Last $58.93 USD
Change Today +0.02 / 0.03%
Volume 493.9K
NGLS On Other Exchanges
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Exchange
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As of 6:40 PM 11/26/14 All times are local (Market data is delayed by at least 15 minutes).

targa resources partners lp (NGLS) Snapshot

Open
$58.85
Previous Close
$58.91
Day High
$59.50
Day Low
$58.29
52 Week High
06/19/14 - $83.49
52 Week Low
12/18/13 - $48.09
Market Cap
6.8B
Average Volume 10 Days
1.3M
EPS TTM
$2.89
Shares Outstanding
115.8M
EX-Date
10/30/14
P/E TM
20.4x
Dividend
$3.19
Dividend Yield
5.24%
Current Stock Chart for TARGA RESOURCES PARTNERS LP (NGLS)

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targa resources partners lp (NGLS) Details

Targa Resources Partners LP is engaged in the ownership, operation, acquisition, and development of midstream energy assets in the United States. The company operates through two divisions, Gathering and Processing, and Logistics and Marketing. The Gathering and Processing division is involved in gathering, compressing, dehydrating, treating, conditioning, processing, and marketing natural gas; and gathering crude oil. This division gathers and processes natural gas from the Permian Basin in West Texas and Southeast New Mexico; the Fort Worth Basin, including the Barnett Shale in North Texas; and the Williston Basin in North Dakota, as well as from the onshore region of the Louisiana Gulf Coast and the Gulf of Mexico. Its gathering systems comprise approximately 11,300 miles of natural gas pipelines. This division sells its residue gas to end users, such as commercial and industrial customers; and natural gas and electric utilities serving individual consumers. The Logistics and Marketing division converts mixed natural gas liquids (NGLs) into NGL products; provides value added services, including fractioning, storing, terminaling, transporting, distributing, and marketing NGLs and NGL products; and stores refined petroleum products and crude oil, as well as supplies and markets natural gas. This division serves end-users of NGL products, such as petrochemical and refining companies, and propane markets for heating, cooking, or crop drying applications through pipelines, barges, trucks, and rail cars. It owns or operates 39 storage wells with a storage capacity of approximately 64 million barrels. As of December 31, 2013, this division’s transportation assets consisted of approximately 700 railcars, 80 owned and leased transport tractors, and 18 company-owned pressurized NGL barges. The company was founded in 2006 and is headquartered in Houston, Texas. Targa Resources Partners LP is a subsidiary of Targa Resources Corp.

Founded in 2006

targa resources partners lp (NGLS) Top Compensated Officers

Chief Executive Officer of Targa Resources GP...
Total Annual Compensation: $1.4M
President of Targa Resources GP LLC and Chief...
Total Annual Compensation: $1.2M
Executive Chairman of Targa Resources GP LLC
Total Annual Compensation: $1.5M
Chief Financial Officer of Targa Resources GP...
Total Annual Compensation: $672.1K
Advisor to Chairman & Chief Executive Officer...
Total Annual Compensation: $1.2M
Compensation as of Fiscal Year 2013.

targa resources partners lp (NGLS) Key Developments

Atlas Pipeline Shareholders Files Lawsuit to Block $5.8 Billion Merger with Targa Resources Corp

Shareholders of Atlas Pipeline Partners LP have filed a lawsuit to stop a $5.8 billion merger with Targa Resources Corp. The lawsuit, filed in Tulsa County District Court on October 28 by the William B. Federman Family Wealth Preservation Trust, seeks class-action status for all the Atlas Pipeline unit holders. As of October 10 there were about 84.5 million Atlas Pipeline shares outstanding. The trust claims that the defendants, including the board of directors of Atlas' general partner, breached their contractual duty to seek the best deal possible for the company in the merger. Calls to Jon R. Patton, the plaintiffâ s attorney, and Atlas Pipeline officials were not returned. The defendants include the board of directors of Atlas Pipeline Partners GP LLC; Atlas Pipelineâ s parent company, Atlas Energy LP; and the buyout group, which includes Targa Resources Corp., Targa Resources Partners LP and Trident MLP Merger Sub LLC. Individuals from Atlas Pipeline Partners GP named include Edward E. Cowen, executive chairman; Jonathan Z. Cohen, board vice chairman; Eugene N. Dubay, CEO; and general partner directors Tony C. Banks, Curtis D. Clifford, Martin Rudolph, Michael L. taines and Gayle P.W. Jackson. According to the lawsuit, on October 13 Atlas Pipeline and the buyout group announced the merger in which Targa Resources would assume all the debt of Atlas Pipeline and acquire all outstanding shares. Atlas shareholders claimed in the petition they were not getting a fair price: only 0.5846 of a common unit of Targa Resources and $1.26 in cash in exchange for each share of Atlas Pipeline they owned. Based on the closing price of Targa Resources on Oct. 10, the last trading day prior to the merger announcement, Atlas shareholders would receive $38.66 per unit. Separately, Targa Resources agreed to redeem Atlas Pipeline's Class E preferred shares for a total of $126.5 million in cash. Atlas Class D preferred units would be converted into common units, but the plaintiff did not specify how many shares were outstanding. The plaintiff claimed the Atlas board violated its duties to seek the best price prior to the merger announcement. At least three analysts set for the pipeline company a target price of $40, the plaintiffs claimed, which was nearly a $1.50 premium to the merger consideration. The plaintiff claimed that strong performance and growth prospects proved the company was being undervalued.

