Is the number of outstanding limited partner units published anywhere? I don't see it anywhere on the Targa website. Based on the market cap listed on the Yahoo Finance page, it would be about 46.25 million ($770 million divided by $16.65)
However, the quarterly report states the net income as "$6.6 million ... or $0.10 per diluted limited partner unit." This implies the number is 66 million. What am I missing?
I agree with your comments that CPNO (and MWE) have more upside due to increased exposure to commodity prices and no GP to share upside with.
NGLS (I also own WPZ for this reason) has downside protection from their GP. The upside for NGLS and WPZ are, at least partially, dependent on Drop Downs from their respective GP's. Even then, NGLS and WPZ will need to share upside with the GP.
I own the 4 mentioned G & P's in order to spread the risk and reduce company specific exposure.
I may add that CPNO growth was over 15% expected in 2009, but mind you now its expected to be flat due to commodity weakness. My point is that its illustrative of the increased leverage. Its a matter of risk appetite I guess.
One the analysis I dont argue that the actions taken by NGLS has fostered a much more stable distribution, I do take exception to the commentary there is significant upside to it. I recently shifted more assets into CPNO...why cause no GP to suck away distr upside. Further 12-18 mths ago sell side analysts had distr. growing for CPNO to $2.6 plus in 2009 while NGLS it was flat at around $2.00 illustrating when commodity prices improve and they will in 2010 CPNO has more leverage versus NGLS. The recent financings only emphasize the point.