BidaskClub lowered shares of Targa Resources, Inc. (NYSE:TRGP) from a hold rating to a sell rating in a report released on Wednesday, October 25th.
Other analysts have also recently issued reports about the company. Guggenheim upgraded Targa Resources from a neutral rating to a buy rating and set a $50.00 price objective on the stock in a research note on Monday, August 14th. BMO Capital Markets set a $51.00 target price on Targa Resources and gave the company a hold rating in a report on Tuesday, August 15th. Zacks Investment Research raised Targa Resources from a sell rating to a hold rating in a report on Wednesday, August 9th. Robert W. Baird dropped their price objective on Targa Resources from $54.00 to $52.00 and set an outperform rating on the stock in a report on Friday, June 30th. Finally, Jefferies Group LLC lowered Targa Resources from a buy rating to a hold rating in a report on Monday, October 16th. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the stock. Targa Resources currently has an average rating of Hold and a consensus price target of $54.44.
Targa Resources (NYSE TRGP) traded down $0.23 during trading hours on Wednesday, reaching $44.13. The company’s stock had a trading volume of 1,611,500 shares, compared to its average volume of 1,900,823. The company has a quick ratio of 0.51, a current ratio of 0.74 and a debt-to-equity ratio of 0.67. Targa Resources has a 52 week low of $39.59 and a 52 week high of $61.83.
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The company also recently announced a quarterly dividend, which will be paid on Wednesday, November 15th. Shareholders of record on Wednesday, November 1st will be paid a $0.91 dividend. The ex-dividend date of this dividend is Tuesday, October 31st. This represents a $3.64 annualized dividend and a yield of 8.25%. Targa Resources’s payout ratio is currently -136.84%.
Hedge funds and other institutional investors have recently made changes to their positions in the company. Shine Investment Advisory Services Inc. purchased a new stake in shares of Targa Resources during the 2nd quarter valued at $105,000. Bollard Group LLC lifted its holdings in shares of Targa Resources by 1.1% during the 2nd quarter. Bollard Group LLC now owns 2,526 shares of the pipeline company’s stock valued at $114,000 after acquiring an additional 27 shares in the last quarter. Ffcm LLC lifted its holdings in shares of Targa Resources by 237.0% during the 2nd quarter. Ffcm LLC now owns 2,716 shares of the pipeline company’s stock valued at $122,000 after acquiring an additional 1,910 shares in the last quarter. Van ECK Associates Corp lifted its holdings in shares of Targa Resources by 24.0% during the 2nd quarter. Van ECK Associates Corp now owns 2,705 shares of the pipeline company’s stock valued at $122,000 after acquiring an additional 524 shares in the last quarter. Finally, Penserra Capital Management LLC lifted its holdings in shares of Targa Resources by 20.6% during the 2nd quarter. Penserra Capital Management LLC now owns 4,255 shares of the pipeline company’s stock valued at $192,000 after acquiring an additional 726 shares in the last quarter. 87.36% of the stock is owned by institutional investors.
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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