Targa Resources Corp
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Energy : Oil, Gas & Consumable Fuels | Small Cap Value
Company profile

Targa Resources Corp. is a midstream energy company in North America. It provides midstream services. Its segments include Gathering and Processing, and Logistics and Marketing (Downstream Business). It is engaged in the business of gathering, compressing, treating, processing and selling natural gas; storing, fractionating, treating, transporting and selling natural gas liquids (NGLs) and NGL products, including services to liquefied petroleum gas exporters; gathering, storing and terminalling crude oil, and storing, terminalling and selling refined petroleum products. The Gathering and Processing segment consists of gathering, compressing, dehydrating, treating, conditioning, processing, and marketing natural gas and gathering crude oil. The Logistics and Marketing segment includes all the activities necessary to convert mixed NGLs into NGL products and provides certain services, such as storing, fractionating, terminalling, transporting and marketing of NGLs and NGL products.

Premarket

Last Trade
Delayed
$16.69
-0.42 (-2.45%)
Bid
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Ask
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B/A Size
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Market Hours

Closing Price
$17.11
Day's Change
0.00 (0.00%)
Bid
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B/A Size
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Day's High
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Day's Low
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Volume
(Light)
Volume:
1,350

10-day average volume:
2,351,580
1,350

Cushing(R) Asset Management and Swank Capital Announce Constituent Changes to The Cushing(R) MLP High Income Index

9:02 am ET September 18, 2020 (PR Newswire) Print

Cushing(R) Asset Management, LP, and Swank Capital, LLC, announce two upcoming interim changes to constituents of The Cushing(R) MLP High Income Index (the "Index"), as follows:

On July 26, 2020, Index constituent CNX Midstream Partners LP (NYSE: CNXM) entered into an Agreement and Plan of Merger ("Merger Agreement") with CNX Resources Corporation (NYSE: CNX) and affiliated companies that would result in CNXM common units ceasing to be publicly traded, subject to the approval of the holders of CNXM common units and Class B units. Entities representing a majority of CNXM common units and Class B units have agreed to deliver written consents approving the Merger Agreement within the unitholder consent period, which may terminate as early as September 25, 2020. Per the Index's methodology guide, this event will result in a constituent replacement. Accordingly, after the market closes on September 25, 2020, and effective on September 28, 2020, Enviva Partners, LP (NYSE: EVA) will replace CNXM as a constituent of the Index at CNXM's then-current weight.

On July 13, 2020, Black Stone Minerals, L.P. (NYSE: BSM) was added as a constituent of the Index despite being ineligible for inclusion in the Index due to a distribution cut announcement made on February 5, 2020. After the market closes on September 25, 2020, and effective on September 28, 2020, Targa Resources Corp. (NYSE: TRGP) will replace BSM at BSM's then-current weight.

There will be no changes to the remaining constituents of the Index due to these events.

ABOUT THE CUSHING(R) MLP HIGH INCOME INDEX

The Cushing(R) MLP High Income Index provides a benchmark that is designed to track the performance of 30 higher-yielding publicly traded midstream energy infrastructure companies, including master limited partnerships (MLPs) and non-MLP energy midstream corporations (each, a "Midstream Company" and collectively, "Midstream Companies"). Constituents are chosen according to a three-tiered proprietary weighting system developed by Cushing(R) Asset Management, LP. The Cushing(R) MLP High Income Index is calculated by S&P Dow Jones Indices and reported on a real-time basis under the Bloomberg ticker "MLPY".

ABOUT CUSHING(R) ASSET MANAGEMENT AND SWANK CAPITAL

Cushing(R) Asset Management, LP ("Cushing"), a subsidiary of Swank Capital, LLC, is an SEC-registered investment adviser headquartered in Dallas, Texas. Cushing serves as investment adviser to affiliated funds and managed accounts, providing active management in markets where inefficiencies exist.

Cushing is also dedicated to serving the needs of MLP and energy income investors by sponsoring a variety of industry benchmarks, including The Cushing(R) 30 MLP Index (Bloomberg Ticker: MLPX) and The Cushing(R) MLP Market Cap Index (Bloomberg Ticker: CMCI). For more information, please visit http://www.cushingasset.com/indices.

Contact:Jon Abel214-692-6334www.cushingasset.com

The Cushing(R) MLP High Income Index (the "Index") is the exclusive property of Swank Capital, LLC, and Cushing(R) Asset Management, LP, which has contracted with S&P Opco, LLC (a subsidiary of S&P Dow Jones Indices LLC) ("S&P Dow Jones Indices") to maintain and calculate the Index. S&P(R) is a registered trademark of Standard & Poor's Financial Services LLC ("SPFS"); Dow Jones(R) is a registered trademark of Dow Jones Trademark Holdings LLC ("Dow Jones"); and these trademarks have been licensed to S&P Dow Jones Indices. "Calculated by S&P Dow Jones Indices" and its related stylized mark(s) have been licensed for use by Swank Capital, LLC, and Cushing(R) Asset Management, LP. Neither S&P Dow Jones Indices, SPFS, Dow Jones S&P nor any of their affiliates sponsor and promote the Index and none shall be liable for any errors or omissions in calculating the Index.

https://c212.net/c/img/favicon.png?sn=DA29255&sd=2020-09-18

View original content:http://www.prnewswire.com/news-releases/cushing-asset-management-and-swank-capital-announce-constituent-changes-to-the-cushing-mlp-high-income-index-301133802.html

SOURCE Cushing(R) Asset Management, LP and Swank Capital, LLC

https://rt.prnewswire.com/rt.gif?NewsItemId=DA29255&Transmission_Id=202009180902PR_NEWS_USPR_____DA29255&DateId=20200918

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