Tallgrass is focused on expanding its presence around attractive Rockies assets.
Tallgrass continues to report healthy growth, and we like its efforts to tie in more gas to the giant Rockies Express Pipeline. We plan to maintain our $51 fair value estimate and narrow moat rating. Results mainly improved due to the additional 24.99% stake in REX acquired earlier this year, as revenue more than tripled to $184 million and adjusted EBITDA more than doubled to $239 million from last year’s levels. However, a good portion of the contribution was due to the $150 million cash payme...
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