Wells Fargo & Company downgraded shares of Targa Resources, Inc. (NYSE:TRGP) from an outperform rating to a market perform rating in a research report released on Tuesday, November 7th, Marketbeat Ratings reports. They currently have $49.00 price objective on the pipeline company’s stock.
A number of other equities research analysts have also weighed in on TRGP. Jefferies Group LLC raised shares of Targa Resources from a hold rating to a buy rating and dropped their target price for the stock from $54.00 to $50.00 in a report on Wednesday, July 12th. BMO Capital Markets reaffirmed a hold rating and issued a $51.00 target price on shares of Targa Resources in a report on Wednesday, July 12th. Zacks Investment Research downgraded shares of Targa Resources from a hold rating to a sell rating in a report on Thursday, July 13th. Deutsche Bank AG downgraded shares of Targa Resources from a buy rating to a hold rating and dropped their price objective for the company from $69.00 to $47.00 in a report on Thursday, July 13th. Finally, Royal Bank Of Canada dropped their price objective on shares of Targa Resources from $67.00 to $60.00 and set an outperform rating for the company in a report on Friday, July 14th. 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 company. The stock currently has an average rating of Hold and a consensus price target of $54.33.
Shares of Targa Resources (NYSE TRGP) traded up $0.14 during midday trading on Tuesday, reaching $42.04. 999,000 shares of the company were exchanged, compared to its average volume of 1,891,046. Targa Resources has a 52 week low of $39.59 and a 52 week high of $61.83. The company has a quick ratio of 0.57, a current ratio of 0.74 and a debt-to-equity ratio of 0.67.
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The business also recently declared a quarterly dividend, which was paid on Wednesday, November 15th. Shareholders of record on Wednesday, November 1st were issued a $0.91 dividend. The ex-dividend date of this dividend was Tuesday, October 31st. This represents a $3.64 dividend on an annualized basis and a dividend yield of 8.66%. Targa Resources’s dividend payout ratio is currently -143.31%.
Hedge funds and other institutional investors have recently bought and sold shares of the business. Shine Investment Advisory Services Inc. purchased a new position in shares of Targa Resources in the second quarter worth $105,000. Bollard Group LLC raised its holdings in shares of Targa Resources by 1.1% during the second quarter. Bollard Group LLC now owns 2,526 shares of the pipeline company’s stock worth $114,000 after purchasing an additional 27 shares during the last quarter. Van ECK Associates Corp raised its holdings in shares of Targa Resources by 24.0% during the second quarter. Van ECK Associates Corp now owns 2,705 shares of the pipeline company’s stock worth $122,000 after purchasing an additional 524 shares during the last quarter. Ffcm LLC raised its holdings in shares of Targa Resources by 237.0% during the second quarter. Ffcm LLC now owns 2,716 shares of the pipeline company’s stock worth $122,000 after purchasing an additional 1,910 shares during the last quarter. Finally, Penserra Capital Management LLC raised its holdings in shares of Targa Resources by 20.6% during the second quarter. Penserra Capital Management LLC now owns 4,255 shares of the pipeline company’s stock worth $192,000 after purchasing an additional 726 shares during the last quarter. 84.64% of the stock is owned by institutional investors and hedge funds.
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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