Targa Resources Partners LPNYSE
Thu, Sep. 22, 5:16 PM
- Targa Resources Partners LP NGLS upsized its senior notes offering to $1B from $800M.
- Senior notes offering of each $500M is priced at par and will be due on February 1, 2025 and February 1, 2027 at the interest rate of 5.125% of 5.375% p.a. respectively.
- The offering is expected to close on October 6, 2016, subject to customary conditions.
- Prior: http://seekingalpha.com/news/3210388-targa-resource-partners-lp-issue-800m-senior-notes
Thu, Sep. 22, 12:54 PM
Thu, Sep. 22, 2:02 AM
- Billionaire investor Leon Cooperman said he will fight the SEC's insider trading charges against him after the agency accused his hedge fund, Omega Advisors, of trading Atlas Pipeline Partners (now part of NGLS) on private information six years ago.
- "I could have settled this for far less money than I give to charity every year," Cooperman said on the conference call, adding "I am not going to let these people destroy my legacy."
Wed, Sep. 21, 11:03 AM
- At issue, according to the SEC, are illicit profits Cooperman/Omega Advisors made by purchasing stock in Atlas Pipeline Partners (now part of NGLS) ahead of the sale of its natural gas processing facility in Elk City, OK.
- Cooperman used his status as one of APL's largest shareholders to gain access to management and obtain confidential information about the sale, claims the SEC.
- Previously: Cooperman receives Wells notice centering on Atlas Pipeline trading (March 21)
Thu, Feb. 25, 7:10 AM
- Targa Resources Partners (NYSE:NGLS): Q4 net loss of -$190.1M
- Revenue of $1.65B (-18.7% Y/Y)
Mon, Feb. 22, 4:47 PM
- NGL Energy Partners (NYSE:NGL) appoints Robert Karlovich as its new CFO after serving as CFO for Targa Pipeline Partners (NYSE:APL) since last February and as senior VP of commercial and business development for Targa Resources Partners (NYSE:NGLS) from November.
- Karlovich had served as CFO and in various other roles at Atlas Pipeline Partners and its subsidiaries from 2006 through its 2015 merger with NGLS.
Tue, Feb. 16, 5:36 PM
Tue, Jan. 19, 11:34 PM
- Targa Resources Partners (NYSE:NGLS) declares $0.825/share quarterly dividend, in line with previous.
- Forward yield 34.13%
- Payable Feb. 9; for shareholders of record Feb. 2; ex-div Jan. 29.
Thu, Jan. 14, 3:44 PM
- Targa Resources (TRGP +6.9%) is upgraded to Buy from Hold with a $26 price target at Jefferies, which sees a more constructive risk/reward profile since the NGLS merger will permit TRGP to reduce its total cash outlay by $175M in dividend savings on current annualized payouts.
- The firm thinks TRGP can sustain its current $3.64/share annualized dividend through 2017 under current commodity strips without the need for equity capital or breaching TRP debt covenants, and the Targa entities have no debt maturities before 2018.
- Jefferies also raises Targa Resources Partners (NGLS +7%) to Buy from Hold on valuation.
Mon, Jan. 4, 3:48 PM
- Enterprise Products Partners (EPD +3%) maintains strong early gains after announcing that it raised its quarterly distribution by 1.3% while planning to recommend a 5.2% increase for FY 2016's annual distribution.
- EPD also said affiliates of Enterprise Products Company and its general partner plan to purchase $200M in EPD common units during Q1 through the partnership's distribution reinvestment plan and/or at-the-market equity issuance program.
- The news is providing support across the MLP sector, which is in the green in an otherwise dismal showing for stocks; the ALPS Alerian MLP ETF (AMLP +0.6%) - which includes EPD, Magellan Midstream (MMP +1.3%), Energy Transfer Partners (ETP +3.7%), Plains All American (PAA +4.9%), Williams Partners (WPZ +2.4%), Buckeye Partners (BPL -0.5%), ONEOK Partners (OKS +0.3%), Enbridge Energy Partners (EEP +3.4%), Sunoco Logistics (SXL +0.6%) and Targa Resources Partners (NGLS -3%) - edges higher for its best level since late November.
Dec. 21, 2015, 10:06 AM
- Targa Resources (TRGP -7.8%) and Targa Resources Partners (NGLS -8.9%) are downgraded (I, II) to Underperform from Outperform at Credit Suisse, citing dividend cut pressures.
- On TRGP, Credit Suisse says it sees distribution coverage below 1x and leverage above 6x and sees "no way out of the woods" without a "substantial" dividend cut; the firm models an 80% dividend cut in 2016 with zero growth until 2020, when leverage finally drops below 3.5x.
- The firm cuts its stock price targets to $36 from $79 on TRGP and to $22 from $49 for NGLS.
Dec. 8, 2015, 11:54 AM
- Noting "irrational pricing" as the selloff accelerates, Baird says now's the time to get quality entry points using a basket approach.
- A check of the ten worst days for MLPs on record finds the stocks have always been higher a year later, says the team. Their picks: PAA, SXL, OKS, NGLS, ENLK, ETP, GPP.
Nov. 16, 2015, 4:56 PM
- Targa Resources (NYSE:TRGP) and Targa Resources Partners (NYSE:NGLS) say President and COO Michael Heim is stepping down, effective immediately.
- Helm will serve as vice chairman of the board and will remain a full-time employee and member of the executive team acting in an advisory role on commercial and operational matters.
Nov. 3, 2015, 3:27 PM
- Targa Resources (TRGP -13.6%) plunges after announcing the acquisition of its Targa Resources Partners (NGLS -2.1%) infrastructure MLP at an 18% premium.
- According to Amey Stone of Barron's, some investors say the parent company stands to lose the valuable incentive distribution payments it garnered from its MLP, whose units have turned lower heading into the close.
- For TRGP, the general partner, "it’s silly to give up the incentive distribution rights,” portfolio manager Jay Hatfield tells Barron’s, “but this is a way for them to fix the problem that NGLS was growth-challenged.”
- TRGP CEO Joe Bob Perkins says that by simplifying its structure, lowering its cost of capital, and increasing its retained cash flow, the company "will be better positioned to continue to invest in high-return growth projects that will drive dividend growth beyond 2016."
- The sale is a taxable event for NGLS unitholders, who must vote to approve the deal.
Nov. 3, 2015, 9:14 AM
Nov. 3, 2015, 7:57 AM
- Targa Resources (NYSE:TRGP) agrees to acquire the common units of Targa Resources Partners (NYSE:NGLS) it does not already own, in a deal that values NGLS at ~$6.67B.
- TRGP, which has an ~8.8% stake in NGLS, is offering at a ratio of 0.62 TRGP common shares per common unit of NGLS; the implied unit price represents an 18% premium to its volume-weighted average price during the 10 previous trading days.
- Following the deal, TRGP expects dividend growth of 15% for 2016 and greater than 10% compound annual dividend growth through 2018.
- Also: Targa Resources Partners misses by $0.08, misses on revenue