Market Overview

UPDATE: J.P. Morgan Reiterates Overweight Rating, Raises PT on Targa Resources Partners LP

Related NGLS
Is Targa Resources Partners (NGLS) Stock a Solid Choice Right Now? - Tale of the Tape
2 Energy Companies Making A 20% Parabolic Move

In a report published Wednesday, J.P. Morgan & Co. reiterated its Overweight rating on Targa Resources Partners LP (NYSE: NGLS), and slightly raised its price target from $47.00 to $48.00.

J.P. Morgan noted, “We rate Targa Resource Partners Overweight and establish a YE13 $48/unit price target. We view Targa as one of the MLPs most leveraged to the burgeoning wet gas production and downstream NGL logistics. The partnership's assets service growing liquids rich production in the Permian and the oil window of the Barnett. Additionally, Targa possesses the second largest fractionation position in Mont Belvieu, which is undergoing rapid expansion to keep pace with growing NGL production. Despite a challenging NGL market, we maintain our OW rating as we believe NGLS offers an attractive risk/reward proposition due to the partnership's deep portfolio of organic growth projects (now $2 billion) combined with a peer leading track record of managing through commodity price cycles.”

Targa Resources Partners LP closed on Tuesday at $41.80.

Latest Ratings for NGLS

DateFirmActionFromTo
Sep 2014BMO CapitalInitiates Coverage onMarket Perform
Sep 2014Stifel NicolausReiteratesBuy
Aug 2014BarclaysMaintainsEqual-weight

View More Analyst Ratings for NGLS
View the Latest Analyst Ratings

Posted-In: J.P. Morgan & Co.Analyst Color Price Target Analyst Ratings

 

Related Articles (NGLS)

Around the Web, We're Loving...

Partner Network

Get Benzinga's Newsletters