Targa's Badlands Sale Resolves 2019 Funding Concerns
Targa reported a solid fourth quarter, and we do not anticipate material changes to our $52 fair value estimate or no-moat rating after incorporating the recent sale of its Badlands assets to Blackstone. We do remain concerned about the outlook given the recent volatility in frac spreads and uncertainty around gathering and processing volumes and spreads. However, the sale and the $1.6 billion in cash removes our concerns around funding 2019 growth capital spending plans of $2.3 billion and its ...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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