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News Breaks
March 28, 2014
05:58 EDTTEPTallgrass Energy upgraded to Buy from Neutral at Citigroup
Citigroup upgraded Tallgrass Energy to Buy on expectations the Rockies Express Pipeline will be reversed due to growing volumes of natural gas production. Citi raised its price target for shares to $38.50 from $22.50.
News For TEP From The Last 14 Days
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September 9, 2014
08:01 EDTTEPTallgrass Energy price target raised to $54 from $45 at RW Baird
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07:19 EDTTEPTallgrass Energy price target raised to $50 from $42.50 at Stifel
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September 8, 2014
08:34 EDTTEPTallgrass Energy closes on Tallgrass Pony Express Pipeline acquisition
Tallgrass Energy Partners (TEP) announced that it has closed on the acquisition of a 33.3% interest in Tallgrass Pony Express Pipeline from a wholly-owned subsidiary of Tallgrass Development for total consideration valued at $600M. The company said, "We expect this acquisition to be immediately accretive to our unitholders, and as a result, anticipate recommending that our Board of Directors increase the next two quarterly distributions to result in an aggregate distribution increase of at least 40c on an annualized basis." The purchase price for Pony Express was comprised of $597M in cash and the issuance of 70,340 common units of TEP to Tallgrass Development, which equates to $3M based on the Partnership’s September 4 closing price. The terms of the transaction provide TEP a minimum quarterly distribution preference payment of $16.65M through the quarter ending September 30, 2015 with distributions of available cash generally shared pro rata thereafter. The terms of the transaction do not require TEP to contribute any additional capital to complete the remaining initial build out of the Pony Express crude oil pipeline project; additional capital would be contributed by Tallgrass Development, without dilution to the Partnership’s 33.3% membership interest.

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