Targa Resources Corp
Wall Street Analyst Ratings: TRGP’s ‘Buys’ and OKE ‘Holds’
Targa Resources (TRGP) has the most “buy” among the four peers we’re analyzing in this series.
Targa Resources’ Valuation Could Indicate a Buying Opportunity
Targa Resources (TRGP) stock has tripled in the last year, outperforming its peers in the sector. Let’s take a look at the stock’s current valuation.
TRGP, CQP, and NBLX: Top Midstream Gains and Losses
Targa Resources (TRGP) was the top midstream underperformer last week. Targa Resources fell 8.0% for the week.
Will ONEOK Continue to Outperform Its Peers?
ONEOK is trading 4% above its 50-day moving average and 8% above its 200-day moving average.
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.
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.
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.
Why ONEOK Might Continue to Outperform the Sector
ONEOK (OKE) has seen a strong rally from its 2016 lows resulting in strong returns over the past seven years.
Reading the Top Institutional Holders in MPLX
Among the top institutional holders, 9.33 million positions were added in 3Q17, which indicates a bullish sentiment toward MPLX.
Have Wall Street Analysts Changed Ratings on Kinder Morgan?
Of the analysts surveyed by Reuters, 45% rate Kinder Morgan (KMI) as a “hold,” while 55% rate the stock as a “buy.”
Wall Street Analysts See a 30% Upside for Kinder Morgan
On April 17, 2018, Barclays cut its target price for Kinder Morgan (KMI) from $23 to $20.
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%.
Targa Resources: A must-know company overview
In this series, we’ll give a brief overview of Targa’s operations as well as discuss the company’s recent performance and outlook.
TRGP, KMI, and DCP to Jointly Develop Gulf Coast Pipeline
On October 4, Targa Resources (TRGP) announced a letter of intent with a Kinder Morgan (KMI) subsidiary and DCP Midstream (DCP) for the joint development of the Gulf Coast Express Pipeline project.
WES, DCP, OKE, and TRGP: Comparing Q1 Operating Performances
OKE’s strong earnings growth in the first quarter was mainly due to strong throughput volume growth across its Natural Gas Gathering & Processing and Natural Gas Liquids segments.
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.
LNG, TRGP, SEMG: Last Week’s MLP and Midstream Gains and Losses
Cheniere Energy (LNG) rose 3.6% last week on news of a possible deal to supply liquefied natural gas to China Petroleum & Chemical or Sinopec.
Kinder Morgan Moves Ahead with the Gulf Coast Express Pipeline
Kinder Morgan rose 0.7% last week. The stock rose 1.7% on Thursday—the day that the FID on the Gulf Coast Express Pipeline project was announced.
Targa Resources’ Gathering & Processing Segment’s Earnings Rise
Targa Resources reported its 4Q16 results on February 15, 2016. Targa’s distributable cash flow rose to $246.2 million in 4Q16, compared to $216.1 million in 4Q15.
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.
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.”
ONEOK Stock Continues to Surge, Up 19% Year-to-Date
ONEOK (OKE) stock has continued to build upon its gains in 2018.
Targa Resources: Analysts’ Recommendations and Target Price
Among the analysts surveyed by Reuters, 48% rate Targa Resources stock as a “buy,” while 52% rate it as a “hold.”
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.
Are Analysts Bullish on Targa Resources?
On November 19, U.S. Capital Advisors raised its rating for Targa Resources (TRGP) to “overweight” from “hold.”
Why Is ONEOK Outperforming Its Peers in 2018?
ONEOK (OKE) stock is up nearly 4% so far in 2018.
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.
ONEOK Has Risen 6% since It Acquired ONEOK Partners
ONEOK is trading at dividend yield of ~5.3%—higher compared to ~2.6% for Kinder Morgan (KMI) and ~4.9% for Magellan Midstream Partners (MMP).
