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Tallgrass Energy Partners Has 50% Upside After Pony Express Acquisition
- Tallgrass Energy inks deal for $600 million drop-down that will increase DCF by 30%.
- Pony Express pipeline will be a major player to move Bakken crude to Cushing, OK.
- Distribution growth will adjust yields in line with peer group, offering up to 50% total return in 2015.
Tallgrass Energy Partners: A Dropdown Driven Story
Thu, Oct. 30, 4:26 PM| Comment!
Wed, Oct. 15, 3:18 PM
- MLPs have been crushed this week, and today Citi warns that the rapid drop in oil prices has created a "negative feedback loop on spending” and that a 15% drop in oil-directed drilling activity would result in a 50% drop in oil production growth.
- It Brent oil prices stabilize at $85-$90, Citi thinks the MLPs exposed mostly to oil and natural gas liquids would rebound modestly as a new equilibrium is developed between producers and midstream companies on spending; if crude continues to slide, Citi says MLPs exposed to natural gas would outperform.
- Miller Howard, a money manager specializing in income-producing stocks, is blaming newbie investors who don't fully understand MLPs and are "in it for the yield."
- Most MLP contracts are very long term, meaning that a temporary change in the oil price has no effect on those sources of revenue, Howard says, adding that "there is far from enough infrastructure to serve the domestic energy industry, even if it slows a bit."
- Some big MLPs have turned higher even as most stocks plunge: KMI +1.8%, KMP +1.5%, EPD +4.8%, PAA +3.7%, ETP +4%, ETE +8.6%, RGP +7.2%, CQP +6.6%, TEP +5.2%, PSXP +4.1%, MMP +7.1%, PAGP +4.9%, EEP +2.1%.
- ETFs: AMLP, AMJ, MLPL, MLPI, MLPA, MLPN, EMLP, MLPX, MLPS, AMU, ENFR, ATMP, MLPW, AMZA, IMLP, OSMS
Tue, Oct. 14, 12:33 PM
- MLPs have been brutalized lately, with the benchmark Alerian MLP Index (AMJ +0.5%) plunging 13% in the past week and down another 3% earlier today, but at least some in the group have been trying to bounce back in the past hour or so.
- J.P. Morgan strategists are sticking with their bullish central thesis on MLPs, saying prolific production from unconventional energy plays will keep demand high for new energy infrastructure; the firm believes most core acreage in leading shale plays continues to be economic at current commodity prices, which should drive strong long-term growth prospects for MLPs.
- JPM favors MLPs owning high-quality, diversified assets with strong management teams and proven track records, naming Kinder Morgan (KMI -1.5%), Enterprise Products Partners (EPD +2.5%) and Plains All American Pipeline (PAA -1%).
- ETP +3.7% and OKS +2.5%, LINE +1.4%, but EROC -5.3%, CQP -4.5%, BBEP -2.5%, MMP -2.5%, TEP -2.1%, PSXP -2%, WPZ -1.1%, ACMP -0.5%.
- ETFs: AMLP, AMJ, MLPL, MLPI, MLPA, MLPN, EMLP, MLPX, MLPS, AMU, ENFR, ATMP, MLPW, IMLP, AMZA, OSMS
Thu, Sep. 25, 5:57 PM
- Tallgrass Energy's (NYSE:TEP) Pony Express unit says it is pursuing a potential expansion of its crude oil pipeline system to transport growing production in areas including the Denver-Julesburg Basin and the Niobrara and Codell formations.
- The proposed expansion, which is expected to be operational in H2 2016, involves the construction of new pipeline facilities to increase the current capacity of the Pony Express crude oil pipeline system by up to 400K bbl/day.
Thu, Aug. 7, 11:45 AM
- Tallgrass Energy Partners (TEP +2.2%) is higher after Q2 earnings and revenue beat expectations, and the MLP says it expects its Pony Express crude pipeline to start up next month.
- CEO David Dehaemers says construction is "substantially finished" at Pony Express, a 690-mile, 230K-320K bbl/day pipeline that runs from Wyoming to the U.S. crude futures hub in Cushing, Okla.
- The CEO says "every indication" is that Pony Express volumes will be light crudes rather than Canadian heavy.
- Robert W. Baird upgrades TEP to Outperform from Neutral and raises its price target to $45 from $42; after selling off 10% since the follow-on offering two weeks ago and a weak quarter on plant downtime issues, the firm believes units provide an attractive entry point (Briefing.com).
Wed, Aug. 6, 5:36 PM| Comment!
