TRGP - Why High-Yield Energy Stocks Are Getting Pummeled Today
Oil prices tumbled on Friday after Russia refused to agree to an OPEC-led plan to reduce oil supplies further. By 1:15 p.m. EST, the U.S. oil benchmark, WTI, had tumbled nearly 8%, causing a massive sell-off across the industry, with several large producers plunging more than 10%.
The carnage in the energy sector isn't sparing anyone, including midstream companies, which don't have much direct exposure to oil prices. Several tumbled more than 10% by the mid-afternoon, including ONEOK (NYSE: OKE), Targa Resources (NYSE: TRGP), Plains GP Holdings (NYSE: PAGP), Enable Midstream Partners (NYSE: ENBL), and EnLink Midstream (NYSE: ENLC).
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