Targa Res Corp Stock Price, News & Analysis

Targa Resources Partners LP plans to offer $750 million in senior unsecured notes due 2032 to qualified institutional buyers under Rule 144A and Regulation S. Proceeds will fund a cash tender offer for its 5 1/8% Senior Notes due 2025 and reduce borrowings under credit facilities. The offering is not contingent on the Tender Offer, which is subject to certain conditions. The notes will be eligible for trading by qualified institutional buyers and non-U.S. persons. The offering emphasizes Targa's strategy to optimize its debt structure.

Targa Resources Partners LP announced a cash tender offer to purchase all outstanding senior notes, specifically the 5.125% Senior Notes due 2025, totaling approximately $481 million. The purchase price is set at $1,026.88 per $1,000 of notes, with accrued interest included. The offer expires on February 1, 2021, and is contingent upon the completion of a concurrent notes offering. The settlement for accepted notes is expected on February 2, 2021. Targa has engaged BofA Securities as the exclusive Dealer Manager for this transaction.

Targa Resources Corp. (NYSE: TRGP) will participate in the UBS Winter Infrastructure & Energy Conference via video conference on January 13, 2021. Investors can access presentation slides in the Investors section of Targa's website. The company is a leading provider of midstream services in North America, focusing on natural gas and NGLs. Targa operates infrastructure for gathering, processing, and transporting energy resources.

Targa Resources Corp. (NYSE: TRGP) announced the retirement of Paul W. Chung from the management team, appointing him as Chairman of the Board of Directors as of January 1, 2021. Joe Bob Perkins also retired from management but remains on the Board. Chung has extensive experience in the energy sector, having served in various legal and executive roles since 2004. Targa is a prominent midstream service provider, engaging in gathering, processing, and selling natural gas, NGLs, and crude oil.

Targa Resources Corp. (NYSE: TRGP) announced participation in the Wells Fargo Virtual Midstream and Utility Symposium on December 8, 2020. The Company will conduct investor meetings via video conference. Interested parties can access presentation slides in the Investors section of Targa's website. Targa is a significant player in midstream services, focusing on diverse infrastructure assets for natural gas, NGLs, and crude oil. The company emphasizes its commitment to transparency and provides regular updates through SEC filings.

Targa Resources Partners LP announced plans to redeem its $125 million worth of 9.00% Series A Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units on December 21, 2020. This decision aligns with the company’s strategy to simplify its capital structure and enhance free cash flow. The redemption includes a price of $25.00 per share alongside any unpaid distributions. Following this event, the Series A Preferred Units will cease trading on the NYSE, and rights of the shareholders will terminate, save for the right to receive the redemption consideration.

Targa Resources Partners LP announced a monthly distribution of $0.1637 per unit on its 9.00% Series A Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units for November 2020. This marks a transition from a fixed rate to an annual floating rate, based on one-month LIBOR plus a 7.71% spread, effective November 1, 2020. The payment is scheduled for December 15, 2020, to holders on record by November 30, 2020. Targa Resources operates a diversified portfolio of midstream infrastructure assets and is a major player in the North American market for natural gas, NGLs, and crude oil.

Targa Resources Corp. (NYSE: TRGP) will participate in virtual investor meetings at the UBS Midstream Virtual 1x1 Mini-Conference and the RBC Midstream and Energy Infrastructure Virtual Conference on November 17 and 18, 2020. The presentation slides will be available in the Investors section of Targa's website. As a leader in midstream services, Targa operates a vast portfolio of natural gas, NGL, and crude oil infrastructure assets across North America. For more information, visit www.targaresources.com.

Targa Resources Corp. reported a strong third quarter for 2020, revealing a net income of $69.3 million, up from a loss of $47.3 million year-over-year. Adjusted EBITDA rose 20% to $419.1 million driven by improved commodity prices and increased production recovery. The company declared a quarterly dividend of $0.10 per share. Targa anticipates full-year 2020 Adjusted EBITDA to be at the high end of its $1.5 billion to $1.625 billion guidance. Total consolidated debt stood at $7.9 billion, while liquidity was approximately $2.6 billion, indicating strong financial health amidst challenges.