Why Targa Resources (NGLS) Stock Is Tanking On Friday

NEW YORK (TheStreet) -- Shares of Targa Resources Partners LP (NGLS) are down -11.01% to $72.57 in mid-afternoon trading following the company's announcement that it's no longer in merger talks with Energy Transfer Equity (ETE).

Energy Transfer Equity wanted to work out a deal that would value Targa Resources Corp. (TRGP), a natural gas products exporting company, and its operating unit Targa Resources partners at over $15 billion, Bloomberg reports.

"There are no assurances whether or not discussions could resume or whether any agreement could be entered into in the future," Targa said.

Must ReadWarren Buffett's 25 Favorite Growth Stocks

TheStreet Ratings team rates TARGA RESOURCES PARTNERS LP as a Buy with a ratings score of A+. TheStreet Ratings Team has this to say about their recommendation:

"We rate TARGA RESOURCES PARTNERS LP (NGLS) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its robust revenue growth, compelling growth in net income, good cash flow from operations, notable return on equity and solid stock price performance. We feel these strengths outweigh the fact that the company has had generally high debt management risk by most measures that we evaluated."

If you liked this article you might like

Insider Trading Charges Filed Against Omega Advisors, Leon Cooperman

Perilous Reversal Stock: Targa Resources Partners (NGLS)

Targa Resources Partners (NGLS) Marked As A Dead Cat Bounce Stock

Targa Resources Partners (NGLS) Highlighted As Weak On High Volume

Targa Resources Partners (NGLS) Highlighted As Weak On High Volume