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NGL

NGL Energy Partners

$13.90

0.1 (0.72%)

06:40
05/14/19
05/14
06:40
05/14/19
06:40

NGL Energy Partners water solutions business to combine with Mesquite for $890M

NGL Energy Partners announced it has executed a definitive agreement to combine all of the assets of Mesquite Disposals Unlimited with NGL's water solutions business for approximately $890M on a cash-free, debt-free basis. Mesquite SWD will remain the operator of the Mesquite assets led by Mesquite's current management team. The assets consist of a fully interconnected produced water pipeline transportation and disposal system in Eddy and Lea Counties, New Mexico, and Loving County, Texas. At closing the Mesquite system will have 35 salt water disposal wells in total, representing over 1M barrels per day of disposal capacity expected by year-end 2019. The majority of volumes on Mesquite's system are contracted under long-term acreage dedications and minimum volume commitments. Additionally, approximately 95% of the current system volumes are delivered via pipeline. NGL expects the funding for this acquisition to be leverage-neutral and significantly accretive to distributable cash flow per unit in FY20 and beyond. NGL will issue $100M of its 9.625% Class C Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units to owners of Mesquite, who also have an option to receive 6M common units at a price of $16.00 per unit at closing. Funding of the balance of the consideration is expected to be leverage-neutral to the partnership and not include the issuance of any additional common equity. The transaction remains subject to satisfaction of specified closing conditions, including expiration or termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976. NGL expects this transaction to close in July.

  • 14

    May

NGL NGL Energy Partners
$13.90

0.1 (0.72%)

10/10/18
FBCO
10/10/18
INITIATION
Target $15
FBCO
Outperform
NGL Energy Partners initiated with an Outperform at Credit Suisse
Credit Suisse analyst Spiro Dounis initiated NGL Energy Partners with an Outperform rating and a price target of $15.
12/03/18
GUGG
12/03/18
INITIATION
Target $16
GUGG
Buy
NGL Energy Partners initiated with a Buy at Guggenheim
Guggenheim analyst Michael LaMotte started NGL Energy Partners with a Buy rating and $16 price target.
02/20/19
FBCO
02/20/19
DOWNGRADE
FBCO
Neutral
NGL Energy Partners downgraded to Neutral from Outperform at Credit Suisse
Credit Suisse analyst Spiro Dounis downgraded NGL Energy Partners to Neutral from Outperform on valuation. The analyst also raised his price target on the shares to $15 from $14.
02/20/19
02/20/19
DOWNGRADE
Target $15

Neutral
NGL Energy Partners downgraded to Neutral after recent rally at Credit Suisse
As previously reported, Credit Suisse analyst Spiro Dounis downgraded NGL Energy Partners to Neutral from Outperform as he believes the shares appear fully valued following recent rally. Operationally, his thesis for NGL Energy Partners remains largely in-tact as the company has successfully adopted a self-funding model and he continues to expect strong growth in the water business. With that said, following NGL Energy Partners' recent stock performance, Dounis no longer sees the relative discount to peers that drove his prior Outperform rating. The analyst also raised his price target on the stock to $15 from $14.

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