Barclays Downgrades Targa Resources Partners to Equal Weight (NGLS)
Targa Resources Partners (NASDAQ:NGLS) was downgraded by analysts at Barclays from an “overweight” rating to an “equal weight” rating in a research report issued to clients and investors on Wednesday. They currently have a $68.00 price target on the stock, up from their previous price target of $65.00. Barclays’ target price would suggest a potential downside of 5.49% from the company’s current price.
Shares of Targa Resources Partners (NASDAQ:NGLS) opened at 71.95 on Wednesday. Targa Resources Partners has a 52 week low of $47.57 and a 52 week high of $83.49. The stock’s 50-day moving average is $68.43 and its 200-day moving average is $58.29. The company has a market cap of $8.224 billion and a price-to-earnings ratio of 39.47.
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 $2.36 earnings per share for the current fiscal year.
NGLS has been the subject of a number of other recent research reports. Analysts at Wells Fargo & Co. downgraded shares of Targa Resources Partners to a “market perform” rating in a research note on Wednesday. Separately, analysts at Zacks downgraded shares of Targa Resources Partners from an “outperform” rating to a “neutral” rating in a research note on Tuesday. They now have a $83.60 price target on the stock. Finally, analysts at Citigroup Inc. downgraded shares of Targa Resources Partners from a “buy” rating to a “neutral” rating in a research note on Monday, June 23rd. They now have a $74.00 price target on the stock, up previously from $65.00. They noted that the move was a valuation call. Eleven analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $68.76.
Targa Resources Partners LP is a limited partnership formed by Targa Resources, Corp (NASDAQ:NGLS).
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