Targa Resources Corp

Latest Targa Resources Corp News and Updates

  • An investor’s guide to Spectra Energy Corp. and its earnings
    Energy & Utilities

    An investor’s guide to Spectra Energy Corp. and its earnings

    Spectra Energy Corp. (SE), headquartered in Houston, Texas, owns and operates a large and diversified portfolio of natural gas–related assets in North America.

    By Keisha Bandz
  • MLPs: How They Operate in the Midstream Energy Industry
    Company & Industry Overviews

    MLPs: How They Operate in the Midstream Energy Industry

    Most MLPs operate in the midstream energy industry. They’re mainly involved in gathering, processing, storing, and transporting energy commodities.

    By Kurt Gallon
  • uploads///
    Energy & Utilities

    Why some MLPs are benefitting from increased propane exports

    Significantly higher rates of propane exports have helped to boost propane prices—and the margins of some MLP names.

    By Ingrid Pan
  • uploads///Gainers
    Macroeconomic Analysis

    Spectra Energy Partners Rallies Due to a Rise in 3Q15 Distribution

    Spectra Energy Partners declared a distribution per unit of $0.62 in a press release published on October 19. This is a 1.3% rise compared to 2Q15.

    By Kurt Gallon
  • uploads///fractionation spread
    Macroeconomic Analysis

    How a Fall in Fractionation Spread Affected MLPs Last Week

    The Henry Hub-Mont Belvieu fractionation spread fell to $10.1 per barrel for the week ended October 16, 2015.

    By Rekha Khandelwal, CFA
  • uploads///
    Energy & Utilities

    Why debt is now a less attractive financing source for master limited partnerships

    Master limited partnerships rely highly on external capital to fund growth Master limited partnerships or MLPs are specially structured entities that must pay out most of the cash they generate to unitholders. So MLPs rely especially on external funding sources (as opposed to internally generated cash) to execute growth projects and acquisitions. Because of this […]

    By Ingrid Pan
  • Energy & Utilities

    Why investors can expect synergies from the combined assets

    ETP’s interest in Sunoco Logistics (SXL) gives ETE acccess to SXL’s geographically diverse portfolio of complementary pipeline, terminalling, and acquisition and marketing assets.

    By Alex Chamberlin
  • Energy & Utilities

    Why smaller oil and gas firms are foraying into high yield debt

    High yield debt markets saw $6 billion worth of new supply issued across 12 transactions in the week ending October 24.

    By Phalguni Soni
  • Energy & Utilities

    Why Targa Resources’ segment operating margins changed in 1Q14

    In 2013, the company processed an average of 780.1 million cubic feet per day of natural gas and produced an average of 91.9 thousand barrels per day of NGLs.

    By Alex Chamberlin
  • uploads/// Mar Frac
    Energy & Utilities

    Why rising frac spreads are benefitting select MLP names

    Last week, frac spreads traded up slightly, and over the medium term, frac spreads are up significantly. This is a positive catalyst for natural gas processors.

    By Alex Chamberlin
  • uploads///
    Energy & Utilities

    Before you invest in master limited partnerships, read about this risk (Part 1)

    What risk should you know about that could significantly affect MLP valuation? Read on to find out.

    By Ingrid Pan
  • uploads///stocks with yields
    Company & Industry Overviews

    Top Midstream Stocks Offer Yields above 7%

    Let’s take a look at midstream stocks trading at attractive yields. The stocks have a market capitalization of over $5 billion and yields over 7.0%.

    By Rekha Khandelwal, CFA
  • Energy & Utilities

    Why lower crude oil price estimates impact the midstream industry

    A falling inventory indicates that WTI crude oil is moving out of the inland U.S. towards end refining markets with help from new infrastructure coming online.

    By Alex Chamberlin
  • uploads///
    Energy & Utilities

    Must-know: Frac spreads get boost from oil price spike

    Fractionation spreads got a boost last week with rising crude oil prices.

    By Ingrid Pan
  • uploads///analyst recom
    Miscellaneous

    EEP on the Street: What the Analysts Are Saying

    The median target price for EEP as provided by surveyed analysts is $24, which implies a 37% price return in one year from EEP’s current price of $17.48.

