This year has been a bit of a whirlwind for Targa Resources (NYSE: TRGP) . Like most energy companies , the midstream service provider made drastic changes as oil prices plunged earlier this year, slashing both its dividend and capital spending program to shore up its balance sheet. That put a lot of pressure on its stock price, which has plummetted nearly 65% this year.
However, the company thinks the sell-off is overdone, especially given the significant improvement in its financial profile and market conditions. That led it to authorize a $500 million stock repurchase program to gobble up a meaningful amount of its beaten-down shares.
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This Dividend-Paying Energy Stock Thinks Its Shares Are Dirt Cheap