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Stock Market & Financial Investment News

News Breaks
December 17, 2012
10:55 EDTLG, ETP, ETEMoody's changes Laclede Gas's rating outlook to Negative
Moody's Investors Service changed the Laclede Gas Company and its parent Laclede Group's rating outlook to negative from stable. These rating actions follow the announcement that LG will acquire Missouri Gas Energy and New England Gas, two gas distribution assets from Energy Transfer (ETE, ETP), for $1.015B in cash plus the assumption of $20M of debt. Subject to customary approvals, including those of the Missouri Public Service Commission and the Massachusetts Department of Public Utilities, LG expects to close the transaction by September 30, 2013. Moody's expects to resolve the negative outlook late in 2013, when the requisite approvals appear certain and LG's permanent financing plan is set.
News For LG;ETE;ETP From The Last 14 Days
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April 17, 2014
17:28 EDTETPEnergy Transfer Partners files to sell 12M common units for holders
17:27 EDTETPEnergy Transfer Partners files $1B mixed securities shelf
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April 9, 2014
13:38 EDTETE, ETPHouse panel backs bill to expedite gas exports, The Hill says
A House subcommittee today approved a bill that would seek to expedite natural gas exports to U.S. allies, according to The Hill. Companies that are looking to export natural gas from the U.S. include Cheniere Energy (LNG), Sempra (SRE), Dominion (D), BG Group (BRGYY), and Southern Union, which is jointly owned by Energy Transfer Equity (ETE) and Energy Transfer Partners (ETP). Reference Link
April 8, 2014
10:03 EDTLGOn The Fly: Analyst Upgrade Summary
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07:03 EDTLGLaclede upgraded to Buy from Hold at Stifel
Stifel upgraded Laclede to Buy from Hold citing the acquisition of Alabama Gas for $1.34B. The firm views the transaction as accretive to shareholders in FY15 and adds geographic and regulatory diversity. Price target is $50.
06:41 EDTETE, ETPU.S. can do little to get gas to Europe in short-term, NY Times says
Although U.S. politicians are talking about exporting gas to Europe to reduce the continent's dependency on Russia, America can export little gas to Europe in the short-term, according to The New York Times. Moreover, a facility being built by Cheniere Energy (LNG) is the only plant that has received all of the regulatory approvals necessary to export natural gas, and in 2017 it will only be able to handle one-sixth of the total amount of gas exported by Russia to Europe, the newspaper added. Companies that are looking to export natural gas from the U.S. other than Cheniere include Sempra (SRE), Dominion (D), BG Group (BRGYY), and Southern Union, which is jointly owned by Energy Transfer Equity (ETE) and Energy Transfer Partners (ETP). Gazprom (OGZPY) is Russia's largest natural gas exporter. Reference Link
April 7, 2014
07:58 EDTLGLaclede to hold a conference call
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07:30 EDTLGEnergen to host a conference call
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07:03 EDTLGLaclede to purchase Alabama Gas Corporation for $1.6B
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07:03 EDTLGEnergen to sell natural gas utility to Laclede Group for $1.6B
Energen Corporation (EGN) announced that it has signed a definitive stock purchase agreement to sell its natural gas utility business, Alabama Gas Corporation, to The Laclede Group (LG). The value of the transaction is $1.6B, subject to customary closing adjustments, and is comprised of $1.28B in cash and approximately $320M of debt. Energenís after-tax proceeds are estimated to be $1.1B, after consideration of accelerated intangible drilling costs. Energen plans to use cash proceeds from the transaction to immediately reduce short-term indebtedness, thereby enhancing its financial capacity to potentially accelerate the pace of drilling and development of its Permian Basin assets in 2015 and beyond.

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