    By Rekha Khandelwal, CFA
  • uploads///top performers
    Energy & Utilities

    LNG and EQM: Which Midstream Companies Outperformed Last Week?

    Cheniere Energy (LNG) was among the top midstream gainers last week. The stock rose 2.8% during the week.

    By Rekha Khandelwal, CFA
  • uploads///Demand from Petchem
    Energy & Utilities

    Ethane production: The prospects and possibilities in the market

    Ethane has historically received significantly more advantageous pricing than dry natural gas.

    By Alex Chamberlin
  • uploads///analyst recommendations for kmi
    Earnings Report

    What Are Analysts’ Recommendations for Kinder Morgan?

    Of the analysts surveyed by Reuters, ~66.7% rated Kinder Morgan (KMI) as a “buy” and ~33.3% rated it as a “hold.” None of the analysts rated it as a “sell.”

    By Rekha Khandelwal, CFA
  • uploads///featured image
    Company & Industry Overviews

    ONEOK Stock Continues to Surge, Up 19% Year-to-Date

    ONEOK (OKE) stock has continued to build upon its gains in 2018.

    By Rekha Khandelwal, CFA
  • uploads///Natural Gas GandP
    Energy & Utilities

    Why natural gas gathering and processing are important for MLPs

    Natural gas gathering and processing is a significant part of the operations of many midstream master limited partnerships.

    By Ingrid Pan
  • uploads///
    Energy & Utilities

    Rates inched up, but debt remains cheap for most MLP names providing cash for growth

    Corporate debt rates for MLPs increased slightly over the past two weeks, but from a long-term perspective debt funding still remains extremely cheap.

    By Ingrid Pan
  • uploads///featured image
    Energy & Utilities

    How Crude Oil Prices Could Impact Energy MLPs in 2018

    In this series, we’ll look at some of the key indicators that impact MLP performance in the long term.

    By Rekha Khandelwal, CFA
  • uploads///
    Energy & Utilities

    Higher propane prices help frac spreads and natural gas processors

    Frac spreads traded up slightly last week and have been relatively range-bound over the past several months.

    By Ingrid Pan
  • uploads///AdobeStock_
    Company & Industry Overviews

    Why Frac Spreads Affect Some MLP Stocks

    Companies in the natural gas processing space—many of which are MLPS—keep an eye on the fractionation or “frac” spread. Here’s why.

    By Sybil Prowse
  • uploads///featured image
    Energy & Utilities

    Why Is ONEOK Outperforming Its Peers in 2018?

    ONEOK (OKE) stock is up nearly 4% so far in 2018.

    By Rekha Khandelwal, CFA
  • uploads///attractive basin positions
    Energy & Utilities

    An overview of the Targa Resources and Atlas Pipeline deal

    The combined company will create a midstream enterprise with more than 22,500 miles of crude oil and natural gas pipelines across the U.S. The $7.7 billion deal is expected to close in the first quarter of 2015.

    By Keisha Bandz
  • Energy & Utilities

    An investor’s key guide to the propane distribution industry

    Propane is typically extracted from natural gas or separated during crude oil refining. Residential and commercial customers use propane primarily for heating and cooking purposes.

    By Keisha Bandz
  • uploads///AMLP
    Macroeconomic Analysis

    AMLP Rises Last Week, but Less than OIH and XOP

    AMLP holds midstream MLPs whose earnings are typically linked to their transported volumes of energy products.

    By Keisha Bandz
  • uploads///
    Energy & Utilities

    Why higher natural gas liquids prices help natural gas processors

    Fractionation spreads increased on the back of higher natural gas liquids prices, a positive for natural gas processor master limited partnerships.

    By Ingrid Pan
  • uploads///featured image
    Energy & Utilities

    Kinder Morgan Fell 8.5% Last Week, Hit New 52-Week Low

    With a 2.3% fall on Friday, March 23, Kinder Morgan (KMI) was down 8.5% for the week.

    By Rekha Khandelwal, CFA
  • uploads///featured image
    Earnings Report

    ONEOK Reports Strong Q3 Results, Beats Estimates

    ONEOK reported its third-quarter results on October 30 after the markets closed. The company’s EPS of $0.75 beat the consensus estimates.

