UPDATE: Stifel Nicolaus Raises PT to $26 on Inergy Midstream LP on Acquisition
Stifel Nicolaus reiterated its Buy rating on Inergy Midstream LP (NYSE: NRGM) and increased its price target from $24 to $26.
Stifel Nicolaus said, "Inergy Midstream (NRGM) announced it signed a definitive agreement to acquire Rangeland Energy LLC which owns and operates the COLT crude oil rains terminal, storage and pipeline facilities for $425 million. The COLT hub is located near the town of Epping in Williams County in North Dakota. This is NRGM's first foray into the Bakken and Three Forks shale plays which is one of the three leading basins currently in the US and is forecasted to have tremendous growth. We are maintaining our Buy rating and raising our target price to $26.00."
Inergy Midstream LP closed at $23.47 on Monday.
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