$50M stock buy back
Insiders bought in @ $22.- $2.2M worth of stock
~20% dividend rate right now
This past quarter only
partial shutdown and loss because of hurricane
Lehman hedge loss
non hedge loss
and it still made money!
been buying all the way down from $22 and will continue to do so.
"Probably buy all the way to $9.00"
Didn't take long to get there! (g). I also bought more yesterday. At least, we get an upcheck from Citi:
Targa Resources Partners LP (NGLS)
Debt Covenants Not a Concern, '09 Distributions Resilient
* Reiterate Buy - Despite missing our estimates for the
quarter, we reiterate our Buy/High Risk (1H) rating on NGLS
as we believe the partnership's current distribution is
secure for the foreseeable future taking into consideration
its strong hedged position and ample liquidity. Our
analysis indicates that even in a downside scenario with
crude oil at $55.00/bbl and natural gas at $5.50/mmbtu, the
partnership should adequately cover distributions.