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News Breaks
June 20, 2014
06:53 EDTTRGP, ETE, NGLSTarga Resources Partners downgraded to Hold from Buy at Wunderlich
Wunderlich downgraded Targa Resources Partners (NGLS) to Hold with a $70 price target after the company said takeover talks with Energy Transfer Equity (ETE) ended without a deal.
News For NGLS;ETE;TRGP From The Last 14 Days
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January 26, 2015
09:18 EDTETEEnergy Transfer Equity raises Q4 distribution 3.5c to 45c
Energy Transfer Equity announced that its board has approved a 3.5c increase in its quarterly cash distribution to 45c per ETE common unit for Q4, or $1.80 per unit on an annualized basis. Adjusting for the ETE unit split completed in January 2014, the quarterly distribution represents an increase of 30% on an annualized basis compared to Q4 of 2013. The cash distribution will be paid on February 19, to unitholders of record as of the close of business on February 6.
09:11 EDTETEEnergy Transfer Partners, Regency Energy Partners to merge
Energy Transfer Partners (ETP) and Regency Energy Partners (RGP) announced they have entered into a definitive merger agreement. This merger will be a unit-for-unit transaction, plus a one-time cash payment to Regency unit holders, that collectively implies a value for Regency of approximately $18B, including the assumption of net debt and other liabilities of $6.8B. The transaction is expected to close in the second quarter of 2015. Under the terms of the merger agreement, which has been approved by the Boards of Directors and Conflicts Committees of both ETP and Regency, the unitholders of Regency will receive 0.4066 ETP common units and a cash payment of 32c for each common unit of Regency, implying an all-in price for Regency common units of $26.89 per unit based on ETP’s closing price on January 23. The consideration to be received by Regency common unitholders represents an approximately 13% premium to the closing price of Regency’s common units of $23.75 on January 23, and an approximately 15% premium to the volume weighted average price of Regency’s common units for the last 3 trading days ending January 23. In addition, Energy Transfer Equity (ETE), which owns the general partner and 100% of the incentive distribution rights of both Regency and ETP, has agreed to reduce the incentive distributions it receives from ETP by a total of $320M over a five year period. The IDR subsidy will be $80M in the first year post closing and $60M per year for the following four years. The proposed merger has been discussed with the ratings agencies and it is anticipated that the merger will have no impact to ETP’s credit ratings and that Regency’s ratings will be put on review for upgrade. Pro forma for the merger, ETP will be the second largest MLP and will be well diversified both geographically, with operations in substantially all major producing areas in the United States, and across business lines, with a unique franchise across the energy midstream value chain. Completion of the merger is subject to customary closing conditions, including approval of the respective ETP and Regency unitholders and observation of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act, if applicable. The required threshold for approval of each partnerships unitholders is a simple majority of issued and outstanding units.
January 23, 2015
16:58 EDTTRGPSalient Capital Advisors reports 7.76% passive stake in Targa Resources
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January 21, 2015
17:27 EDTTRGP, NGLSTarga Resources increases quarterly dividend 6% to 77.5c
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January 16, 2015
10:15 EDTETEOptions with decreasing implied volatility: BBY ETE CBST
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09:31 EDTTRGPTarga Resources downgraded to Equal Weight from Overweight at Morgan Stanley
Yesterday afternoon, Morgan Stanley downgraded Targa Resources to Equal Weight given high commodity exposures, a reduced export outlook, and less contracted backlog. Price target lowered to $102 from $120.
January 15, 2015
15:18 EDTETEPioneer pipeline unit draws interest from multiple bidders, Bloomberg says
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January 14, 2015
11:51 EDTNGLSTarga Resources Partners upgraded to Accumulate from Hold at Tudor Pickering
11:50 EDTTRGPTarga Resources downgraded to Hold from Buy at Tudor Pickering
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