Credit Suisse Group Initiates Coverage on Targa Resources (TRGP)

Equities researchers at Credit Suisse Group started coverage on shares of Targa Resources (NYSE:TRGP) in a research report issued to clients and investors on Thursday. The brokerage set a “neutral” rating and a $46.00 price target on the pipeline company’s stock. Credit Suisse Group’s price objective points to a potential downside of 5.06% from the company’s previous close.

A number of other equities analysts have also commented on the stock. Stifel Nicolaus reduced their target price on shares of Targa Resources from $53.00 to $51.00 and set a “buy” rating on the stock in a research report on Monday, November 20th. TheStreet lowered shares of Targa Resources from a “c-” rating to a “d+” rating in a research report on Monday, November 13th. Wells Fargo & Co lowered shares of Targa Resources from an “outperform” rating to a “market perform” rating and set a $49.00 target price on the stock. in a research report on Tuesday, November 7th. Robert W. Baird reaffirmed a “buy” rating and set a $53.00 target price on shares of Targa Resources in a research report on Friday, November 3rd. Finally, BidaskClub raised shares of Targa Resources from a “sell” rating to a “hold” rating in a research report on Friday, November 3rd. One research analyst has rated the stock with a sell rating, ten have issued a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company. Targa Resources currently has an average rating of “Hold” and a consensus target price of $53.89.

Targa Resources (TRGP) opened at $48.45 on Thursday. The company has a market cap of $10,550.00, a P/E ratio of -19.07 and a beta of 2.22. Targa Resources has a 1 year low of $39.59 and a 1 year high of $61.83. The company has a debt-to-equity ratio of 0.67, a quick ratio of 0.57 and a current ratio of 0.74.

In related news, VP John Richard Klein sold 2,292 shares of Targa Resources stock in a transaction that occurred on Thursday, November 16th. The shares were sold at an average price of $41.85, for a total transaction of $95,920.20. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 1.93% of the company’s stock.

A number of hedge funds have recently modified their holdings of the stock. CNH Partners LLC increased its holdings in Targa Resources by 0.5% during the second quarter. CNH Partners LLC now owns 21,713 shares of the pipeline company’s stock valued at $981,000 after buying an additional 100 shares during the period. Nordea Investment Management AB boosted its stake in Targa Resources by 2.9% in the second quarter. Nordea Investment Management AB now owns 5,493 shares of the pipeline company’s stock valued at $248,000 after acquiring an additional 155 shares in the last quarter. Profund Advisors LLC boosted its stake in Targa Resources by 3.6% in the second quarter. Profund Advisors LLC now owns 9,140 shares of the pipeline company’s stock valued at $413,000 after acquiring an additional 317 shares in the last quarter. Frontier Wealth Management LLC boosted its stake in Targa Resources by 6.2% in the second quarter. Frontier Wealth Management LLC now owns 5,874 shares of the pipeline company’s stock valued at $266,000 after acquiring an additional 344 shares in the last quarter. Finally, Van ECK Associates Corp boosted its stake in Targa Resources by 24.0% in the second 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. 87.43% of the stock is currently owned by institutional investors.

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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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