Market Overview

Targa Shares Rocket Higher Amid Rumor Of Interest From Energy Transfer

Share:
Related ETP
26 Stocks Moving In Friday's Pre-Market Session
Enterprise & Energy Transfer To Restart Old Ocean Pipeline
Buy Energy Transfer Equity: 7% Yield, 25% Upside, U.S. Centric, Technically Solid, Sector Play (Seeking Alpha)
Related ETE
Energy Transfer Equity Q4 Earnings Preview
Earnings Scheduled For February 21, 2018
Buy Energy Transfer Equity: 7% Yield, 25% Upside, U.S. Centric, Technically Solid, Sector Play (Seeking Alpha)

Targa Resources Corp. (NYSE: TRGP) soared more than 20 percent as the market was about to close Thursday on a report the company will be acquired by a limited partnership run by Kelcy Warren.

The report, by Bloomberg news service, said Warren's Energy Transfer Equity LP (NYSE: ETE) would also acquire Targa's operating unit, Targa Resources Partners LP, (NYSE: NGLS) which rose 17 percent on the news.

The combined deal could be valued at between $15 and $17 billion, according to Bloomberg, citing unnamed sources.

An agreement could be reached next week and may involve Regency Energy Partners LP (NYSE: RGP) which is controlled by Warren, Bloomberg said.

Targa Resources closed Thursday at $150.62 a share, up 20.45 percent.

Tagra Resources Partners closed at $81.55 a share, up 17.74 percent.

Posted-In: News Rumors M&A Movers

 

Related Articles (ETE + ETP)

View Comments and Join the Discussion!