    By Rekha Khandelwal, CFA
  • uploads///oil _
    Energy & Utilities

    These Midstream Players Have Created Maximum Wealth for Investors

    In this series, we’ll look at the historical outliers in midstream energy, which have generated massive wealth amid turbulent times.

    By Kurt Gallon
  • uploads///Future Projects
    Energy & Utilities

    Ethane demand: A must-know overview of the current market trends

    While ethane supply grew, the demand for ethane could not keep pace. This caused the ethane prices to drop.

    By Alex Chamberlin
  • Energy & Utilities

    Why natural gas will spearhead growth for CONSOL Energy

    CNX has a joint venture with Noble Energy (NBL) in the Marcellus Shale, which drilled 117 gross wells in 2013.

    By Alex Chamberlin
  • uploads///atls trgp shareholder benefits
    Energy & Utilities

    Part 2 of Targa Resources’ acquisition deal with Atlas

    After spinning off its non-midstream assets, ATLS’ assets will include its general partner and incentive distribution rights in APL, as well as 5.8 million APL units.

    By Keisha Bandz
  • uploads///YMLI
    Energy & Utilities

    Recommendation: Compare YMLI versus the ETF’s benchmark index

    The Yorkville High Income Infrastructure MLP ETF (YMLI) tracks the Solactive High Income Infrastructure MLP.

    By Alex Chamberlin
  • uploads///Regencys Marcellus Segment
    Energy & Utilities

    Regency’s PVR Midstream acquisition means Marcellus Shale exposure

    Regency recently acquired a foothold in the Marcellus by buying PVR Partners LP in March this year in a deal worth $5.6 billion, specifically to boost its footprint in the Appalachian Basin.

    By Keisha Bandz
  • uploads///Comps
    Energy & Utilities

    Why the Energy Transfer and Targa merger talk ended for now

    Leading up to the rumor of the possible acquisition, the share prices of NGLS and TRGP jumped up by 17.7% and 20.4% on June 19, respectively.

    By Alex Chamberlin
  • uploads///Ethnae price since Jan
    Energy & Utilities

    What is ethane and why is it important for energy companies?

    This series will discuss how ethane is important across the energy chain–from upstream and midstream to downstream energy companies.

    By Alex Chamberlin
  • uploads///
    Energy & Utilities

    An investor’s must-know guide to liquefied petroleum gas

    The definition of “liquefied petroleum gas” or “LPG” can vary depending on context, but it’s commonly used to refer to the hydrocarbons propane and butane.

    By Alex Chamberlin
  • uploads///
    Energy & Utilities

    Targa Resources will increase its liquefied petroleum gas exports

    Targa Resources (NGLS), a major MLP player in the midstream market, has been active in increasing infrastructure and facilitating exports.

    By Alex Chamberlin
  • uploads///
    Energy & Utilities

    Cheap ethane affects profits and growth for some upstream MLPs

    Ethane prices dropped because while ethane supply grew, mostly from increased natural gas drilling with a significant natural gas liquids component, demand for ethane could not keep pace.

    By Ingrid Pan
  • uploads///
    Energy & Utilities

    How soaring propane exports affect prices

    Propane exports have increased significantly through 2013, and have spiked recently. Increased propane exports are a positive for domestic propane prices.

    By Ingrid Pan
  • uploads///
    Energy & Utilities

    NGL prices ended roughly flat at $36.20/barrel in a neutral indicator for wet gas producers

    Natural gas liquids prices have remained rangebound, which is a neutral for producers of NGLs.

    By Ingrid Pan
  • uploads///
    Energy & Utilities

    NGL prices ended down slightly at $35.64/barrel, negatively affecting wet gas producers

    The price on a representative mix of natural gas liquids declined slightly last week, resulting in a negative indicator for wet gas producers.

    By Ingrid Pan
  • Energy & Utilities

    An investor’s guide to YMLI and its holdings, like Targa Resources

    The Yorkville High Income Infrastructure MLP ETF (YMLI) launched in February 2013. Major constituents of YMLI include Sunoco Logistics Partners LP (SXL) and Western Gas Equity Partners LP (WGP).

