Targa Resources (NYSE:TRGP) Downgraded by Stifel Nicolaus

Stifel Nicolaus lowered shares of Targa Resources (NYSE:TRGP) from a buy rating to a hold rating in a research note published on Friday, BenzingaRatingsTable reports. Stifel Nicolaus currently has $41.00 price target on the pipeline company’s stock.

Other equities analysts have also recently issued research reports about the company. Raymond James upgraded Targa Resources from an outperform rating to a strong-buy rating and set a $48.00 price target for the company in a report on Wednesday, August 28th. SunTrust Banks set a $45.00 price target on Targa Resources and gave the stock a buy rating in a report on Friday, August 9th. Evercore ISI reiterated a hold rating on shares of Targa Resources in a report on Sunday, August 11th. Robert W. Baird reduced their price target on Targa Resources from $67.00 to $49.00 and set an outperform rating for the company in a report on Tuesday, October 8th. Finally, Bank of America set a $44.00 price target on Targa Resources and gave the stock a buy rating in a report on Tuesday, September 10th. Eight analysts have rated the stock with a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the stock. Targa Resources has an average rating of Buy and a consensus target price of $47.67.

Shares of NYSE TRGP traded down $1.01 during mid-day trading on Friday, hitting $38.45. The company had a trading volume of 113,079 shares, compared to its average volume of 2,045,531. The company has a market capitalization of $9.01 billion, a PE ratio of 193.40 and a beta of 1.77. The firm has a 50-day simple moving average of $38.38 and a two-hundred day simple moving average of $39.05. The company has a current ratio of 0.73, a quick ratio of 0.61 and a debt-to-equity ratio of 0.74. Targa Resources has a one year low of $32.00 and a one year high of $57.61.

Targa Resources (NYSE:TRGP) last announced its quarterly earnings data on Thursday, August 8th. The pipeline company reported ($0.18) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.33) by $0.15. The company had revenue of $2 billion during the quarter, compared to analysts’ expectations of $2.36 billion. Targa Resources had a negative return on equity of 0.17% and a negative net margin of 1.81%. Sell-side analysts expect that Targa Resources will post -0.88 earnings per share for the current fiscal year.

Hedge funds have recently modified their holdings of the business. Cerebellum GP LLC acquired a new stake in Targa Resources during the first quarter worth approximately $27,000. HM Payson & Co. acquired a new stake in Targa Resources during the second quarter worth approximately $28,000. Arlington Partners LLC acquired a new stake in Targa Resources during the second quarter worth approximately $29,000. Personal Wealth Partners acquired a new stake in Targa Resources during the second quarter worth approximately $36,000. Finally, Valeo Financial Advisors LLC lifted its position in Targa Resources by 105.3% during the second quarter. Valeo Financial Advisors LLC now owns 965 shares of the pipeline company’s stock worth $38,000 after acquiring an additional 495 shares during the last quarter. Hedge funds and other institutional investors own 96.13% of the company’s stock.

About Targa Resources

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.

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Analyst Recommendations for Targa Resources (NYSE:TRGP)

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