On Monday, Shares of Williams Partners L.P. (NYSE:WPZ), gained 0.22% to $58.70.
In a report published Thursday, RBC Capital Markets analysts downgraded the rating on Williams Partners, from Outperform to Sector Perform, while raising the price target from $59 to $61.
Williams Companies, Inc. has declared its intention to acquire 247 million of William Partners’ outstanding public units for close to $14 billion. According to the analysts, this price puts the combined entity “on par with other mega-cap midstreamers.”
According to the RBC Capital Markets report, “WPZ unitholders take nice upfront value now in our view and, with WMB shares, have the ability to take part in growth.”
On May 15, Williams (WMB), declared that it has placed into service its Rockaway Delivery Lateral and Northeast Connector projects, increasing natural gas delivery capacity to Brooklyn and Queens and assisting New York City meet its clean-air aims.
Headquartered in Tulsa, Okla., Williams owns about 60 percent of Williams Partners L.P. (WPZ), counting all of the 2 percent general-partner interest.
Williams Partners L.P., an energy infrastructure company, focuses on connecting North America’s hydrocarbon resource plays to growing markets for natural gas and natural gas liquids (NGL).
Shares of Precision Drilling Corporation (NYSE:PDS), showed no change to $7.01, during its last trading session.
Precision Drilling, held its annual meeting of shareholders in Calgary on May 13, 2015. A total of 231,551,481 shares (about 79.08% of the outstanding common shares) were represented in person or by proxy. During the meeting, shareholders approved the following:
- The appointment of 9 board members (8 of whom are independent), with shares represented at the meeting voting in favor of individual directors.
- The appointment of KPMG LLP as Precision’s auditors.
- Administration’s approach to executive compensation (“Say-on-Pay”) revealed in Precision’s administration information circular, with 98.52% of shares represented at the meeting voting in favour of the advisory resolution.
Precision Drilling Corporation provides oil and natural gas drilling and related services and products. The company operates through two segments, Contract Drilling Services; and Completion and Production Services. The Contract Drilling Services segment offers onshore well drilling services to exploration and production companies in the oil and natural gas industry.
At the end of Monday’s trade, Shares of American Capital, Ltd. (NASDAQ:ACAS), gained 0.62% to $14.55.
American Capital, declared it has invested $21.5 million in Electronic Warfare Associates, Inc. a leading provider of electronic warfare, cyber security and advanced commercial test tool systems and solutions to the United States and allied-nation government agencies and commercial customers. The investment was led by American Capital Special Situations and takes the form of senior secured term loans. The investment will be used to refinance EWA’s existing indebtedness and provide capital for general corporate purposes.
American Capital, Ltd. is a private equity and venture capital firm specializing in administration and employee buyouts, subordinated debt, leveraged finance, mezzanine, acquisition, recapitalization, middle market, early venture, mature, industry consolidation, and growth capital investments.
Finally, Norfolk Southern Corporation (NYSE:NSC), ended its last trade with 0.42% gain, and closed at $97.97.
Alan H. Shaw has been named executive vice president and chief marketing officer by the board of directors of Norfolk Southern Corporation, Chairman and CEO Wick Moorman said recently.
The appointment is effective May 16, 2015, with an office in Norfolk, and Shaw will report to NS President James A. Squires. He succeeds Donald W. Seale, who stepped down after 39 years in administration positions in NS’ marketing division.
Reporting to Shaw will be NS’ merchandise, intermodal, and coal marketing organizations; the teams that manage shipping options such as short line connections and the transload network; real estate services; and the corporation’s industrial development services for companies that want to locate and expand rail-served businesses.
Norfolk Southern Corporation, together with its auxiliaries, engages in the rail transportation of raw materials, intermediate products, and finished goods. As of December 31, 2014, it operated about 20,000 miles of road in 22 states and the District of Columbia. The company also operates planned passenger trains; transports overseas freight through various Atlantic and Gulf Coast ports; and provides logistics services.
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