March 22, 2018 / 12:32 PM / 5 months ago

BUZZ-Wells Fargo lowers PT of pipeline operators on regulator's tax ruling

    ** Wells Fargo cuts PTs on U.S. Federal Energy Regulatory
Commission's revised pipeline tax rules
    ** Brokerage says FERC's ruling to cause near-term
headwinds, but broad-based selling an over-reaction
    ** Lowers 2019 EBITDA estimates by about 8 pct on cos which
are likely to be impacted by the ruling due to pipelines with
higher cost of service
    ** Brokerage says FERC ruling to likely not impact projects
in development but could impair future pipeline work  
    ** Downgrades TransCanada to 'market perform' from
'outperform' on impact of ruling and co's growing financing
needs
    ** Shares down premarket: Kinder Morgan ~1 pct in
marginal trades, Energy Transfer Partners 0.7 pct
    
 Wells Fargo cuts PTs 
                                            New       Old
 Kinder Morgan                              $20       $21
 Energy Transfer Partners                   $23       $24
 Williams Companies                         $40       $41
 Enbridge Energy Partners                   $13       $16
 Boardwalk Pipeline Partners                $14       $15
 TC Pipelines                               $42       $59
 EQT Midstream                              $79       $80
 Dominion Energy Midstream                  $16       $32
 Tallgrass Energy Partners                  $44       $45
 Spectra Energy Partners                    $36       $46
 Energy Transfer Equity                     $22       $23
 

 (Reporting by Anirban Paul)
  
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