Wells Fargo & Company downgraded shares of Targa Resources, Inc. (NYSE:TRGP) from an outperform rating to a market perform rating in a report issued on Tuesday morning, MarketBeat Ratings reports. The brokerage currently has $49.00 target price on the pipeline company’s stock.
A number of other research firms also recently commented on TRGP. Barclays PLC downgraded shares of Targa Resources from an overweight rating to an equal weight rating and reduced their price objective for the stock from $55.00 to $47.00 in a report on Tuesday, July 18th. BMO Capital Markets set a $51.00 price objective on shares of Targa Resources and gave the stock a hold rating in a report on Tuesday, August 15th. Citigroup Inc. downgraded shares of Targa Resources from a buy rating to a neutral rating and reduced their price objective for the stock from $54.00 to $52.00 in a report on Tuesday, October 10th. Guggenheim raised shares of Targa Resources from a neutral rating to a buy rating and set a $50.00 price objective for the company in a report on Monday, August 14th. Finally, Jefferies Group LLC raised shares of Targa Resources from a hold rating to a buy rating and reduced their price objective for the stock from $54.00 to $50.00 in a report on Wednesday, July 12th. One research analyst has rated the stock with a sell rating, ten have issued a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the stock. The company presently has a consensus rating of Hold and a consensus target price of $54.44.
Shares of Targa Resources (NYSE:TRGP) traded down $0.23 during trading on Tuesday, reaching $44.13. 1,611,511 shares of the company’s stock were exchanged, compared to its average volume of 2,182,575. The company has a quick ratio of 0.51, a current ratio of 0.74 and a debt-to-equity ratio of 0.67. Targa Resources has a 12-month low of $39.59 and a 12-month high of $61.83.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 15th. Investors of record on Wednesday, November 1st will be issued a dividend of $0.91 per share. This represents a $3.64 dividend on an annualized basis and a yield of 8.25%. The ex-dividend date is Tuesday, October 31st. Targa Resources’s dividend payout ratio is currently -136.84%.
A number of institutional investors and hedge funds have recently made changes to their positions in TRGP. Aviva PLC lifted its position in shares of Targa Resources by 8.9% in the second quarter. Aviva PLC now owns 128,243 shares of the pipeline company’s stock worth $5,797,000 after purchasing an additional 10,500 shares in the last quarter. Andra AP fonden lifted its position in shares of Targa Resources by 46.2% in the second quarter. Andra AP fonden now owns 46,500 shares of the pipeline company’s stock worth $2,102,000 after purchasing an additional 14,700 shares in the last quarter. Stonepeak GP Investors Manager LLC bought a new stake in shares of Targa Resources in the second quarter worth $15,551,000. Usca Ria LLC lifted its position in shares of Targa Resources by 3.7% in the second quarter. Usca Ria LLC now owns 4,997 shares of the pipeline company’s stock worth $226,000 after purchasing an additional 178 shares in the last quarter. Finally, GAM Holding AG lifted its position in shares of Targa Resources by 63.5% in the second quarter. GAM Holding AG now owns 28,325 shares of the pipeline company’s stock worth $1,280,000 after purchasing an additional 11,000 shares in the last quarter. 87.36% of the stock is currently owned by hedge funds and other institutional investors.
Targa Resources Company Profile
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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