    By Alex Chamberlin
  • uploads///
    Energy & Utilities

    Key points from Enterprise Products Partners’ analyst day meeting

    Enterprise Products Partners (EPD) is one of the largest master limited partnerships operating in the midstream energy space.

    By Alex Chamberlin
  • uploads///
    Energy & Utilities

    Which companies are hurt most when NGL prices take a dip?

    Natural gas liquids took a leg lower, and are down significantly from the beginning of the year.

    By Ingrid Pan
  • uploads///
    Energy & Utilities

    Slightly higher NGL prices benefit wet gas producers such as Linn Energy

    Natural gas liquids prices edged higher last week, in a positive for wet gas producers such as Linn Energy.

    By Ingrid Pan
  • uploads///
    Energy & Utilities

    Spread between MLP yields and corp credit widened 9 bps last week

    The spread between the BofAML BBB Corporate Credit Index and the Alerian MLP Index widened by 9 bps last week.

    By Ingrid Pan
  • uploads///
    Energy & Utilities

    Natural gas liquids prices remained roughly flat on the week

    Natural gas liquids prices traded roughly flattish on the week in a neutral indicator for upstream energy companies.

    By Ingrid Pan
  • uploads///featured image
    Company & Industry Overviews

    Investing in MLPs: Why Yield Isn’t Everything

    As investors, it can be difficult to escape from the lure of high yields. The idea of high and regular income looks attractive.

    By Rekha Khandelwal, CFA
  • uploads///capital exp
    Company & Industry Overviews

    Kinder Morgan Expects Higher Capital Spending in 2019

    Kinder Morgan (KMI) spent $2.3 billion on growth projects in 2018. The company expects to spend $3.1 billion on capital projects in 2019.

    By Rekha Khandelwal, CFA
  • uploads///analyst recom
    Energy & Utilities

    TRGP, CVRR, and HCLP: Key Rating Updates Last Week

    On October 3, Barclays cut its rating for CVR Refining (CVRR) from “equal weight” to “underweight.” Barclays cut its target price.

    By Rekha Khandelwal, CFA
  • uploads///featured image
    Company & Industry Overviews

    TRGP and OKE Have Outperformed the Energy Sector in 2018

    So far, midstream companies Targa Resources (TRGP) and ONEOK (OKE) have outperformed the broader energy sector in 2018.

    By Rekha Khandelwal, CFA
  • uploads///capex
    Company & Industry Overviews

    WES Increased 2018 Capital Guidance, DCP Announced New Projects

    In this article, we’ll look at the 2018 capital spending plans of the four selected peers.

    By Kurt Gallon
  • uploads///featured image
    Company & Industry Overviews

    TRGP Announces Extension of Grand Prix Pipeline and Other Projects

    Targa Resources is down nearly 7% year-to-date.

    By Rekha Khandelwal, CFA
  • uploads///Value chain
    Company & Industry Overviews

    Who’s Protected from FERC’s Revised Income Tax Policy?

    Midstream companies such as Kinder Morgan (KMI), Targa Resource (TRGP), and ONEOK (OKE) are taxed as C-corps, so the revised policy doesn’t apply to them.

    By Kurt Gallon
  • uploads///MPLX distribution
    Company & Industry Overviews

    What Does MPLX LP’s Current Distribution Yield Indicate?

    About 78.9% of analysts rate MPLX LP as a “buy,” and the remaining 21.1% rate it as a “hold.”

    By Kurt Gallon
  • uploads///ETP
    Company & Industry Overviews

    Tortoise Capital Advisors Became Top Institutional Holder in MPLX

    Bank of America Merrill Lynch and Citi Investment Research were the biggest sellers in MLPX LP (MPLX) during the fourth quarter.

    By Kurt Gallon
  • uploads///mont belvieu weekly ethane prices
    Macroeconomic Analysis

    Ethane Prices Fall 3%: Impact on MLPs

    Mont Belvieu ethane prices fell 3% to $0.15 per gallon in the week ending February 5, 2016. Ethane prices had risen 5% to $0.16 per gallon in the previous week.

