Robert W. Baird Lowers Targa Resources (NYSE:TRGP) Price Target to $43.00

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Targa Resources (NYSE:TRGP) had its target price cut by Robert W. Baird from $49.00 to $43.00 in a report published on Monday, AnalystRatings.com reports. They currently have an outperform rating on the pipeline company’s stock.

A number of other research analysts have also recently weighed in on TRGP. Bank of America set a $44.00 price target on shares of Targa Resources and gave the company a buy rating in a research report on Tuesday, September 10th. Raymond James raised shares of Targa Resources from an outperform rating to a strong-buy rating and set a $48.00 price objective for the company in a research report on Wednesday, August 28th. Zacks Investment Research downgraded shares of Targa Resources from a buy rating to a hold rating in a research note on Sunday, November 3rd. Barclays set a $49.00 target price on shares of Targa Resources and gave the company a buy rating in a report on Tuesday, October 15th. Finally, Capital One Financial lowered shares of Targa Resources from an overweight rating to an equal weight rating and set a $42.00 target price on the stock. in a report on Thursday, November 21st. Eight equities research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company. The stock currently has a consensus rating of Buy and a consensus target price of $46.58.

NYSE:TRGP traded up $0.61 on Monday, hitting $35.83. 1,662,319 shares of the stock were exchanged, compared to its average volume of 2,246,749. The stock has a fifty day moving average of $38.85 and a 200-day moving average of $38.62. The stock has a market cap of $8.23 billion, a PE ratio of 179.13 and a beta of 1.78. The company has a current ratio of 0.88, a quick ratio of 0.76 and a debt-to-equity ratio of 0.83. Targa Resources has a fifty-two week low of $32.00 and a fifty-two week high of $48.78.

Targa Resources (NYSE:TRGP) last issued its earnings results on Thursday, November 7th. The pipeline company reported ($0.34) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.22) by ($0.12). The firm had revenue of $1.90 billion for the quarter, compared to analysts’ expectations of $2.25 billion. Targa Resources had a negative return on equity of 0.45% and a negative net margin of 2.31%. As a group, analysts predict that Targa Resources will post -0.92 earnings per share for the current year.

The company also recently declared a quarterly dividend, which was paid on Friday, November 15th. Investors of record on Friday, November 1st were issued a dividend of $0.91 per share. This represents a $3.64 dividend on an annualized basis and a yield of 10.16%. The ex-dividend date was Thursday, October 31st. Targa Resources’s payout ratio is 1,820.00%.

Institutional investors have recently added to or reduced their stakes in the stock. Trust Co. of Vermont purchased a new position in Targa Resources in the 3rd quarter valued at about $25,000. HM Payson & Co. purchased a new stake in shares of Targa Resources during the second quarter worth about $28,000. Personal Wealth Partners purchased a new stake in shares of Targa Resources during the second quarter worth about $36,000. Mcmillion Capital Management Inc. acquired a new position in shares of Targa Resources in the second quarter worth about $39,000. Finally, Lee Financial Co acquired a new position in shares of Targa Resources in the second quarter worth about $46,000. 95.42% of the stock is currently owned by hedge funds and other institutional investors.

Targa Resources Company Profile

Targa Resources Corp., together with its subsidiary, Targa Resources Partners LP, owns, operates, acquires, and develops a portfolio of midstream energy assets in North America. It operates in two segments, Gathering and Processing, and Logistics and Marketing. The company engages in gathering, compressing, treating, processing, transporting, and selling natural gas; storing, fractionating, treating, transporting, and selling natural gas liquids (NGL) and NGL products, including services to liquefied petroleum gas exporters; gathering, storing, terminaling, and selling crude oil; and storing, terminaling, and selling refined petroleum products.

See Also: When can a hold rating present a buying opportunity?

Analyst Recommendations for Targa Resources (NYSE:TRGP)

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