Wunderlich Securities Comments on Spectra Energy Acquisition (SEP, EQT)

Wunderlich Securities commented on Spectra Energy Partners' SEP announced acquisition of EQT Corporation EQT. In a research report published today, Wunderlich states, "Spectra Energy Partners announced it entered into a definitive agreement with EQT Corporation (EQT-NR) to acquire all of the ownership interests of Big Sandy Pipeline, LLC for approximately $390 million in cash. The transaction should close during the third quarter. Based on the announced deal metrics, Spectra paid an 11.1x EBITDA multiple." Wunderlich currently has a Hold rating and price target of $37 on Spectra Energy. In yesterday's trading, Spectra Energy lost 1.41% to end the day at $33.52, while EQT lost 3.41% to close the day at $50.10.