Stifel Nicolaus reaffirmed their buy rating on shares of Targa Resources (NYSE:TRGP) in a report published on Friday, February 16th. Stifel Nicolaus currently has a $55.00 price objective on the pipeline company’s stock.
A number of other research firms have also recently weighed in on TRGP. Royal Bank of Canada restated a buy rating and set a $60.00 target price on shares of Targa Resources in a research note on Tuesday, January 16th. Barclays upgraded shares of Targa Resources from an equal weight rating to an overweight rating and lifted their target price for the company from $50.00 to $58.00 in a research note on Wednesday, January 17th. Credit Suisse Group began coverage on shares of Targa Resources in a research note on Thursday, January 4th. They set a neutral rating and a $46.00 target price on the stock. ValuEngine cut shares of Targa Resources from a hold rating to a sell rating in a research note on Friday, February 2nd. Finally, Bank of America began coverage on shares of Targa Resources in a research note on Tuesday, January 9th. They issued a neutral rating on the stock. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating, nine have given a buy rating and one has given a strong buy rating to the company’s stock. Targa Resources presently has a consensus rating of Hold and a consensus price target of $54.35.
Shares of Targa Resources (TRGP) traded down $0.40 during trading on Friday, hitting $46.74. 1,693,801 shares of the stock traded hands, compared to its average volume of 2,090,000. The stock has a market cap of $10,230.00, a PE ratio of -28.85 and a beta of 2.05. Targa Resources has a 1-year low of $39.59 and a 1-year high of $60.62. The company has a quick ratio of 0.66, a current ratio of 0.79 and a debt-to-equity ratio of 0.70.
Targa Resources (NYSE:TRGP) last released its earnings results on Thursday, February 15th. The pipeline company reported ($0.07) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.03) by ($0.04). Targa Resources had a net margin of 0.27% and a negative return on equity of 1.24%. The firm had revenue of $2.70 billion for the quarter, compared to analysts’ expectations of $2.30 billion. equities research analysts expect that Targa Resources will post -0.04 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Thursday, February 15th. Stockholders of record on Thursday, February 1st were issued a $0.91 dividend. The ex-dividend date of this dividend was Wednesday, January 31st. This represents a $3.64 dividend on an annualized basis and a dividend yield of 7.79%. Targa Resources’s dividend payout ratio (DPR) is presently -224.69%.
Several institutional investors have recently bought and sold shares of TRGP. Cubist Systematic Strategies LLC increased its holdings in shares of Targa Resources by 21.3% in the 2nd quarter. Cubist Systematic Strategies LLC now owns 6,257 shares of the pipeline company’s stock worth $283,000 after buying an additional 1,099 shares during the last quarter. Arrowstreet Capital Limited Partnership bought a new position in Targa Resources during the 2nd quarter valued at about $628,000. The Manufacturers Life Insurance Company grew its holdings in Targa Resources by 12.8% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 8,723 shares of the pipeline company’s stock valued at $395,000 after purchasing an additional 990 shares during the last quarter. Public Employees Retirement System of Ohio grew its holdings in Targa Resources by 3.5% during the 2nd quarter. Public Employees Retirement System of Ohio now owns 87,027 shares of the pipeline company’s stock valued at $3,934,000 after purchasing an additional 2,908 shares during the last quarter. Finally, Toronto Dominion Bank grew its holdings in Targa Resources by 4.7% during the 2nd quarter. Toronto Dominion Bank now owns 14,834 shares of the pipeline company’s stock valued at $671,000 after purchasing an additional 669 shares during the last quarter. Hedge funds and other institutional investors own 90.31% of the company’s stock.
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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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