A Closer Look At Targa Resources Partners' 2Q14 Distributable Cash Flow
- Impressive increases in operating margins and Adjusted EBITDA in the last 3 consecutive quarters.
- Midpoint Adjusted EBITDA guidance for 2014 raised; $950 million, up from $860 million.
- Actual distribution increase in 2014 likely to exceed the 9% forecast.
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.
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.
Jun. 20, 2014, 9:14 AM
Jun. 20, 2014, 7:20 AM
- Targa Resources (TRGP) confirmed high-level preliminary discussions on a sale to Energy Transfer Partners (ETP), but says the talks ended without any deal. There are no assurances talks could resume.
- TRGP -13.7%, NGLS -9.1%, RGP +1%, ETE +0.5% premarket.
- Source: Press Release
- Previously: Bloomberg: Energy Transfer near deal to buy Targa Resources
Jun. 19, 2014, 4:15 PM
- Targa Resources (TRGP) shares spiked 20.4% just before the close on a report that Energy Transfer Partners (ETP) is near a deal for the company.
- TRGP and Targa Resources Partners (NGLS), which surged 17.7%, could be valued at a combined total of more than $15B in the deal, sources tell Bloomberg; Regency Energy Partners (RGP), another pipeline company controlled by ETP, also could be involved in the deal.
Jun. 16, 2014, 8:58 AM
- Williams Cos. (WMB) +12.3% premarket after agreeing to buy Access Midstream Partners (ACMP) for $6B and is upgraded to Buy from Neutral at Jefferies with a $65 price target.
- Jefferies notes WMB's yield/dividend growth is now consistent with pure-play general partner peers; says Plains GP (PAGP), Targa Resources (TRGP) and ONEOK (OKE) trade with an average ~3.5% dividend yield, which would equate to a $71 price for WMB.
- Credit Suisse raises its WMB target price to $65 from $50, and believes a significant re-rating should ensue.
Oct. 18, 2012, 12:56 PMTarga Resources (TRGP -1.9%) expects FY 2012 adjusted EBITDA at or slightly below low-end guidance of $515M, including the impact from Hurricane Isaac and lower average liquefied natural gas prices, which are ~25% lower than the company assumed when it issued guidance at this time last year. | Comment!
TRGP vs. ETF Alternatives
Targa Resources Corp., through its partnership firm, is engaged in the business of gathering, compressing, processing and selling natural gas & storing, fractionating, transporting and selling natural gas liquids, and NGL products.
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