR

$21.47

0.33 (1.56%)

07:17
01/10/19
01/10
07:17
01/10/19
07:17

SemGroup, KKR form joint venture and acquire Meritage Midstream for $449M

SemGroup (SEMG) and KKR (KKR) announced they have formed a joint venture to create a Canadian midstream infrastructure platform, SemCAMS Midstream. The companies also announced that SemCAMS Midstream has entered into a definitive agreement to acquire Meritage Midstream and its midstream infrastructure assets for $449M. Under the terms of the joint venture, SemGroup will contribute the shares and assets of its Canadian subsidiary, SemCAMS, valued at $860M, in exchange for $460M cash proceeds and 51% common equity ownership in SemCAMS Midstream. KKR will contribute $385M of cash in exchange for 49% of the common equity ownership. KKR will also contribute $224M to acquire perpetual preferred equity. In addition, the joint venture will enter into a $598M underwritten bank credit facility. Upon close of the transaction, SemCAMS Midstream will acquire Meritage Midstream ULC, an operating portfolio of approximately 195 MMcf/d of natural gas processing capacity, 101 miles of gas gathering pipelines, 38 miles of oil gathering pipelines and 18 miles of emulsion and gas lift pipelines in the Montney play. Additionally, a 200 MMcf/d gas processing expansion is currently under construction and expected to be in service by Q3. Development at Meritage is underpinned by a combination of area dedications and contracted minimum volume commitments with producers. In addition, active drilling continues across these plays and there is a significant inventory of drilled, but uncompleted wells, which supports our near-term growth expectations. SemCAMS Midstream will own approximately 900 MMcf/d of natural gas processing capacity between the existing SemCAMS and Meritage facilities. The Wapiti Plant is ahead of schedule and is currently being commissioned to be online by the end of January. The Smoke Lake Plant and Pipestone Pipeline are on track for completion later this year. Total natural gas processing operational capacity will increase to approximately 1.3 Bcf/d following completion of the SemCAMS and Meritage projects under construction. Potential growth projects include the proposed 280 MMcf/d Pipestone sour gas plant, 100,000 bbl/d Montney-to-Market liquids pipeline and potential expansions at the Patterson Creek facility. SemCAMS Midstream continues to evaluate other greenfield and brownfield development opportunities. The Meritage transaction will be financed with a combination of funds from KKR Global Infrastructure Investors III and a fully-underwritten SemCAMS Midstream credit facility. KKR Global Infrastructure Investors III and its affiliated investment vehicles will contribute $609M of cash, of which $224M will be used to acquire perpetual preferred shares of SemCAMS Midstream, which will pay quarterly dividends at an annual rate of 8.75%.

SEMG

SemGroup

$16.81

0.125 (0.75%)

KKR

KKR

$21.47

0.33 (1.56%)

  • 11

    Feb

SEMG SemGroup
$16.81

0.125 (0.75%)

01/02/19
GSCO
01/02/19
NO CHANGE
Target $24
GSCO
Conviction Buy
Kinder Morgan remains top pick among midstream energy stocks, says Goldman Sachs
Goldman Sachs analysts Jerren Holder and Michael Lapides have a positive view of the Midstream energy stocks moving toward positive free cash flows, with Conviction Buy-rated Kinder Morgan (KMI) as their top pick. In a broader research note, the analysts also upgraded Plains All American (PAA) and Cheniere Energy (LNG) to Buy from Neutral and Semgroup (SEMG) and Sunoco (SUN) to Neutral from Sell. The analysts note that the "simplification thesis" in the sector continues to play out, volumes are growing, and "many new takeaway pipelines are coming online", even though the midstream stocks' performance has been lagging. Holder and Lapides believe that an inflection is ahead with more major projects coming online after a period of high capital spending.
01/02/19
GSCO
01/02/19
UPGRADE
Target $18
GSCO
Neutral
SemGroup upgraded to Neutral from Sell at Goldman Sachs
Goldman Sachs analyst Jerren Holder upgraded SemGroup to Neutral from Sell with a price target of $18.
10/08/18
GSCO
10/08/18
DOWNGRADE
Target $18
GSCO
Sell
SemGroup downgraded to Sell from Neutral at Goldman Sachs
Goldman Sachs analyst Michael Lapides downgraded SemGroup to Sell and lowered his price target for the shares to $18 from $25. The analyst cites valuation for the downgrade saying the shares currently trade at 9.6 times versus peers at 10.5 times. Lapides, however, believes SemGroup should trade at a discount to C-Corp peers given its "below-average" returns and balance sheet position.
09/24/18
WELS
09/24/18
NO CHANGE
Target $45
WELS
Market Perform
Western Gas Partners price target lowered to $45 from $51 at Wells Fargo
Wells Fargo analyst Michael Blum lowered his price target for Western Gas Partners (WES) to $45 from $51, while reiterating a Market Perform rating on the shares. The analyst notes that Colorado will vote on Proposition 112 and if it passes, oil and gas development in the state could be materially impacted. Within his coverage universe, he estimates that Western Gas Partners, Noble Midstream (NBLX), NGL Energy Partners (NGL), Summit Midstream (SMLP), DCP Midstream (DCP) and SemGroup (SEMG) have the highest exposure to Colorado.
KKR KKR
$21.47

