Targa Reports Decent 2Q; 2018 Funding Essentially Addressed
Targa reported a decent second quarter, and we plan to maintain our $62 fair value estimate and no-moat rating. The company's performance is on track to meet our full-year expectations of $1.3 billion in 2018 EBITDA. EBITDA increased 26% from last year's levels to $326 million, as Targa benefited from higher natural gas liquids volumes and prices, particularly in the Midland Permian, where gathering and processing volumes increased 30%. Natural gas liquids prices on a consolidated basis leaped 4...Targa Resources is a provider of midstream services and is a midstream energy company. The company operates in two segments: Gathering and Processing, which consists of gathering, compressing, dehydrating, treating, conditioning, processing, and marketing natural gas and gathering crude oil; and Logistics and Marketing, which includes activities necessary to convert mixed natural gas liquids (NGLs) into NGL products and provides certain services such as storing, fractionating, terminaling, transporting and marketing of NGLs and NGL products, storing and terminaling of refined petroleum products and crude oil and certain natural gas supply and marketing activities in support of its other businesses.
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