Wed, May 13, 3:49 PM
- Energy MLPs are trading with mixed results, which is not in line with an analyst's expectation that several names in the space may be outperformers today after Williams Cos. (WMB +6.2%) agreed to buy Williams Partners (WPZ +22.7%).
- In an earlier note to investors, Credit Suisse named Plains GP Holdings (PAGP +1%), Targa Resources (TRGP +1.1%), NuStar GP Holdings (NSH -0.1%) and Western Gas Equity (WGP -0.7%) as MLPs that could climb on the news.
- Meanwhile, Wells Fargo says the deal is positive, since it reduces the WMB's cost of capital, will immediately increase its profits, and enhances its dividend growth outlook.
- Among major energy MLPs: EPD -1.5%, ETP +0.9%, PAA +0.2%, EEP -0.2%, MWE +2.2%, MMP -0.3%.
Thu, May 7, 2:22 AM
Tue, May 5, 3:39 PM
- Targa Resources Partners (NGLS, TRGP) is working closely with Noble Group as the commodity trader evaluates whether to go ahead with a deal to support a Targa-built condensate splitter, a new terminal or both in Texas, Targa CEO Joe Bob Perkins said in today's earnings conference call.
- Noble agreed a year ago to support a new $115M, 35K bbl/day splitter at Targa's Channelview terminal on the Houston Ship Channel, but Noble has since come under scrutiny for its accounting methods; earlier this year, Targa and Noble renegotiated their deal to allow for the splitter, new storage at its other ship channel terminal, or both.
- In today's call, Perkins said the projects remained under consideration and Targa expected Noble to decide on one or both later this year.
- Earlier: Targa Resources Partners misses by $0.05, misses on revenue
Tue, Apr. 21, 10:32 PM
Wed, Mar. 11, 4:57 PM
- Targa Resources (NYSE:TRGP) -3.1% AH after announcing a public offering of 3.25M common shares, with an underwriters option to purchase up to an additional 487.5K shares.
- TRGP plans to use the proceeds to repay a portion of the outstanding borrowings under its credit facility, to make a $53M capital contribution to Targa Resources Partners (NYSE:NGLS) to maintain its 2% general partnership interest and for general corporate purposes.
Fri, Feb. 13, 7:04 AM
Mon, Feb. 2, 5:35 PM
Wed, Jan. 21, 6:20 PM
- The energy analyst team at Credit Suisse today cut price targets on 10 top MLPs even while upgrading Energy Transfer Partners, expecting the group to remain broadly under pressure in the near term until crude oil prices find a floor and despite positive valuation indicators based on yield spreads.
- Credit Suisse expects crude to bottom some time later in Q1, most likely in March as refineries are in full turnaround season, undercutting crude oil demand; the debate is how long crude takes to rebound off the lows.
- The firm applied price target cuts for BBEP, DPM, ENLC, [ETP, [EVEP]], MWE, MEP, NGLS, TRGP and RGP.
Wed, Jan. 21, 5:32 PM
Nov. 28, 2014, 7:48 AM
- The oil market will need to balance via slower U.S. shale growth and OPEC cuts at some later date (their next meeting is on June 5), says Goldman's Brian Singer, maintaining his team's WTI oil price outlook of $70-$75 per barrel for next year.
- Among the energy sub-sectors, refiners and pipelines continue as favorites, and five of Goldman's eleven energy and utilities stocks on the Americas Conviction Buy list are from midstream/refining: KMI, MWE, PAGP, TRGP, TSO (all are lower premarket on oil's tumble).
- Not buyers of oil services and E&P names, Goldman nevertheless does have favorites in these areas: CRR, BAS, RIG.
Nov. 4, 2014, 7:00 AM
Oct. 23, 2014, 7:30 PM| Comment!
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.
Aug. 12, 2014, 12:23 PM
- "There are a lot of growth opportunities" following Richard Kinder's suggestion that he'll be looking to acquire rival pipeline operators, says Global Hunter analyst Sunil Sibal, who considers MarkWest Energy (NYSE:MWE) and Targa Resources (NYSE:TRGP) as prime buyout candidates.
- MWE processes and transports natural gas from U.S. shale basins including the Marcellus and Utica, while TRGP has a footprint in the Permian and Bakken, as well as one of the Gulf coast’s two commercial export terminals for natural gas liquids - "assets which are very desirable in the current production growth environment,” Sibal says.
- So far todfay: KMI -1.9%, KMP -2.4%, KMR -1.7%, EPB -1.9%.
Jul. 16, 2014, 7:58 AM
Jun. 20, 2014, 9:14 AM
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