Targa Resources, Inc. (TRGP) Downgraded by TheStreet to “D+”
Other equities analysts also recently issued reports about the company. Barclays PLC downgraded Targa Resources from an overweight rating to an equal weight rating and lowered their price objective for the company from $55.00 to $47.00 in a research report on Tuesday, July 18th. Stifel Nicolaus restated a buy rating and issued a $54.00 price objective (down from $63.00) on shares of Targa Resources in a research report on Monday, July 17th. Wells Fargo & Company upgraded Targa Resources from a market perform rating to an outperform rating in a research report on Monday, July 17th. Guggenheim upgraded Targa Resources from a neutral rating to a buy rating and set a $50.00 price objective on the stock in a research report on Monday, August 14th. Finally, Citigroup Inc. upgraded Targa Resources from a neutral rating to a buy rating and set a $52.00 price objective on the stock in a research report on Thursday, November 2nd. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company’s stock. Targa Resources presently has an average rating of Hold and an average price target of $54.44.
Targa Resources (NYSE:TRGP) opened at $41.90 on Monday. The company has a quick ratio of 0.57, a current ratio of 0.74 and a debt-to-equity ratio of 0.67. Targa Resources has a 52-week low of $39.59 and a 52-week high of $61.83.
The business also recently disclosed a quarterly dividend, which was paid on Wednesday, November 15th. Shareholders of record on Wednesday, November 1st were paid a dividend of $0.91 per share. The ex-dividend date was Tuesday, October 31st. This represents a $3.64 annualized dividend and a yield of 8.69%. Targa Resources’s payout ratio is currently -143.31%.
A number of hedge funds and other institutional investors have recently modified their holdings of TRGP. AQR Capital Management LLC increased its stake in Targa Resources by 55.4% during the first quarter. AQR Capital Management LLC now owns 37,842 shares of the pipeline company’s stock worth $2,267,000 after acquiring an additional 13,490 shares during the last quarter. Xact Kapitalforvaltning AB boosted its position in shares of Targa Resources by 23.1% during the second quarter. Xact Kapitalforvaltning AB now owns 18,273 shares of the pipeline company’s stock valued at $826,000 after buying an additional 3,430 shares during the period. Fox Run Management L.L.C. purchased a new position in shares of Targa Resources during the second quarter valued at approximately $362,000. Capstone Asset Management Co. boosted its position in shares of Targa Resources by 11.0% during the second quarter. Capstone Asset Management Co. now owns 4,716 shares of the pipeline company’s stock valued at $213,000 after buying an additional 468 shares during the period. Finally, Bank of Montreal Can boosted its position in shares of Targa Resources by 15.9% during the second quarter. Bank of Montreal Can now owns 201,021 shares of the pipeline company’s stock valued at $9,086,000 after buying an additional 27,623 shares during the period. 86.84% of the stock is currently owned by institutional investors.
About Targa Resources
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.
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