I agree that "it'll pass". Meanwhile i've been buying more at $29.9 or so. It's near the 50 DMA yielding 7.3% soooo,.... Not bad for a growth MLP. It's been a while since they issued a secondary so I wouldn't be surprise to see one soon.
Targa Resources will trade under the symbol TRGP once it goes public. Targa Resources dropped their last midstream assets down to NGLS in September. NGLS will have to rely on organic growth and third party acquisitions for future growth.
AFAIK, Targa Resourses and TRGP are one and the same
That website sez that they only own the IDR's and other other non hard core NGLS asssets. Sooo, the plot thickens-))
It's my understanding that the dropdowns came form Targa Resources, not TRGP. I don't thing TRGP ever had any assets to sell to ngls. Please correct me if i am wrong. I think Targa resources still has plenty of assets to dropdown to NGLS. In the meantime, we are getting killed again today with the Dow up 200.
NGLS has had a GP all along. It was privately held by institutional investors. They are now liquidating their holding by selling the GP to the public.
NGLS has always had to pay an IDR to it's GP. Nothing changes in that regard.
My guess is that the NGLS was unwilling to pay what the owners were asking for the GP. AND/or they felt they couldn't afford it after all of the dropdowns they absorbed from Targa recently. So it is put out to the public and the investing public will value it.
I agree however that NGLS will probably be affected by the mistaken notion that this is a secondary. It'll pass.
Is anyone here buying the GP ipo
This is the initial public offering of the common stock of Targa Resources Corp. The selling stockholders identified in this prospectus, including a member of our senior management, are offering 13,750,000 shares of our common stock. We will not receive any proceeds from the sale of shares by the selling stockholders. No public market currently exists for our common stock.
An affiliate of Merrill Lynch, Pierce, Fenner & Smith Incorporated, an underwriter in this offering, is a selling stockholder. See “Underwriting (Conflicts of Interest)—Conflicts of Interest.”
We have been approved to list our common stock on the New York Stock Exchange under the symbol “TRGP.”
We anticipate that the initial public offering price will be between $19.00 and $21.00 per share.