Tue, Jul. 22, 9:14 AM
Mon, Jul. 21, 4:34 PM
- Tallgrass Energy Partners (NYSE:TEP) -3.7% AH after announcing the potential $600M acquisition from a subsidiary of Tallgrass Development of a one-third interest in Tallgrass Pony Express Pipeline, which owns an oil pipeline being developed by Tallgrass Development that is expected to be placed in service during Q3.
- TEP says terms of the offer provide certain cash flow preference rights that will afford it with first dollar preference on specified cash distributions from Pony Express through Sept. 30, 2015.
- To fund the deal, TEP says it plans a public offering of 7M common units, with a 30-day option for the underwriters to purchase up to an additional 1.05M units.
Tue, May. 13, 1:15 PM
- Tallgrass Energy Partners (TEP +0.8%) files a $1B shelf registration statement with the SEC.
- The company says the funds could be used for a variety of corporate purposes including paying or refinancing debt, funding working capital, or funneling toward capital expenditures or acquisitions.
- SEC Form S-3
Fri, Mar. 28, 5:32 PM
- Citi analysts suggest five core holdings among MLPs and upgrade two other names to Buy, expecting growing U.S. hydrocarbon production that requires more infrastructure and improving prices for natural gas liquids.
- Citi forecasts a 10% total return by the entire MLP sector during the next 12 months.
- The firm's core recommendations: Williams Energy Partners (WPZ), Cheniere Energy Partners (CQP), Enterprise Product Partners (EPD), Northern Tier Energy Partners (NTI), Boardwalk Pipeline Partners (BWP).
- Upgrades to Buy from Neutral: Tallgrass Energy Partners (TEP), El Paso Pipeline Partners (EPB).
- Upgrades to Neutral from Sell: Niska Gas Storage (NKA), TC Pipelines (TCP).
- Downgrades to Neutral from Buy: Genesis Energy (GEL), Rose Rock Midstream (RRMS).
- ETFs: AMLP, AMJ, MLPL, YMLP, MLPI, MLPA, ENY, MLPN, MLPG, EMLP, MLPS, MLPX, MLPY, MLPJ, AMU, YMLI, ATMP, ZMLP, MLPW, IMLP, ENFR, MLPC
Wed, Mar. 5, 11:59 AM
- Robert W. Baird refreshes its outlook for master limited partnerships with six downgrades: five high-growth partnerships that now look fairly valued - NGL Energy Partners (NGL -1.8%), New Source Energy (NSLP -4%), Plains GP Holdings (PAGP -0.3%), Summit Midstream Partners (SMLP -0.6%) and Tallgrass Energy Partners (TEP -2.7%) - and are cut to Neutral from Outperform, and a reduction for Whiting USA Trust II (WHZ -0.7%) to Underperform from Neutral on elevated commodity risk.
- The firm recommends recycling capital into its top investment ideas: ONEOK Partners (OKS -1.2%), Plains All American Pipeline (PAA +0.9%), Rose Rock Midstream (RRMS +0.2%) and Crosstex Energy LP (XTEX -1.5%)
- Despite downgrading multiple high-quality MLPs, Baird says its long-term bullish view on the sector remains unchanged (Briefing.com).
Wed, Feb. 26, 5:25 PM| Comment!
Aug. 7, 2013, 7:17 PM
Jun. 27, 2013, 2:43 PMGiven that distribution-capture season is coming, where MLPs typically enjoy the bulk of their returns, Credit Suisse expects an upside bounce; for the July capture season, MLPs have delivered an average of 3.66% in total return the last seven years. The firm's top-quality names: [[MMP]], KMI, TEP, [[(GEL]], [[(LNG]], [[(CQP]], MWE, SXL, TRGP, XTEX, XTXI. | 1 Comment
Jun. 27, 2013, 12:49 PMAs the controversy intensifies over whether or not the U.S. approves the Keystone XL pipeline, it seems that the oil will continue to flow across North America. At least 37 other pipeline projects are now planned or underway in the U.S. | 49 Comments
Jun. 10, 2013, 1:58 PMTallgrass Energy Partners (TEP +0.8%) hovers in the green after Deutsche initiated coverage - along with a host of other firms - on the shares with a Hold rating and a $24 price target. Deutsche says TEP is essentially a mid-continent and Rockies region natural gas, NGLs and oil pipeline MLP, and is well positioned to capture the infrastructure growth in these regions. | Comment!
TEP vs. ETF Alternatives
Tallgrass Energy Partners LP, through its TIGT System, provides natural gas transportation and storage services for customers in the Rocky Mountain and Midwest regions. It also provides processing services in Wyoming through its Midstream Facilities.
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