Targa Resources Is Expected to Report Higher 4Q16 Earnings
Targa Resources will report its 4Q16 earnings on February 15. Analysts expect its EBITDA for 4Q16 to be $294 million—an increase of 25% compared to 3Q16.
What Do Wall Street Analysts Recommend for Kinder Morgan?
Of the analysts surveyed by Reuters, 58% rated Kinder Morgan (KMI) as a “buy,” while 42% rated the stock a “hold.”
Understanding MPLX’s 5th Position in the Top 7 MLPs
MPLX’s “buy” rating percentage has risen from 68% at the end of 2016 to 94% as of September 28, 2017.
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.
What Will Drive Targa Resources’ 4Q16 Earnings Growth?
Targa Resources’ (TRGP) operations are divided into two operating segments—Gathering and Processing and Logistics and Marketing.
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.
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.
Why ETP Might Not See Rating Updates despite Strong 4Q Earnings
75.0% of analysts surveyed by Reuters rate Energy Transfer Partners (ETP) a “buy” as of February 21, 2018, and the remaining 25.0% rate it a “hold.”
Barclays Upgraded Targa Resources
Last week, Barclays upgraded Targa Resources (TRGP), a midstream MLP involved in natural gas gathering and processing, NGLs fractionation, and liquids terminalling & storage.
How Does Targa Resources’ Valuation Compare with Peers?
Targa Resources (TRGP) is trading at an EV-to-EBITDA (enterprise value to earnings before interest, tax, depreciation, and amortization) multiple of nearly 15x.
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.
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.
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.
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.
Targa Resources increased its 2014 capex and EBITDA guidance
A brief overview of Targa Resources and the company’s 4Q13 earnings.
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.
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.
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.
KMI, TRGP, OKE, and WMB: Top Midstream Gains in 2019
Midstream C corporations have posted impressive gains in 2019. The top stocks in the sector have outperformed the broader market.
How Are Kinder Morgan’s Capital Projects Progressing?
Kinder Morgan expects its 2018 budgeted distributable cash flow to be impacted due to the delayed Elba Liquefaction project.
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.
TRGP and OKE: Analyzing Institutional Investors’ Activity
PointState Capital added 4.2 million Targa Resources shares to its position in Q2 2018—the largest position change in the stock during the quarter.
Comparing ONEOK and Targa Resources’ Earnings Growth
ONEOK (OKE) reported adjusted EBITDA growth of 30% YoY in the second quarter. The company’s EBITDA growth in the last four quarters averaged 20%.
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.
MPLX LP Places Third in Terms of Analyst Ratings
In terms of analysts ratings, MPLX LP (MPLX), a diversified midstream MLP owned by Marathon Petroleum (MPC), places third among the seven midstream companies we’re looking at.
OKE Saw Most Buying by Institutional Investors among Peers
Capital Research Global Investors added a major position in ONEOK (OKE) during the first quarter.
WES, DCP, OKE, TRGP: What Current Valuations Indicate
OKE has the highest forward EV-to-EBITDA multiple of 14.7x among the selected peers.
Why OKE Has the Lowest Distribution Yield among Peers
ONEOK has the lowest distribution yield of 4.8% among selected peers, which could be attributed to the partnership’s strong distribution growth guidance supported by its strong earnings growth potential and impressive distribution coverage.
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.
DCP, TRGP, WES, and OKE: How Do Throughput Volumes Stack Up?
The Permian region, which is currently the most prolific basin in the US, continues to experience strong drilling activity.
What Did Institutional Investors Do with Their Positions in EPD?
The number of institutional holders in Enterprise Products Partners fell to 1,063 by the end of the first quarter.
Why OKE Has the Lowest Distribution Yield among Its Peers
MLPs’ distribution yield has risen recently due to the massive correction, and the peers we’re analyzing in this series are no different.
