Regency Energy Partners price target raised to $31 from $27 at Oppenheimer Oppenheimer raised its price target on Regency Energy Partners after the company announced two acquisitions. The firm thinks the deals should help to expand the company's profile in key liquids-rich basins, and provide it with additional organic growth opportunities. It keeps an Outperform rating on the shares.
News For RGP From The Last 14 Days
Check below for free stories on RGP the last two weeks.
Eagle Rock Energy to suspend quarterly distribution Eagle Rock Energy Partners (EROC) announced a suspension of its quarterly distribution in order to preserve liquidity in advance of closing the contribution of its Midstream Business to Regency Energy Partners (RGP). As previously announced, the partnership received a request for additional information and documents on February 27 from the FTC in connection with the deal. This has extended management's original timeframe for closing the transaction and created the need to preserve greater liquidity in the interim to fund growth capital expenditures and other financial obligations. The company will conduct a special meeting of its common unitholders on April 29 to consider and vote on the deal. Management currently expects to recommend resuming the quarterly distribution following the closing of the deal, at which point management expects the company;s total debt balance and liquidity position to be substantially improved.
Regency Energy Partners upgraded to Buy from Neutral at BofA/Merrill BofA/Merrill upgraded Regency Energy Partners due to valuation and said recent acquisitions could be more accretive than expected. Price target is $30.