Tallgrass Reports Good 3Q; Pony Express and REX Continue to Shine
Tallgrass reported good third-quarter earnings, and we plan to maintain our $28 fair value estimate and narrow moat rating. The firm's major pipelines, REX and Pony Express, continue to operate nearly full, with REX averaging volumes in excess of 4.1 bcf/d during the quarter and Pony Express actually being prorated (shippers will only be able to transport a certain percentage of their barrels) with estimated volumes topping 360,000 bpd during October, and nominations (shipper requests for pipeli...
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