Targa Resources Partners LP Announces Unaudited Consolidated Earnings and Production Results for the Third Quarter and Nine Months Ended September 30, 2014; Provides Capital Expenditure Guidance for the Year 2014 and Earnings Guidance for the Year 2015

Targa Resources Partners LP announced unaudited consolidated earnings and production results for the third quarter and nine months ended September 30, 2014. For the quarter, the company's revenues were USD 2,288.3 million compared to USD 1,466.1 million for the same period last year. Income from operations was USD 171.4 million compared to USD 91.0 million for the same period last year. Net income attributable to the company was USD 128.3 million or USD 0.78 per basic and diluted share compared to USD 59.7 million or USD 0.30 per basic and diluted share for the same period last year. Adjusted EBITDA was USD 246.7 million compared to USD 155.9 million for the same period last year. Capital expenditures were USD 142.9 million against USD 284.5 million a year ago. Income before income taxes was USD 139.5 million against USD 65.7 million a year ago. Distributable cash flow was USD 192.5 million against USD 110.8 million a year ago. Net maintenance capital expenditures were USD 20 million compared to USD 16 million in the third quarter of 2013. For the nine months, the company's revenues were USD 6,583.7 million compared to USD 4,210.5 million for the same period last year. Income from operations was USD 485.1 million compared to USD 230.4 million for the same period last year. Net income attributable to the company was USD 359.6 million or USD 2.20 per diluted share compared to USD 124.9 million or USD 0.47 per diluted share for the same period last year. Adjusted EBITDA was USD 705.1 million compared to USD 414.6 million for the same period last year. Capital expenditures were USD 533.8 million against USD 727.1 million a year ago. Net cash provided by operating activities was USD 571.8 million against USD 295.2 million a year ago. Outlays for property, plant and equipment were USD 571.7 million against USD 727.1 million a year ago. Income before income taxes was USD 394.2 million against USD 145.5 million a year ago. Distributable cash flow was USD 557.0 million against USD 275.4 million a year ago. For quarter, the company reported plant natural gas inlet of 2,170.3 MMcf/d, gross NGL production of 157.6 MBbl/d, natural gas sales of 923.7 BBtu/d and condensate sales of 4.8 MBbl/d against plant natural gas inlet of 2,126.5 MMcf/d, gross NGL production of 142.3 MBbl/d, natural gas sales of 988.0 BBtu/d and condensate sales of 3.7 MBbl/d a year ago. For the nine months, the company reported plant natural gas inlet of 2,111.2 MMcf/d, gross NGL production of 152.2 MBbl/d, natural gas sales of 890.5 BBtu/d and condensate sales of 4.4 MBbl/d against plant natural gas inlet of 2,092.0 MMcf/d, gross NGL production of 135.6 MBbl/d, natural gas sales of 930.8 BBtu/d and condensate sales of 3.7 MBbl/d a year ago. The company updating 2014 net maintenance capital expenditure to be about USD 80 million for the full year. The company continues to estimate approximately USD 780 million of growth capital expenditures in 2014. The company estimates the following sensitivities for the company's 2015 EBITDA relative to current prices: a USD 5 drop in crude price would decrease EBITDA by approximately USD 3 million for full year of 2015; a USD 0.05 drop in the weighted average NGL price would result an approximate USD 12 million reduction in EBITDA for 2015; and USD 0.25 drop in natural gas price would result in an approximate USD 5 million decrease in EBITDA for 2015.

Targa Resources Partners LP Declares Quarterly Dividend for the Third Quarter 2014, Payable on November 14, 2014

Targa Resources Partners LP announced that the board of directors of its general partner has declared a quarterly cash distribution of 79.75 cents per common unit, or $3.19 per common unit on an annualized basis, for the third quarter 2014. The approved distribution represents increases of approximately 2% over the previous quarter's distribution and 9% over the distribution for the third quarter 2013. This cash distribution will be paid November 14, 2014 on all outstanding common units to holders of record as of the close of business on November 3, 2014.

 

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NGLS

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Valuation NGLS Industry Range
Price/Earnings 20.3x
Price/Sales 0.8x
Price/Book 3.0x
Price/Cash Flow 10.6x
TEV/Sales 0.4x
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