Citi Downgrades SemGroup Energy Partners LP (SGLP) from Buy to Hold
More News related to SGLP
- Duke R. Ligon and Dave Miller Appointed to Board of SGLP's General Partner
- Roy Jacobs & Associates Announces September 19, 2008 Deadline for Purchasers of SemGroup Energy Partners, L.P. Units -- SGLP
- Federman & Sherwood Reminds Investors of Imminent Deadline in Securities Class Action Lawsuit Against SemGroup Energy Partners, L.P. -- SGLP
- Federman & Sherwood Reminds Investors of Imminent Deadline in Securities Class Action Lawsuit Against SemGroup Energy Partners, L.P. -- SGLP
- Law Offices of Howard G. Smith Announces Update to the Shareholder Lawsuit Against SemGroup Energy Partners, L.P.
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Citi downgrades SemGroup Energy Partners LP (Nasdaq: SGLP) from Buy to Hold. Price target lowered from $32 to $14.
Citi analyst says, "After the close SGLP issued a press release confirming that its general partner was experiencing liquidity issues and is exploring various alternatives including a potential reorganization under Chapter 11 of the Bankruptcy Code...While a significant liquidity event such as this does not directly translate to SGLP, the general partner makes up for ~80% of SGLP's cash flows as a result of throughput and terminal agreements it has with the partnership. Because SGLP derives a substantial majority of its cash flows from the general partner, a significant liquidity event at the general partner increases SGLP's counterparty risk."
SemGroup Energy Partners, L.P. (SemGroup Energy Partners) owns, operates and develops a portfolio of midstream energy assets.
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