WES, OKE, DCP, TRGP: Comparing Leverage Positions
All four of the peers we’re analyzing in this series—DCP Midstream (DCP), Western Gas Partners (WES), OKEOK (OKE), and Targa Resource Corporation (TRGP)—have leverage ratios within or below the industry standard.
DCP, TRGP, WES, and OKE’s Strong Presence in the Permian
The Permian region, which is currently the United States’ most prolific basin, continues to experience strong drilling activity.
ONEOK Saw the Highest Earnings Growth Guidance among Peers
In the previous part of this series, we looked at the recent operating performance for the four peers we’re analyzing: DCP Midstream (DCP), ONEOK (OKE), Targa Resources (TRGP), and Western Gas Partners (WES).
WES, DCP, OKE, and TRGP: Comparing 4Q17 Operating Performance
ONEOK (OKE) posted the highest YoY EBITDA growth in the fourth quarter among the four peers we’re analyzing in this series.
Are Wall Street Analysts Bullish on Targa Resources?
On March 23, 2018, Morgan Stanley cut its target price for Targa Resources (TRGP) from $53 to $51.
TRGP Announces Extension of Grand Prix Pipeline and Other Projects
Targa Resources is down nearly 7% year-to-date.
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.
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.”
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.
BMO Capital Markets Unloaded Major Position in EPD
The Alerian MLP Index (AMZ), which consists of 50 energy MLPs, lost 2.8% during the fourth quarter despite strong crude oil prices.
What’s ETE’s and ETP’s Price Forecast after 4Q17 Earnings?
Energy Transfer Equity (ETE) and Energy Transfer Partners (ETP) have been very volatile since the start of this year.
Wall Street Analysts Expect 13% Upside for Targa Resources
Of the analysts surveyed by Reuters, 62% rate Targa Resources (TRGP) as a “buy,” while 38% rate the stock as a “hold.”
Targa Resources Has the Highest Correlation with Crude Oil
Targa Resources (TRGP) has the highest correlation with crude oil among all of the midstream companies.
KMI Expects 2% Fall in 2017 Distributable Cash Flow
Kinder Morgan (KMI) expects a DCF (distributable cash flow) of “less than 1 percent below budget” for 2017 due to the IPO (initial public offering) of its Canadian assets and impacts from Hurricane Harvey.
How DCP Midstream Plans to Reduce Its Commodity Price Exposure
DCP Midstream DCP Midstream (DCP) has the second-highest correlation with crude oil, after EnLink Midstream (ENLC). The one-year correlation between DCP and crude oil was 0.51 on October 6, 2017. DCP Midstream’s high correlation with crude oil reflects its high direct commodity price exposure, mainly through its natural gas processing and NGL (natural gas liquid) business. The […]
Targa Resources’ Joint Venture with Blackstone Energy Partners
On October 4, Targa Resources (TRGP) announced an agreement to sell a 25% joint venture interest in its Grand Prix NGL (natural gas liquids) pipeline to funds managed by Blackstone Energy Partners.
Targa Resources’ Structure and Operations
Targa’s Logistics and Marketing segment includes all the activities necessary to convert mixed NGLs into NGL products.
Targa Resources Raises 2017 Capital Expenditure Guidance By 37%
2017 capital expenditure Targa Resources (TRGP) revised its 2017 capital expenditure guidance upwards, by 37% to $960 million. Targa’s plans for new projects include two processing plants—one in the Midland Basin and another in the Delaware Basin. Moreover, Targa plans to double its investment in the Williston Basin to $150 million, to expand crude gathering […]
NuStar to Acquire Navigator Energy and Enter the Permian Basin
On Wednesday, April 12, 2017, NuStar Energy (NS) announced that it will acquire Permian-focused Navigator Energy Services for ~$1.5 billion.
What Drove ONEOK’s Gas Gathering and Processing Earnings in 4Q16?
ONEOK’s Natural Gas Gathering and Processing segment’s 4Q16 EBITDA rose 30.0% year-over-year.