0.33 (1.56%)

01/04/19
GSCO
01/04/19
DOWNGRADE
Target $27
GSCO
Buy
KKR downgraded to Buy from Conviction Buy at Goldman Sachs
Goldman Sachs analyst Alexander Blostein removed KKR from his firm's Americas Conviction List but keeps a Buy rating on the name. The analyst thinks the more challenging macro backdrop will likely be a headwind for the company's near-term cash earnings growth and book value growth. He still sees "significant upside" to his $27 12-month price target, but cautions that the "near-term path is less certain."
01/04/19
GSCO
01/04/19
DOWNGRADE
Target $93
GSCO
Neutral
T. Rowe Price downgraded to Neutral from Buy at Goldman Sachs
Goldman Sachs analyst Alexander Blostein downgraded T. Rowe Price (TROW) to Neutral with a $93 price target. The analyst also removed the shares of KKR (KKR) and IntercontinentalExchange (ICE) from his firm's Americas Conviction List, but keeps Buy ratings on both. Blostein continues to view T. Rowe as "one of the strongest active management franchises" in a challenging environment for traditional asset managers, but he believes "risks to the stock are building." Flows are likely to decelerate "meaningfully" as T. Rowe's three-year excess returns in parts on equities and particularly in fixed income are declining and broader retail rotation out of equities remains a risk, the analyst tells investors in a research note.
11/19/18
LEER
11/19/18
NO CHANGE
Target $42
LEER
Market Perform
Acadia selloff appears 'overdone,' says Leerink
Leerink analyst Ana Gupte views Acadia (ACHC) as being oversold after the CNBC newsflow on Friday around the issues ongoing with the sale process to KKR (KKR). The analyst notes that it is unclear to her if the strategic leak to CNBC is coming from the company itself to signal the end of the current sale process, or is a move from the current potential buyers in pursuit of a lower price. Gupte reiterates a Market Perform rating and $42 price target on Acadia shares.
10/26/18
ARGS
10/26/18
UPGRADE
Target $28
ARGS
Buy
KKR upgraded to Buy at Argus on valuation
As reported earlier, Argus analyst Stephen Biggar upgraded KKR to Buy from Hold with a price target of $28. The analyst says the pullback in the company's stock price is unwarranted, with its latest Q3 earnings beating expectations amid "continued healthy growth in fees and performance-related income". Biggar adds that the recent "market turbulence" will offer the company opportunities to deploy its "substantial cash holdings" in assets with future monetizations. The analyst further stated that its valuation premium to other alternative asset managers is "warranted by KKR's greater liquidity following its conversion to corporate status".

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Enterprise Financial

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0.99 (2.45%)

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FB

Facebook

$150.01

1.77 (1.19%)

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ENB

Enbridge

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0.425 (1.19%)

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LIN

Linde plc

$160.76

3.48 (2.21%)

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HENKY

Henkel

$0.00

(0.00%)

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CAG

Conagra Brands

$21.58

0.34 (1.60%)

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UQM

UQM Technologies

$1.10

0.05 (4.76%)

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SNY

Sanofi

$41.50

-0.54 (-1.28%)

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RTN

Raytheon

$165.11

2.285 (1.40%)

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IBCP

Independent Bank

$22.80

-0.11 (-0.48%)

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EDIT

Editas Medicine

$26.16

-0.01 (-0.04%)

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GOOG

Alphabet

$1,098.25

6.96 (0.64%)

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LAD

Lithia Motors

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CytoDyn

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ABT

Abbott

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0.9 (1.28%)

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SFUN

Fang Holdings

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TS

Tenaris

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PAAS

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