Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.
What: Shares of midstream petroleum services provider Semgroup
So what: The company just announced that it is handing off much of its SemStream liquid natural gas assets to natural-gas specialist NGL Energy Partners
Now what: The move bolsters Semgroup's balance sheet while streamlining the business model. The company should turn around and invest the newfound cash cache in small-scale acquisitions and infrastructure investments soon enough. Semgroup's shares recently fell as far as 47% from 52-week highs set in the spring, making this move a part of a larger turnaround bounce.
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