Tallgrass Energy Partners Reports Decent 1Q; Unitholder Vote Scheduled for End of June
Tallgrass Energy Partners reported a decent first quarter, and we do not plan to change our $51 fair value estimate or narrow moat rating. The results mainly reflect flattish results at the bulk of Tallgrass’ operations, notably Pony Express, with the improvements over last year mainly driven by the acquisition of a 24.99% stake in REX in early 2017. Tallgrass has put substantial effort and acquisitions into improving Pony Express this year, with a recent $150 million joint venture with Silver C...
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