Credit Suisse Group Lowers Targa Resources (NYSE:TRGP) Price Target to $44.00

Targa Resources (NYSE:TRGP) had its target price lowered by Credit Suisse Group from $49.00 to $44.00 in a report issued on Thursday morning, The Fly reports. The brokerage currently has an outperform rating on the pipeline company’s stock.

TRGP has been the subject of a number of other reports. ValuEngine raised shares of Targa Resources from a hold rating to a buy rating in a report on Tuesday, August 13th. Evercore ISI reaffirmed a hold rating on shares of Targa Resources in a report on Sunday, August 11th. Barclays reaffirmed a buy rating and set a $48.00 price objective on shares of Targa Resources in a report on Thursday, July 18th. SunTrust Banks set a $45.00 price objective on shares of Targa Resources and gave the stock a buy rating in a report on Friday, August 9th. Finally, Royal Bank of Canada reduced their price objective on shares of Targa Resources to $51.00 and set an outperform rating for the company in a report on Friday, August 9th. Five equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. Targa Resources has an average rating of Buy and an average price target of $52.94.

Shares of Targa Resources stock opened at $34.08 on Thursday. The company has a debt-to-equity ratio of 0.74, a current ratio of 0.73 and a quick ratio of 0.48. Targa Resources has a fifty-two week low of $32.79 and a fifty-two week high of $59.21. The firm has a fifty day moving average price of $38.64 and a two-hundred day moving average price of $40.15. The company has a market cap of $7.70 billion, a PE ratio of 170.40 and a beta of 1.76.

The company also recently declared a quarterly dividend, which was paid on Thursday, August 15th. Investors of record on Wednesday, July 31st were issued a dividend of $0.91 per share. This represents a $3.64 annualized dividend and a yield of 10.68%. The ex-dividend date was Tuesday, July 30th. Targa Resources’s dividend payout ratio is currently 1,820.00%.

A number of hedge funds have recently made changes to their positions in TRGP. Invesco Ltd. lifted its holdings in Targa Resources by 3,746.3% during the 2nd quarter. Invesco Ltd. now owns 9,579,054 shares of the pipeline company’s stock valued at $376,074,000 after purchasing an additional 9,330,008 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its holdings in Targa Resources by 4,739.1% during the 2nd quarter. Price T Rowe Associates Inc. MD now owns 7,653,440 shares of the pipeline company’s stock valued at $300,474,000 after purchasing an additional 7,495,281 shares during the last quarter. Tortoise Capital Advisors L.L.C. lifted its holdings in Targa Resources by 35.6% during the 1st quarter. Tortoise Capital Advisors L.L.C. now owns 13,153,678 shares of the pipeline company’s stock valued at $546,535,000 after purchasing an additional 3,454,138 shares during the last quarter. Nuveen Asset Management LLC lifted its holdings in Targa Resources by 4,024.1% during the 2nd quarter. Nuveen Asset Management LLC now owns 2,454,846 shares of the pipeline company’s stock valued at $96,377,000 after purchasing an additional 2,395,322 shares during the last quarter. Finally, CIBC Private Wealth Group LLC lifted its holdings in Targa Resources by 54.4% during the 1st quarter. CIBC Private Wealth Group LLC now owns 3,797,110 shares of the pipeline company’s stock valued at $157,770,000 after purchasing an additional 1,338,009 shares during the last quarter. 91.13% of the stock is owned by hedge funds and other institutional investors.

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.

Read More: How does quantitative easing work?

The Fly

Analyst Recommendations for Targa Resources (NYSE:TRGP)

Receive News & Ratings for Targa Resources Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Targa Resources and related companies with MarketBeat.com's FREE daily email newsletter.