Wunderlich Downgrades Targa Resources Partners to Hold (NGLS)
Targa Resources Partners (NASDAQ:NGLS) was downgraded by investment analysts at Wunderlich from a “buy” rating to a “hold” rating in a note issued to investors on Friday, TheFlyOnTheWall.com reports. They currently have a $61.00 price objective on the stock, down from their previous price objective of $70.00. Wunderlich’s price objective suggests a potential downside of 25.20% from the company’s current price.
Shares of Targa Resources Partners (NASDAQ:NGLS) traded down 12.95% during mid-day trading on Friday, hitting $70.99. The stock had a trading volume of 654,515 shares. Targa Resources Partners has a 52-week low of $43.54 and a 52-week high of $83.49. The stock’s 50-day moving average is $66.12 and its 200-day moving average is $56.94. The company has a market cap of $8.114 billion and a P/E ratio of 44.76.
Targa Resources Partners (NASDAQ:NGLS) last posted its quarterly earnings results on Thursday, May 1st. The company reported $0.78 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.49 by $0.29. The company had revenue of $2.35 billion for the quarter, compared to the consensus estimate of $2.21 billion. During the same quarter last year, the company posted $0.16 earnings per share. Targa Resources Partners’s revenue was up 68.3% compared to the same quarter last year. Analysts expect that Targa Resources Partners will post $2.35 EPS for the current fiscal year.
A number of other firms have also recently commented on NGLS. Analysts at Global Hunter Securities initiated coverage on shares of Targa Resources Partners in a research note on Tuesday, June 3rd. They set an “accumulate” rating and a $72.00 price target on the stock. Separately, analysts at Jefferies Group raised their price target on shares of Targa Resources Partners from $62.00 to $63.00 in a research note on Tuesday, June 3rd. They now have a “hold” rating on the stock. Finally, analysts at Zacks upgraded shares of Targa Resources Partners from a “neutral” rating to an “outperform” rating in a research note on Tuesday, May 6th. They now have a $65.10 price target on the stock. Seven research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Targa Resources Partners has an average rating of “Hold” and an average price target of $64.90.
Targa Resources Partners LP is a limited partnership formed by Targa Resources, Corp (NASDAQ:NGLS).
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