Targa Resources Partners (NGLS) is Downgraded by Credit Suisse to Underperform, Lowers Price Target to $22

Targa Resources Partners (NGLS) is Downgraded by Credit Suisse to Underperform according to the research report released to the investors. The Brokerage Firm has Lowered the Price Target of the company shares to $22 from a previous price target of $49 . Earlier the firm had a rating of Outperform on the company shares. The shares recommendation by the Brokerage Firm was released on Dec-22-2015.

Shares of Targa Resources Partners LP (NYSE:NGLS) ended Thursday session in red amid volatile trading. The shares closed down 0.81 points or 5.03% at $15.28 with 2,602,670 shares getting traded. Post opening the session at $15.83, the shares hit an intraday low of $14.35 and an intraday high of $16.1 and the price vacillated in this range throughout the day. The company has a market cap of $2,824 million and the number of outstanding shares has been calculated to be 184,847,900 shares. The 52-week high of Targa Resources Partners LP (NYSE:NGLS) is $50.4 and the 52-week low is $13.07.

During the last several months other analysts have commented on the company rating. Equity Analysts at the Brokerage Firm, Stifel Nicolaus, downgrades their rating on the shares of Targa Resources Partners LP (NYSE:NGLS). Stifel Nicolaus has a Hold rating on the shares. Previously, the analysts had a Buy rating on the shares. The rating by the firm was issued on November 4, 2015.

Targa Resources Partners LP (NYSE:NGLS) has received a short term rating of hold from research analysts at Zacks with a rank of 3. The company has been rated an average of 2.2 by 15 Wall Street Analysts. 5 analysts have added the shares in their list of strong buys. 2 stock experts have also rated a buy. 8 broker firms have advised hold.

Targa Resources Partners LP (NYSE:NGLS): 12 Analyst have given the stock of Targa Resources Partners LP (NYSE:NGLS) a near short term price target of $36.75. The standard deviation reading, which is a measure by which the stock price is expected to swing away from the mean estimate, is at $9.47. The higher price target estimate is at $62 while the lower price estimates are fixed at $24.

Targa Resources Partners LP has lost 17.94% in the last five trading days and dropped 39.27% in the last 4 weeks. Targa Resources Partners LP has dropped 51.93% during the last 3-month period . Year-to-Date the stock performance stands at -65.32%.

Targa Resources Partners LP is a limited partnership formed by Targa Resources, Corp (Targa). The company is a provider of midstream natural gas and natural gas liquid (NGL) services in the United States and is engaged in the business of gathering, compressing, treating, processing and selling natural gas and storing, fractionating, treating, transporting, terminaling and selling NGLs, NGL products, refined petroleum products and crude oil. It operates in two divisions: Natural Gas Gathering and Processing, which include Field Gathering and Processing and Coastal Gathering and Processing, and Logistics and Marketing, which includes Logistics Assets and Marketing and Distribution. On September 30, 2011 it acquired refined petroleum products and crude oil storage and terminaling facilities in two separate transactions. On December 31, 2012, the Company acquired Saddle Butte Pipeline, LLC.