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Tags: NuStar | Shares | Dividend | Peril

NuStar Shares Fall as Analyst Says Dividend in Peril

Monday, 04 March 2013 04:28 PM EST

Shares of NuStar Energy LP, the pipeline operator that sold its refining business this year, fell the most in more than three months after an analyst said a canceled pipeline purchase put the company at risk of cutting its dividend.

The shares fell 6.9 percent to close at $47 in New York.

NuStar may have to cut the distribution it pays to unit holders afters its plan to buy a petroleum-liquids pipeline was canceled, Credit Suisse Group AG analyst Brett Reilly said in a note to clients Monday. Credit Suisse downgraded the shares to the equivalent of sell from hold.

NuStar, based in San Antonio, in November to buy TexStar Midstream Services LP for $425 million. The company received a letter from TexStar on Feb. 18 purporting to cancel the deal, according to a March 1 filing.

“We are evaluating all of our legal options,” NuStar said in the filing. TexStar doesn’t have the right to end the deal, NuStar said in the filing. NuStar closed on the $325 million sale Dec. 14.

Mary Rose Brown, a spokeswoman for NuStar, didn’t immediately respond to a request for comments.

© Copyright 2024 Bloomberg News. All rights reserved.


InvestingAnalysis
Shares of NuStar Energy LP, the pipeline operator that sold its refining business this year, fell the most in more than three months after an analyst said a canceled pipeline purchase put the company at risk of cutting its dividend.
NuStar,Shares,Dividend,Peril
188
2013-28-04
Monday, 04 March 2013 04:28 PM
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