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Friday, October 19, 2007

TARGA RESOURCES PRICES SHARES
MLPS LOOKING ABOVE 310
MORE DISTRIBUTION HIKES


On the last matter first Legacy Reserves (LGCY) joins the growing list of distribution increases as it hikes a penny. Meanwhile Targa Resources priced its offering of stock at 26.87 to pay for its recent purchase.Plains All Amercian (PAA) also hiked its distribution as reported last night. Nothing else on the wires this morning but its a Friday and its options expiration day. Watch Linn Energy (LINE) which has a huge open interest showing in both OCT 30 calls and puts. Could mean for some price movement in both directions.


The MLP index closed fractionally higher yesterday and it looks to me like it wants to go higher. 311.27 is the weekly high so far and it would be bullish if we could take that out and close at the highs of the week.
No upgrades or downgrades this morning.

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