Barclays Lowers Targa Resources (TRGP) Price Target to $57.00

Targa Resources (NYSE:TRGP) had its price objective decreased by equities researchers at Barclays from $58.00 to $57.00 in a research report issued on Tuesday, MarketBeat.com reports. The firm presently has an “overweight” rating on the pipeline company’s stock. Barclays’ price target would suggest a potential upside of 20.63% from the company’s previous close.

A number of other analysts have also recently weighed in on TRGP. Credit Suisse Group initiated coverage on shares of Targa Resources in a research report on Thursday, January 4th. They set a “neutral” rating and a $46.00 price target for the company. Bank of America initiated coverage on shares of Targa Resources in a research report on Tuesday, January 9th. They set a “neutral” rating for the company. Royal Bank of Canada reaffirmed a “buy” rating and set a $60.00 price target on shares of Targa Resources in a research report on Tuesday, January 16th. Goldman Sachs raised shares of Targa Resources from a “neutral” rating to a “buy” rating and set a $68.00 price target for the company in a research report on Thursday, February 1st. Finally, ValuEngine cut shares of Targa Resources from a “hold” rating to a “sell” rating in a research report on Friday, February 2nd. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company’s stock. Targa Resources presently has an average rating of “Hold” and an average target price of $54.71.

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Shares of NYSE TRGP opened at $47.25 on Tuesday. Targa Resources has a 52-week low of $39.59 and a 52-week high of $57.80. The company has a current ratio of 0.79, a quick ratio of 0.66 and a debt-to-equity ratio of 0.70.

Targa Resources (NYSE:TRGP) last announced its quarterly earnings data on Thursday, February 15th. The pipeline company reported ($0.07) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.03) by ($0.04). Targa Resources had a net margin of 0.61% and a return on equity of 3.53%. The company 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 0.02 EPS for the current fiscal year.

A number of large investors have recently bought and sold shares of the business. Grassi Investment Management boosted its position in Targa Resources by 3.0% in the 4th quarter. Grassi Investment Management now owns 35,411 shares of the pipeline company’s stock valued at $1,715,000 after buying an additional 1,016 shares during the last quarter. IFP Advisors Inc boosted its position in Targa Resources by 6.5% in the 4th quarter. IFP Advisors Inc now owns 18,968 shares of the pipeline company’s stock valued at $918,000 after buying an additional 1,152 shares during the last quarter. Raymond James Trust N.A. boosted its position in Targa Resources by 21.5% in the 4th quarter. Raymond James Trust N.A. now owns 7,321 shares of the pipeline company’s stock valued at $354,000 after buying an additional 1,295 shares during the last quarter. Public Employees Retirement Association of Colorado boosted its position in Targa Resources by 3.7% in the 4th quarter. Public Employees Retirement Association of Colorado now owns 37,529 shares of the pipeline company’s stock valued at $1,817,000 after buying an additional 1,351 shares during the last quarter. Finally, Cambridge Investment Research Advisors Inc. boosted its position in Targa Resources by 10.4% in the 4th quarter. Cambridge Investment Research Advisors Inc. now owns 15,551 shares of the pipeline company’s stock valued at $753,000 after buying an additional 1,464 shares during the last quarter. 90.13% of the stock is owned by institutional investors.

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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, 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.

Analyst Recommendations for Targa Resources (NYSE:TRGP)

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