Last $100.54 USD
Change Today +1.41 / 1.42%
Volume 527.0K
TRGP On Other Exchanges
Symbol
Exchange
New York
Frankfurt
As of 4:15 PM 03/5/15 All times are local (Market data is delayed by at least 15 minutes).

targa resources corp (TRGP) Snapshot

Open
$99.00
Previous Close
$99.13
Day High
$101.05
Day Low
$98.18
52 Week High
06/19/14 - $160.97
52 Week Low
01/14/15 - $82.09
Market Cap
5.2B
Average Volume 10 Days
850.7K
EPS TTM
$2.55
Shares Outstanding
51.6M
EX-Date
01/29/15
P/E TM
39.4x
Dividend
$3.10
Dividend Yield
2.83%
Current Stock Chart for TARGA RESOURCES CORP (TRGP)

targa resources corp (TRGP) Related Businessweek News

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targa resources corp (TRGP) Details

Targa Resources Corp., through its general and limited partner interests in Targa Resources Partners LP, provides midstream natural gas and natural gas liquid (NGL) services in the United States. The company operates in two divisions, Gathering and Processing, and Logistics and Marketing. It is involved in gathering, compressing, treating, processing, and selling natural gas; storing, fractionating, treating, transporting, terminaling, and selling NGLs and NGL products; gathering, storing, and terminaling crude oil and refined petroleum products. The company also purchases and resells component NGL products; sells propane and provides related logistics services to multi-state retailers, independent retailers, and other end-users; offers NGL balancing services; and provides transportation services to refineries and petrochemical companies in the Gulf Coast area. It operates approximately 11,400 miles of natural gas pipelines, including 12 owned and operated processing plants; and 39 storage wells with a net storage capacity of approximately 64 million barrels. As of December 31, 2014, the company leased and managed approximately 716 railcars; 75 owned and leased transport tractors; and 22 company-owned pressurized NGL barges. Targa Resources Corp. was founded in 2005 and is headquartered in Houston, Texas.

1,350 Employees
Last Reported Date: 02/17/15
Founded in 2005

targa resources corp (TRGP) Top Compensated Officers

Chief Executive Officer and Director
Total Annual Compensation: $1.4M
President and Chief Operating Officer
Total Annual Compensation: $1.2M
Executive Chairman
Total Annual Compensation: $1.2M
Chief Financial Officer, Senior Vice Presiden...
Total Annual Compensation: $672.1K
Compensation as of Fiscal Year 2013.

targa resources corp (TRGP) Key Developments

Targa Resources Corp Announces Credit Agreement

In connection with the closing of the previously announced transactions contemplated by the ATLS Merger Agreement and the APL merger agreement, Targa Resources Corp. entered into that certain credit agreement, dated as of February 27, 2015, among the company, each lender from time to time party thereto and Bank of America, N.A. as administrative agent, collateral agent, swing line lender and letter of credit issuer. The credit agreement provides for a new five year revolving credit facility in an aggregate principal amount up to $670 million and a seven year term loan facility in an aggregate principal amount of $430 million. The credit agreement permits the company to request an increase in (i) the Revolving Credit Facility by an amount not to exceed $200 million and (ii) the Term Loan Facility by an amount not to exceed the sum of (x) $200 million plus (y) the amount of all voluntary prepayments applied to the Term Loan Facility plus (z) an unlimited amount so long as on the date of incurrence thereof, the company is in pro forma compliance with a Consolidated Leverage Ratio of no greater than 4.00 to 1.00, in each case subject to certain terms and conditions described in the credit agreement. The proceeds of the Term Loan Facility and a portion of the Revolving Credit Facility were used on the closing date to finance in part the ATLS Merger, to refinance existing indebtedness of the Company, and to pay fees and expenses incurred in connection with each of the foregoing. The entire principal amount of the Term Loan Facility was borrowed on the closing date, and no additional commitments are currently available for borrowings under the Term Loan Facility. The unused portion of the Revolving Credit Facility is available for working capital and general corporate purposes of the Company. Up to $50 million of the Revolving Credit Facility may be used for the issuance of letters of credit, and up to $30 million of the Revolving Credit Facility is available for swing line loans. The obligations under the Credit Facility are secured by a first priority lien on substantially all of the present and future assets of the Company and the subsidiary guarantors under the Credit Facility, including 100% of the equity interests in the Partnership owned by the Company and the subsidiary guarantors. Loans under the Credit Facility bear interest at either a base rate or LIBOR (at the Company's option) plus (i) for revolving loans, a margin of 0.75% to 1.75% (in the case of base rate loans) or 1.75% to 2.75% (in the case of LIBOR loans), in each case based on the Company's Consolidated Leverage Ratio and (ii) for term loans, 3.75% (in the case of base rate loans) or 4.75% (in the case of LIBOR loans). Unused availability under the Revolving Credit Facility is subject to a commitment fee ranging from 0.375% to 0.50%, based on the Company's Consolidated Leverage Ratio. Beginning June 30, 2015, the Term Loan Facility is subject to amortization in an amount equal to $1,075,000 per quarter until maturity. The Credit Facility may be prepaid at any time in whole or in part without premium or penalty, other than (i) customary breakage costs, if applicable and (ii) with respect to the Term Loan Facility, any prepayment during the first six months following the closing date with proceeds of other indebtedness that has a lower effective yield than the Term Loan Facility is subject to a call premium of 1.00% of the principal amount subject to such repricing. Additionally, the Company must (i) prepay the Term Loan Facility in an amount equal to 100% of the net cash proceeds received from non-permitted indebtedness (or indebtedness permitted to be incurred solely if the proceeds thereof are applied to prepay the term loans) and (ii) offer to prepay the Term Loans (which offer may be accepted or declined by each term loan lender) upon the occurrence of certain other events resulting in the Borrower's receipt of cash proceeds, including certain dispositions, casualty/condemnation events and equity issuances. The Credit Facility requires the maintenance of a Consolidated Leverage Ratio as of the last day of each fiscal quarter beginning June 30, 2015 of (i) through the fiscal quarter ending December 31, 2015, not more than 4.75 to 1.00, (ii) for the fiscal quarter ending March 31, 2016 through the fiscal quarter ending December 31, 2016, not more than 4.50 to 1.00 and (iii) for each fiscal quarter ending thereafter, 4.00 to 1.00.

Targa Resources Corp. Presents at Morgan Stanley MLP/Diversified Natural Gas, Utilities and Clean Tech Conference, Mar-03-2015

Targa Resources Corp. Presents at Morgan Stanley MLP/Diversified Natural Gas, Utilities and Clean Tech Conference, Mar-03-2015 . Venue: The St. Regis, New York, New York, United States.

Targa Resources Corp. Presents at Barclays Select Series 2015: Master Limited Partnership Corporate Access Day, Mar-04-2015

Targa Resources Corp. Presents at Barclays Select Series 2015: Master Limited Partnership Corporate Access Day, Mar-04-2015 . Venue: Crowne Plaza Times Square Manhattan, 1605 Broadway, New York, New York, United States.

 

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Industry Analysis

TRGP

Industry Average

Valuation TRGP Industry Range
Price/Earnings 40.3x
Price/Sales 0.5x
Price/Book 24.3x
Price/Cash Flow 9.1x
TEV/Sales NM Not Meaningful
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