Enbridge's Tallgrass Asset Deal Seen as Logical Extension
Dow Jones
Yesterday
1153 ET - Enbridge $2.55 billion Tallgrass crude asset purchase is a "logical extension of ENB'S Liquids Pipelines franchise," says CIBC's Robert Catellier. The analyst says that the transaction adds "highly contracted infrastructure" that complements Express-Platte while expanding the energy company's Rockies footprint to optimize light and heavy crude flows across its broader network "including shifting light barrels onto Express-Platte/Pony Express [crude oil pipelines] and preserving Mainline capacity for heavier Canadian barrels." CIBC raises its price target on the stock by C$1 to C$79. Shares are up 0.9% to C$67.62.
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