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Sell-side Analyst Favorite of the day

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Created by arnabdgp

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Date updated:03-21-2007

Goldman,Wahovia, and Citigroup(issued report on 4/20)today published favorable views on Targa Resources Partners LP(Ticker:NGLS).The common finding is that MLP's structured like Targa where the sponsor can drop down assets has resulted in being accorded premium valuations(average yield of 4.7% and P/DCF multiple of 16.0x for'dropdown' MLPs versus 5.9% and 14.2x for the MLP universe.
The sponsor is Targa Inc., one of the five largest natural gas gatherers and processors in the United States with more than $2.3B worth of midstream assets.The Partnership's current asssets include 3,050 miles of natural gas gathering pieplines and 2 nat gas processing plants that treat and process nat gas in the Fortworth Basin of North Texas. Targa could have the opportunity to capture incremental gas volumes from the Barnett Shale region,one of the fastest grwoing natural gas plays in the United States.
Below is the 'dropdown'peer group.Take a closer look at these names.

DPM
Dcp Midstream Lp
$25.46
-0.24%
$25.40

DCP Midstream Partners EV/EBITDA: 8.6x Yield: 4.4 Distribution Growth (5-Yr CAGR):12%

People owning DPM also tend to own: BXP CBG DIS EWW EXP GOOG GROW

TheStreet.com Rating: D What is this?

TGP
Teekay Lng Ptrs L
$23.58
0.00%
$N/A

Teekay LNG Partners EV/EBITDA: 9.5x Yield: 5.0% Distribution Growth (5-Yr CAGR):8%

People owning TGP also tend to own: ENB KMP AYR CQP DIS ENT FRO

TheStreet.com Rating: C+ What is this?

TLP
Transmontaigne Lp
$25.2199
+1.06%
$25.12

Transmontaigne Partners LP EV/EBITDA: 8.3x Yield: 4.8% Distribution Growth (5-Yr CAGR):9%

People owning TLP also tend to own: BAC COP FCX FXI GE GILD GLD

TheStreet.com Rating: B What is this?

WPZ
Williams Partners
$25.33
-1.48%
$25.70

Williams Partners LP EV/EBITDA: 10.8x Yield: 4.1% Distribution Growth (5-Yr CAGR):15%

People owning WPZ also tend to own: AMR CBT CNQ DCP GE NRG RIG

TheStreet.com Rating: C What is this?

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