Targa Resources to buy Permian gas processor Lucid Energy in $3.5B deal

  • Targa Resources (NYSE:TRGP) said on Thursday it agreed to acquire Lucid Energy from Riverstone Holdings and Goldman Sachs Asset Management for $3.55B in cash.
  • Lucid provides natural gas gathering, treating and processing services in the Delaware Basin, including more than 1,000 miles of natural gas pipelines and 1.4B cf/day of cryogenic natural gas processing capacity in service or under construction, anchored by long-term, fixed-fee contracts.
  • Targa (TRGP) raised guidance for standalone FY 2022 adjusted EBITDA to $2.675B-$2.775B, after previously expecting $2.3B-$2.5B.
  • The company expects the deal will be immediately accretive to distributable cash flow per share.
  • "This is an exciting acquisition that aligns with our integrated strategy as we are expanding and diversifying our Permian Basin footprint with Lucid's complementary presence at an attractive investment multiple," CEO Matt Meloy said.

    Over the current book year the company from Houston could achieve a revenue around 23.07 billion USD (consensus estimates). The expected revenue would be the highest in her history. This is hugely more than 2021's revenue of 16.95 billion USD.

    Historical revenues and results Targa Resources plus estimates 2022

    beurskoers

    The analysts expect for 2022 a net profit of 862 million USD. Most of the analysts anticipate on a profit per share of 4.26 USD. Based on this the price/earnings-ratio is 17.38.

    For this year most of the analysts expect a dividend of 1.46 USD per share. Targa Resources 's dividend yield thus equals 1.97 percent. The average dividend yield of the oil & gas producers equals an attractive 3.43 percent.

    Based on the current number of shares Targa Resources 's market capitalization equals 16.88 billion USD. 36

    On Tuesday, the stock closed at 74.03 USD.

    Historical stock prices Targa Resources

    stock price targaresources

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