    By Rekha Khandelwal, CFA
  • uploads///mont belvieu weekly ethane prices
    Macroeconomic Analysis

    Ethane Prices Rose, Benefiting MLPs

    Mont Belvieu ethane prices rose 9% to $0.15 per gallon in the week ended January 1, 2016, from $0.14 per gallon in the previous week.

    By Rekha Khandelwal, CFA
  • uploads///fractionation spread
    Macroeconomic Analysis

    Fractionation Spread Rose after Falling for 3 Weeks in a Row

    The Henry Hub-Mont Belvieu fractionation spread rose to $11.2 per barrel in the week ending November 27. It was $10.3 per barrel in the previous week.

    By Rekha Khandelwal, CFA
  • uploads///year to date returns
    Miscellaneous

    Targa Resources Partners–TRGP Deal: What’s in It for Investors?

    On November 3, 2015, Targa Resources (TRGP) and Targa Resources Partners (NGLS) announced that Targa Resources plans to acquire Targa Resources Partners in an all-stock deal.

    By Rekha Khandelwal, CFA
  • uploads///oks quarterly distributions
    Earnings Report

    Why Have OKS’s Distributions Been Flat for Last Three Quarters?

    On October 21, 2015, ONEOK Partners (OKS) declared a quarterly cash distribution of $0.79 per unit. OKS’s distributions remained flat for the third consecutive quarter.

    By Rekha Khandelwal, CFA
  • uploads///fractionation spread
    Macroeconomic Analysis

    Fractionation Spread Rose Last Week, Impacting Energy MLPs

    The Henry Hub-Mont Belvieu fractionation spread rose to $11.5 per barrel for the week ending October 30, 2015. The spread was $10.5 per barrel in the previous week.

    By Rekha Khandelwal, CFA
  • uploads///ebitda versus consensus estimates
    Earnings Report

    Can Enbridge Energy Partners Match Its 3Q15 Earnings Estimates?

    Analysts expect that Enbridge Energy Partners’ 3Q15 EBITDA will be more than triple the 2Q15 EBITDA and 18% higher than its 3Q14 EBITDA.

    By Rekha Khandelwal, CFA
  • uploads///EBITDA vs consensus estimates
    Earnings Report

    Will ONEOK Partners Match Higher 3Q15 Earnings Estimates?

    Analysts expect ONEOK Partners’ (OKS) 3Q15 EBITDA to be 7% lower than its 3Q14 EBITDA and 15% higher than its 2Q15 EBITDA. ONEOK Partners missed its 2Q15 EBITDA estimates by 2%.

    By Rekha Khandelwal, CFA
  • uploads///forward distribution yield to distribution growth
    Earnings Report

    Will 3Q15 Results Change ONEOK Partners’ Valuation?

    ONEOK Partners’ (OKS) forward distribution yield of 9.6% is 125 basis points higher than its peer average. It’s calculated as estimated distribution per share divided by market price per share.

    By Rekha Khandelwal, CFA
  • uploads///OKSs ebitda by segment
    Earnings Report

    Natural Gas Liquids Segment May Drive OKS’s 3Q15 EBITDA Growth

    The acquired West Texas LPG (liquid petroleum gas) pipeline system in the Permian Basin should continue to contribute to OKS’s Natural Gas Liquids segment’s transportation volumes in 3Q15.

    By Rekha Khandelwal, CFA
  • uploads///adjusted revenues vs consensus estimates
    Earnings Report

    Will ONEOK Partners Miss 3Q15 Consensus Revenue Estimates Again?

    The consensus revenue estimate for ONEOK Partners (OKS) for the third quarter of 2015 is $2.6 billion. OKS missed revenue estimates by 23% in the second quarter of 2015.

    By Rekha Khandelwal, CFA
  • uploads///OKS total returns compared to peers
    Earnings Report

    ONEOK Partners: 2015 Returns Exceed MLP Average

    In this series, we’ll take a look at ONEOK Partners’ revenue and EBITDA estimates for 3Q15 before its anticipated earnings release on November 3, 2015.

    By Rekha Khandelwal, CFA
  • uploads///Dividend per share
    Earnings Report

    Kinder Morgan Lowered Its 2016 Dividend Guidance

    Kinder Morgan is expected to meet its 2015 dividend guidance of $2 per share. This would represent a 15% year-over-year growth over 2014 by the end of 2015.

