NEW YORK (TheStreet) -- Shares of Targa Resources Corp. (TRGP) rose 20.45% to $150.62 before the close on Thursday after Energy Transfer Equity (ETE) was said to be working on a deal to acquire the company and its operating unit, Bloomberg reports.
An agreement between the two companies could be announced as soon as next week.
The combined value of Targa and its unit Targa Resources Partners LP (NGLS) is said to be over $15 billion, and the deal's value could go as high at $17 million, according to Bloomberg.
Shares of Targa Resources are lower by -1.41% to $148.50 in after-hours trading today.
Shares of Targa Resources Partners are down -3.25% to $78.90, and Energy Transfer Equity stock is higher 5.17% to $56.50 in after-hours trading on Thursday.
Separately, TheStreet Ratings team rates TARGA RESOURCES CORP as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
"We rate TARGA RESOURCES CORP (TRGP) a BUY. This is driven by a number of strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its robust revenue growth, notable return on equity, good cash flow from operations, impressive record of earnings per share growth and compelling growth in net income. We feel these strengths outweigh the fact that the company has had generally high debt management risk by most measures that we evaluated."