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In a report published Thursday, Credit Suisse analyst John Edwards initiated coverage of
Columbia Pipeline Group IncCPGX with an Outperform rating and $35 price target. The company is the result of a spinoff of
NiSource, Inc.NI and a general partner of
Columbia Pipeline Partners LPCPPL.
The company's shares are slated to begin trading on July 2, 2015, following NiSource issuing one share of Columbia Pipeline Group's common stock for each NiSource share owned by the latter company's existing shareholders.
According to the Credit Suisse report, "CPGX's initial assets include ~84 percent ownership of OpCo, the holding company that houses Columbia Pipeline Group's assets, 46.5 percent ownership of CPPL LP units which earn quarterly distributions and 100 percent of GP interests in CPPL, including IDRs."
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