    By Kurt Gallon
  • uploads///EBITDA Breakdown
    Earnings Report

    Which Segments Drove Kinder Morgan’s 3Q15 Performance?

    Kinder Morgan’s 3Q15 performance may have suffered due to poor performance from its CO2, Natural Gas Pipelines, and Kinder Morgan Canada segments.

    By Kurt Gallon
  • uploads///Crude oil and natural gas forecast
    Earnings Report

    How Will KMI’s Commodity Price Exposure Affect 3Q15 Performance?

    Kinder Morgan (KMI) operates like a toll road or a fee-based business with limited commodity price exposure.

    By Kurt Gallon
  • uploads///EBDA Breakdown
    Earnings Report

    Which Segment Will Drive Kinder Morgan’s 3Q15 Performance?

    Natural Gas Pipelines is Kinder Morgan’s largest business segment in terms of EBDA. In 2Q15, the segment alone accounted for 54% of the company’s total EBDA.

    By Kurt Gallon
  • uploads///broker recommendations midcoast energy
    Company & Industry Overviews

    More than Half of Analysts Surveyed Rate Midcoast Energy a ‘Hold’

    Of the analysts surveyed by Bloomberg, 22% rate Midcoast Energy Partners (MEP) a “buy,” and 56% rate it a “hold.” About 22% rate it a “sell.” Its consensus target price is $13.40.

    By Rekha Khandelwal, CFA
  • uploads///fractionation spread
    Macroeconomic Analysis

    How Last Week’s Rise in the Fractionation Spread Affects MLPs

    The Henry Hub–Mont Belvieu fractionation spread rose to $7.54 per barrel for the week ending August 21, 2015.

    By Rekha Khandelwal, CFA
  • uploads///Weekly AMLP yr treasury yield spread
    Macroeconomic Analysis

    10-Year Treasury and MLP Yields Diverged Last Week

    The Alerian MLP ETF (AMLP) traded at a yield of 8.3% at the end of the week ending August 21. The yield rose during the week from 8.00% at the end of the previous week.

    By Rekha Khandelwal, CFA
  • uploads///ebitda vs consensus estimates
    Earnings Report

    ONEOK Partners in 2Q15: Volumes Benefit Operating Performance

    ONEOK Partners forms 4.5% of the Global X MLP ETF (MLPA). The firm has missed EBITDA estimates for all of the last ten quarters.

    By Rekha Khandelwal, CFA
  • uploads///Dividend Guidance
    Earnings Report

    Kinder Morgan’s Outlook for the Rest of 2015

    According to Wall Street analysts’ consensus outlook, Kinder Morgan’s (KMI) dividend is expected to grow by ~15.3% year-over-year by the end of 2015.

    By Kurt Gallon
  • uploads///EBDA Breakdown
    Earnings Report

    Which Segments Drove Kinder Morgan’s 2Q15 Performance?

    Kinder Morgan’s total EBDA decreased to $1.721 billion in 2Q15 from $1.762 billion in 2Q14—the result of poor performance in various segments.

    By Kurt Gallon
  • uploads///fractionation spread
    Macroeconomic Analysis

    The Natural Gas–NGL Price Spread’s Impact on Energy MLPs Last Week

    The Henry Hub–Mont Belvieu fractionation spread dropped to $8.40 per barrel for the week ended July 24, 2015.

    By Rekha Khandelwal, CFA
  • uploads///natural gas liquids spot prices
    Macroeconomic Analysis

    Why the Natural Gas-NGL Price Spread Impacts Energy MLPs

    Natural gas processing MLPs typically benefit when the price of NGLs is high relative to natural gas.

    By Rekha Khandelwal, CFA
  • uploads///oil production
    Macroeconomic Analysis

    Must-Know: The 7 Regions for Oil and Gas Production in the US

    The EIA (Energy Information Administration) monitors seven key tight oil and gas regions in the US.

    By Rekha Khandelwal, CFA
  • uploads///How is cash flow calculated
    Company & Industry Overviews

    The Importance of the Distribution Coverage Ratio

    The distribution coverage ratio is the most important ratio for MLPs, as it highlights the cash available to the LP unit holders divided by the cash distributed to LP unit holders.

