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Stock Market & Financial Investment News

News Breaks
February 15, 2013
06:52 EDTETP, ENBEnbridge, Energy Transfer join to provide crude oil pipeline access to Gulf
Enbridge (ENB) and Energy Transfer (ETP) announced that they have entered into an agreement on the terms for the joint development of a project to provide crude oil pipeline access to the eastern Gulf Coast refinery market from the Patoka, Illinois hub. The project will involve the conversion from natural gas service to crude oil service of certain segments of pipeline that are currently in operation as part of the natural gas system of Trunkline Gas Company, a subsidiary of Energy Transfer Partners. This agreement is subject to approval by the Federal Energy Regulatory Commission of Trunkline's July 2012 request to abandon certain designated segments of pipeline from natural gas transmission service. The converted 30-inch diameter crude oil pipeline is expected to be in service by 2015. It will have capacity of up to 420,000 to 660,000 barrels per day depending on crude slate and the level of subscriptions received in an open season to be conducted in the near future. Enbridge and Energy Transfer would each own 50% of the joint venture entity. Enbridge's participation in the venture is subject to a minimum level of commitments being obtained in the open season, and on completion of due diligence.
News For ENB;ETP From The Last 14 Days
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July 1, 2015
08:36 EDTENBEnbridge purchases equity position in Fairwood LNG
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June 19, 2015
10:00 EDTETPOn The Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: Aerie Pharmaceuticals (AERI) upgraded to Buy from Hold at Canaccord... Amedisys (AMED) upgraded to Buy from Hold at Jefferies... Consolidated Edison (ED) upgraded to Hold from Sell at Evercore ISI... Delta Air Lines (DAL) upgraded to Outperform from Peer Perform at Wolfe Research... Deutsche Bank (DB) upgraded to Neutral from Underperform at Exane BNP Paribas... EP Energy (EPE) upgraded on better than expected well economics at SunTrust... Encana (ECA) upgraded to Outperform from Market Perform at BMO Capital... Energy Transfer Partners (ETP) upgraded to Buy at BofA/Merrill... Erickson (EAC) upgraded to Outperform from In-Line at Imperial Capital... Fiserv (FISV) upgraded on growth opportunities, margin outlook at Oppenheimer... IPC Healthcare (IPCM) upgraded to Buy from Hold at Jefferies... Mack-Cali Realty (CLI) upgraded on valuation at Stifel... Micron (MU) upgraded to Buy on sustainable margins and capex at Topeka... NuStar Energy (NS) upgraded to Buy from Neutral at BofA/Merrill... NuStar GP Holdings (NSH) upgraded to Buy from Neutral at BofA/Merrill... Ramco-Gershenson (RPT) upgraded to Outperform from Neutral at Baird... Retail Opportunity (ROIC) upgraded to Outperform from Market Perform at Raymond James... Royal Dutch Shell (RDS.A) upgraded to Outperform from Sector Perform at RBC Capital... Smith & Wesson (SWHC) upgraded to Outperform from Sector Perform at RBC Capital... Sovran Self Storage (SSS) upgraded to Buy from Hold at Cantor... Springleaf (LEAF) upgraded to Outperform from Neutral at Macquarie.
08:37 EDTETPEnergy Transfer Partners upgraded to Buy at BofA/Merrill
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07:35 EDTENBEnbridge agrees to transfer Canadian Mainline to Enbridge Income Fund for $30.4B
Enbridge has reached agreement with Enbridge Income Fund to transfer its Canadian Liquids Pipelines Business, held by Enbridge Pipelines, or EPI, and Enbridge Pipelines Athabasca, or EPA, and certain Canadian renewable energy assets to the Fund for consideration payable at closing valued at $30.4B. The Transaction is subject to customary regulatory approvals and closing conditions, as well as a vote of the public shareholders of Enbridge Income Fund Holdings, which is expected to occur in August. The Transaction is a key component of Enbridge's Financial Strategy Optimization introduced in December of last year which included an increase in the company's targeted dividend payout. It advances the company's sponsored vehicle strategy and supports Enbridge's previously announced 33 percent dividend increase in 2015 and expected annual average dividend per share, or DPS, growth of 14%-16% from 2016 through to 2018. It also positions Enbridge to extend its industry leading DPS growth beyond 2018. The Transaction is expected to provide Enbridge with an alternate source of funding for its enterprise wide growth initiatives and enhance its competitiveness for new organic growth opportunities and asset acquisitions. In conjunction with the execution of the Transaction, Enbridge will commence employing supplemental cash flow metrics as part of its normal course quarterly reporting of financial performance and in its guidance. Among other measures, management also expects to utilize available cash flow from operations, or ACFFO, as defined under Non-GAAP Measures below, to assess the performance of its base business and expected growth program as well as its dividend outlook. ACFFO is currently expected to grow at a compound average annual rate of approximately 18% from 2014-2018, inclusive of the impacts of the Transaction. Going forward, the company will express its dividend payout range as a percentage of ACFFO rather than adjusted earnings. The target dividend payout policy range will be 40%-50% of ACFFO, which is approximately equivalent to the previous payout range of 75%-85% of adjusted earnings. The Transaction will significantly increase the Fund's scale and scope and create a transparent source of long-term growth driven by the $15B low risk, commercially secured growth program embedded within the transferred business, $2B of which is already in service. ENF's dividend is expected to be increased by approximately 10% on closing and by an expected further 10% at the beginning of 2016 and each year thereafter through 2019.
07:31 EDTENBEnbridge agrees to transfer Canadian Mainline to Enbridge Income Fund for $30.4B
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06:37 EDTETPEnergy Transfer Partners upgraded to Buy from Neutral at BofA/Merrill

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