Post-Blackstone Investment, Tallgrass Faces Uncertainty
Tallgrass’ fourth-quarter results met our expectations, as did 2019 guidance of $965 million to $1,035 million, compared with our 2019 expectations of $1,041 million. We don’t plan to make a material change to our $28 fair value estimate or narrow moat rating. We continue to remain impressed with management’s ability to creatively solve midstream challenges, as evidenced by its recent series of announcements around the Seahorse and Pony Express pipelines. Tallgrass has been able to leverage its ...
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