    By Victor Cheng
  • uploads///Midstream Service Contract Types
    Company & Industry Overviews

    How Different Contracts Affect Master Limited Partnerships

    There are various types of contracts in energy MLPs that each have their own advantages and disadvantages.

    By Victor Cheng
  • uploads///Fee Based
    Company & Industry Overviews

    Energy Transfer Partners’ Fee-Based Model Drives Performance

    Considering the rock solid performance of ETP during the slump in energy prices, it is clear that ETP has more fee-based contracts.

    By Kurt Gallon
  • uploads///P MidCo
    Macroeconomic Analysis

    Midstream Movers: Targa Resources and MarkWest Energy

    Midstream movers last week included top gainer Targa Resources Partners (NGLS), with a ~7.4% increase, and top loser, MarkWest Energy Partners (MWE).

    By Manas Chowgule, CFA
  • uploads///IDRs
    Company & Industry Overviews

    IDRs: How Do They Impact MLPs?

    IDRs entitle the GP to receive a higher percentage of incremental cash distributions after certain target distribution levels have been achieved for the LP unitholders.

    By Kurt Gallon
  • uploads///MLP vs
    Company & Industry Overviews

    Analyzing the Differences: MLPs versus C Corporations

    MLPs’ tax structure is the major difference that separates them from C Corps. MLPs’ earnings aren’t taxed at the partnership level. The taxes are passed to the unitholders.

    By Kurt Gallon
  • uploads///Comps
    Company & Industry Overviews

    How Does DCP Midstream’s Valuation Compare to Its Peers?

    DCP Midstream’s valuation when compared to its peers shows DCP Midstream’s projected EV-EBITDA multiple of 10.4 is at par with its peers’ average.

    By Alex Chamberlin
  • Valuing MLPs: Price-to-Distributable Cash Flow Ratio
    Company & Industry Overviews

    Valuing MLPs: Price-to-Distributable Cash Flow Ratio

    MLPs’ valuations are different from other stocks. To value MLPs, the widely used PE ratio isn’t as useful as the PDCF ratio.

    By Kurt Gallon
  • uploads///Terminals and Storage asset overview
    Company & Industry Overviews

    An Overview of Sunoco’s Terminals Facilities

    Sunoco’s terminals facilities business operates crude oil, refined products, and natural gas liquids (or NGL) terminals.

    By Alex Chamberlin
  • uploads///Acquisition and marketing volume and Gross Profit
    Company & Industry Overviews

    Crude Oil Acquisition and Marketing Is SXL’s Largest Segment

    The crude oil acquisition and marketing business is important for Sunoco Logistics. The company’s assets in the business include 335 transport trucks and 135 truck unloading facilities.

    By Alex Chamberlin
  • uploads///FMC
    Fund Managers

    Iridian sells its holdings in FMC Corp.

    FMC obtained global rights for a new herbicide from research companies based in Japan. The herbicide is reportedly effective in controlling broadleaf weeds.

    By Stuart McKenzie
  • uploads///MU_Product Mix
    Fund Managers

    Iridian initiates new position in Micron Technology

    Micron plans to invest ~$4 billion to expand the company’s Singapore fabrication plant. This expansion will add a significant amount of clean room space

    By Stuart McKenzie
  • uploads///Asset Overview
    Company & Industry Overviews

    Must-know business overview: Targa Resources Partners

    Targa Resources Partners LP (NGLS) is a master limited partnership operating in the midstream energy space. Targa Resources Corp. (TRGP) is the general partner of NGLS.

    By Alex Chamberlin
  • Energy & Utilities

    Why exports will impact Enterprise Products Partners’ future

    U.S. crude oil export has been banned since the 1970s. However, U.S. companies can export refined fuel like gasoline and diesel. Loosening the ban will allow EPD to export its refined products more in future.

    By Alex Chamberlin
  • Energy & Utilities

    Targa Resources’ Badlands assets help it diversify into crude oil

    The acquisition marked NGLS’s foray into the crude oil pipeline business and strongly complements Targa’s logistics and terminalling assets for refined products.

    By Alex Chamberlin
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