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ETRN

Equitrans Midstream

$19.28

0.43 (2.28%)

, EQM

EQT Midstream Partners

$42.84

0.455 (1.07%)

07:19
02/14/19
02/14
07:19
02/14/19
07:19

Equitrans Midstream to eliminate incentive distribution rights

Equitrans Midstream (ETRN), EQM Midstream Partners (EQM) and certain of their affiliates have entered into a definitive agreement to exchange and eliminate the EQM Incentive Distribution Rights and restructure the economic general partner interest in EQM. The agreement exchanges the IDRs for 80 million newly issued EQM common units and 7 million newly issued EQM Class B units, both representing limited partner interests in EQM; and provides ETRN a non-economic general partner interest in EQM. The EQM Class B units are not entitled to receive cash distributions from EQM until they become convertible into EQM common units. At the holder's option, the Class B units will be convertible into EQM common units in three tranches: 2.5 million units convertible on April 1, 2021; 2.5 million units convertible on April 1, 2022; and 2 million units convertible on April 1, 2023. The IDR Elimination Transaction is subject to the satisfaction or waiver of certain customary conditions and is expected to close in February, at which time ETRN will beneficially own approximately 60% of the limited partner interest in EQM. Following the transaction, EQGP Holdings will be a wholly owned subsidiary of EQM. The boards of directors of ETRN and EQM, as well as the EQM Conflicts Committee, have unanimously approved the IDR Elimination Transaction. The IDR Elimination Transaction is expected to be accretive to EQM distributable cash flow per unit beginning in 2021.

ETRN

Equitrans Midstream

$19.28

0.43 (2.28%)

EQM

EQT Midstream Partners

$42.84

0.455 (1.07%)

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ETRN Equitrans Midstream
$19.28

0.43 (2.28%)

12/14/18
FBCO
12/14/18
INITIATION
Target $25
FBCO
Neutral
Equitrans Midstream initiated with a Neutral at Credit Suisse
Credit Suisse analyst Spiro Dounis initiated Equitrans Midstream (ETRN) with a Neutral rating and $25 price target following its spinoff from parent EQT (EQT) last month. The analyst tells investors in a research note that he sees average ~7% DPU growth and prefer the simpler structure, but views current valuation as full for Equitrans on a SOTP basis and for the underlying EQT Midstream (EQM) units.
12/20/18
JEFF
12/20/18
DOWNGRADE
Target $20
JEFF
Hold
EQGP Holdings downgraded to Hold from Buy at Jefferies
Jefferies analyst Christopher Sighinolfi downgraded EQGP Holdings (EQGP) to Hold with an unchanged price target of $20. The analyst's target price is based on Equitrans Midstream's (ETRN) offer to buy EQGP's remaining public shares outstanding.
01/04/19
USCA
01/04/19
DOWNGRADE
USCA
Hold
Equitrans Midstream downgraded to Hold from Overweight at US Capital Advisors
01/28/19
JEFF
01/28/19
DOWNGRADE
JEFF
Hold
DCP Midstream downgraded to Hold from Buy at Jefferies
Jefferies analyst Christopher Sighinolfi downgraded DCP Midstream (DCP) to Hold, from Buy, citing valuation following early year-to-date gains. While he is still bullish on U.S. Midstream, he favors defensive names with contracted 2019-20 cash flow growth supported by pending asset in-services, such as Williams (WMB), Equitrans Midstream (ETRN) and Enterprise Products (EPD), Sighinolfi tells investors.
EQM EQT Midstream Partners
$42.84

0.455 (1.07%)

12/16/18
GSCO
12/16/18
DOWNGRADE
GSCO
Neutral
EQT Midstream downgraded to Neutral from Buy at Goldman Sachs
Goldman Sachs downgraded EQT Midstream to Neutral on less favorable risk/reward post simplification.
12/16/18
GSCO
12/16/18
NO CHANGE
Target $43
GSCO
Goldman upgrades Crestwood to Buy, downgrades EQT Midstream to Neutral
Goldman Sachs analyst Jerren Holder upgraded Crestwood Equity Partners (CEQP) to Buy from Neutral with a $43 price target. The analyst cites improving fundamentals and an attractive valuation for the upgrade. Holder coupled the upgrade with a downgrade of EQT Midstream Partners (EQM) to Neutral from Buy. He lowered his price target for the shares to $49 from $59. EQT Midstream's risk/reward is less attractive at current levels after factoring in the corporate simplification transaction announced on November 30, Holder tells investors in a research note. Further, the analyst admits his Buy call on the shares has been wrong largely due to "unexpected" regulatory delays impacting the Mountain Valley Pipeline project.
01/04/19
USCA
01/04/19
DOWNGRADE
USCA
Hold
EQT Midstream Partners downgraded to Hold from Overweight at US Capital Advisors
02/06/19
JPMS
02/06/19
DOWNGRADE
Target $54
JPMS
Neutral
EQT Midstream Partners downgraded to Neutral from Overweight at JPMorgan
JPMorgan analyst Jeremy Tonet downgraded EQT Midstream Partners (EQM) to Neutral and lowered his price target for the shares to $54 from $55. The analyst believes challenges at the Mountain Valley Pipeline and slowed down production growth by EQT Corporation (EQT) will bring an "extended overhang" on EQT Midstream that "could prevent a positive rerating." Further, he continues to view the need for EQT Midstream's 6%-8% distribution growth at the expense of straining financial flexibility as unclear.

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ETM

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