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Stock Market & Financial Investment News

News Breaks
June 19, 2014
18:59 EDTTRGP, ETE, NGLSTarga, Targa Resources Partners terminate talks with Energy Transfer Equity
Targa Resources (TRGP) and Targa Resources Partners (NGLS) announced that they have previously engaged in high level preliminary discussions regarding a potential business combination with Energy Transfer Equity (ETE) and certain of its affiliates, but that those discussions have been terminated. There are no assurances whether or not discussions could resume or whether any agreement could be entered into in the future.
News For TRGP;NGLS;ETE From The Last 14 Days
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January 29, 2015
10:58 EDTETEOptions with increasing implied volatility
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January 28, 2015
16:37 EDTTRGP, NGLSAtlas Energy approves spin-off date of Feb. 25
Atlas Energy (ATLS) has announced that its board has approved the record and distribution dates for the spin-off of its non-midstream assets and declared a distribution to the ATLS unitholders of common units representing a 100% limited liability company interest in Atlas Energy Group, LLC, a wholly owned subsidiary of ATLS that will hold ATLS's assets and liabilities other than those related to it midstream business. Subject to the satisfaction or waiver of the conditions to the Spin-Off described below, each ATLS unitholder will receive one common unit of New Atlas for each ATLS common unit held at the close of business on Wednesday, February 25, 2015, the record date of the distribution. Cash will be received in lieu of fractional units of New Atlas. The distribution of New Atlas units is expected to be effective on Saturday, February 28, 2015 in conjunction with the previously announced proposed mergers of ATLS and Atlas Pipeline Partners, L.P. (APL) with Targa Resources Corp. (TRGP) and Targa Resources Partners LP (NGLS), respectively. New Atlas common units are expected to begin regular trading on or about March 2, 2015 on the New York Stock Exchange under the symbol "ATLS."
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 EDTNGLS, TRGPTarga 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.

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