NGLS
Targa Resources Partners LPNYSE
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  • 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, 3:27 PM | 35 Comments
  • 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
    | Nov. 3, 2015, 7:57 AM | 9 Comments
  • Jul. 13, 2015, 6:57 PM
    • U.S. midstream MLPs rallied today following the news that MarkWest Energy (NYSE:MWE) was acquired by MPLX (NYSE:MPLX), as the deal is seen as a validation of the long-term demand potential for U.S. natural gas liquids infrastructure despite current depressed prices.
    • Among today's gainers in the group: GEL +3.7%, DPM +3.3%, OKS +2.6%, NGLS +2.5%.
    • SunTrust's Tristan Richardson believes the deal is particularly bullish for Enterprise Products Partners (NYSE:EPD), since speaks to the long term potential for the NGL market and the buildout of NGL infrastructure to new sources of market demand, where EPD is a leader with significant organic growth opportunities.
    • MPLX fell 14.5% today, as investors worry that adding a nat gas company to MPLX, which had been growing rapidly, could hurt growth and add more volatility to earnings; however, many analysts believe the deal is a safe bet for MPLX because the company is diversifying its sources of income to help it survive the ups and downs of the commodity cycles.
    | Jul. 13, 2015, 6:57 PM | 15 Comments
  • Jun. 22, 2015, 3:30 PM
    • Williams Cos. (WMB +23.8%) must either show its ability to stand on its own merit or accept a better takeout offer, analysts say after the company rejected a $48B buyout bid from Energy Transfer Equity (ETE -3.8%).
    • Analysts suggest that given the limited number of potential buyers, ETE stands a good chance of eventual success, perhaps after raising its offer; Raymond James analyst Darren Horowitz, for one, expects a higher offer to come in, since pipelines remain a coveted, high-value infrastructure that is attractive to own even though oil and gas prices have plunged.
    • Jefferies' Christopher Sighinolfi says disclosing the bid was a "defensive move" by WMB, and says he is waiting to learn of WMB's timetable for completing its strategic review.
    • Argus says WMB management has demonstrated its ability to create shareholder value through both acquisitions and divestitures; the firm believes that the rejection of ETE's all-stock offer is prudent, and that ETE will need to raise its offer if it wishes to pursue the deal (Briefing.com).
    • While WMB surges, Williams Partners (WPZ -6.9%) is sharply lower, since ETE's offer was contingent on the termination of WMB's pending absorption of WPZ.
    • Analysts say other companies that run big pipelines may be merger candidates, including Oneok (OKE, OKS) and regional specialists such as Targa Resources (TRGP, NGLS).
    | Jun. 22, 2015, 3:30 PM | 20 Comments
  • Oct. 13, 2014, 7:58 AM
    • Targa Resources Partners (NYSE:NGLS) and Targa Resources (NYSE:TRGP) agree to acquire Atlas Pipeline Partners (NYSE:APL) and Atlas Energy (NYSE:ATLS) for $5.8B, including $1.8B of debt.
    • Prior to Targa's acquisition of ATLS, ATLS will spin off its non-midstream assets; after giving effect to the spinoff, ATLS assets will solely comprise its general partner and incentive distribution rights interests in APL and 5.8M APL common units.
    • The combination creates one of the largest diversified MLPs on an enterprise value basis, bringing Atlas' positions in the Woodford/SCOOP, Mississippi Lime and Eagle Ford and additional Permian assets to Targa's existing Permian, Bakken, Barnett and Louisiana Gulf coast operations.
    • ATLS +14.1%, APL +12.8% premarket.
    | Oct. 13, 2014, 7:58 AM | 3 Comments
  • Jun. 20, 2014, 7:20 AM
    | Jun. 20, 2014, 7:20 AM | 8 Comments
  • Nov. 15, 2012, 8:31 AM

    Targa Resources Partners (NGLS) agrees to purchase Williston Basin crude oil pipeline and natural gas processing businesses in North Dakota from Saddle Butte Pipeline for $950M. To fund the deal, NGLS plans a public offering of 9.5M common units representing limited partner interests. NGLS -3.9% premarket.

    | Nov. 15, 2012, 8:31 AM