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Fly News Breaks for July 1, 2015
CEQP, CMLP
Jul 1, 2015 | 07:10 EDT
Noting that Crestwood Equity (CEQP) and Crestwood Midstream (CMLP) have dropped 38% and 28% respectively since announcing that they would merge on May 6, Wells Fargo reports that Crestwood Equity disclosed that it was pursing several strategic alternatives. However, the firm does not believe that its statement contained any negative information. Among the possible explanations for the stocks' weakness Wells has heard are hedge funds' disappointment with the transaction, as they were looking for a third party takeover, an increase in the short interest in Crestwood Equity in the wake of the news, and low NGL prices. Nonetheless the firm views the weakness n the stocks as unwarranted. It keeps an Outperform rating on Crestwood Midstream and a Market Perform rating on Crestwood Equity.
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