A Look at Which Segment Could Drive ONEOK’s 4Q16 Earnings Growth
ONEOK’s Natural Gas Liquids business earned 60% of its EBITDA (earnings before interest, tax, depreciation, and amortization) for 3Q16.
Targa Resources Stock Tripled in a Year: Will It Continue?
Targa Resources has positive momentum. Its stock tripled in the past year. Targa Resources gained more than its peers over the last 12 months.
Key Permian Basin Deals in 2016 and 2017
On January 17, 2017, ExxonMobil (XOM) announced that it will be acquiring Bass family companies for a staggering $6.6 billion.
Why Targa Resources Was Upgraded by Raymond James
Raymond James has upgraded Targa Resources (TRGP) from “market perform” to “outperform,” which is equivalent to a “buy.”
What Are Targa Resources’ Key Capital Projects?
Targa Resources (TRGP) plans to drive growth by investment in new projects and limit the impact of changes in commodity prices.
Must-Know: Targa Resources’ LPG Exports
Targa Resources (TRGP) has LPG (liquefied petroleum gas) export facilities on the Gulf Coast at its Galena Park Marine Terminal.
Is Targa Resources Stock Set to Generate High Returns in 2017?
Of the analysts surveyed by Reuters, 60% recommend a “hold” for Targa Resources (TRGP) stock.
Targa Resources Stock More than Doubled in 2016: What’s Ahead?
Targa Resources has risen 115% in 2016. In comparison, ONEOK Partners has risen 54%, and Kinder Morgan has risen 42% during the same timeframe.
What Is Targa Resources’ Correlation with Crude Oil?
The correlation between TRGP’s stock price and the near-month WTI (West Texas Intermediate) crude oil futures price over the last one year was 0.54.
Targa Resources Trades at a Higher Forward Yield than Peers
Analysts expect TRGP’s two-year compounded dividend growth to be 2%. Among TRGP’s peers, SE is expected to provide the highest dividend growth.
What Does Targa Resources’ Current Valuation Indicate?
Targa Resources (TRGP) is currently trading at a forward dividend yield of ~9%. This is higher than its five-year average dividend yield of 6.5%.
Analyzing Targa Resources’ LPG Exports
Targa has an effective operational capacity of 6.5–7.0 MMBbl (million barrels) per month of exports. The company expects to export more than 5 MMBbl per month in 2016.
Targa Resources Is Up 47% in 2016: What’s Next?
Targa Resources (TRGP) has risen 47% so far in 2016. In comparison, the Alerian MLP ETF (AMLP) is up 3% in 2016.
Broker Recommendations for Targa Resources Partners and TRGP
Of the analysts surveyed by Bloomberg, 47% rate Targa Resources Partners (NGLS) a “buy,” and 53% rate it a “hold.” None of the analysts rate it a “sell.” The consensus target price for NGLS is $37.54.
NGLS-TRGP Deal Will Simplify the Company Structure
The merger deal between Targa Resources Partners (NGLS) and Targa Resources (TRGP) will greatly simplify the current complex structure. The merger will create one simplified public C corporation.
NGLS-TRGP Deal Is Expected to Improve Dividend Growth, Coverage
The additional cash flow coverage for NGLS is expected to support Targa’s dividend growth outlook and reduce the need for external financing.
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.
Targa Resources Closes Atlas Pipeline Acquisition in 1Q15
On February 27, Targa Resources Partners (NGLS) announced that it closed the acquisition of Atlas Pipeline Partners and Atlas Energy.
Targa Resources’ Stock Performance and 1Q Earnings
After Targa Resources Partners (NGLS) announced its 1Q15 earnings on May 5, its stock performance increased marginally, from $45.09 on previous close to $45.32.
Targa Resources Partners Announces 1Q15 Earnings
Targa Resources Partners’ revenues for 1Q15 declined by 27% to $1.67 billion compared to $2.29 billion for the same quarter of 2014. Targa says it’s a result of lower commodity prices.