Targa Resources (NYSE:TRGP) Shares Up 8.4%

Targa Resources Corp (NYSE:TRGP) shares shot up 8.4% during mid-day trading on Monday . The company traded as high as $43.47 and last traded at $43.27, 5,337,293 shares traded hands during trading. An increase of 122% from the average session volume of 2,399,400 shares. The stock had previously closed at $39.90.

A number of brokerages have recently issued reports on TRGP. Zacks Investment Research upgraded Targa Resources from a “strong sell” rating to a “hold” rating in a research report on Thursday, July 18th. SunTrust Banks set a $45.00 price target on Targa Resources and gave the company a “buy” rating in a research report on Friday, August 9th. Credit Suisse Group dropped their price target on Targa Resources from $49.00 to $44.00 and set an “outperform” rating for the company in a research report on Thursday, August 15th. Royal Bank of Canada dropped their price target on Targa Resources to $51.00 and set an “outperform” rating for the company in a research report on Friday, August 9th. Finally, ValuEngine downgraded Targa Resources from a “buy” rating to a “hold” rating in a research report on Tuesday, August 27th. Six analysts have rated the stock with a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus price target of $51.24.

The company has a market capitalization of $9.75 billion, a PE ratio of 216.35 and a beta of 1.75. The company has a current ratio of 0.73, a quick ratio of 0.61 and a debt-to-equity ratio of 0.74. The stock has a fifty day moving average of $36.34 and a two-hundred day moving average of $39.11.



Targa Resources (NYSE:TRGP) last announced its quarterly earnings data on Thursday, August 8th. The pipeline company reported ($0.18) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.33) by $0.15. The company had revenue of $2 billion for the quarter, compared to analysts’ expectations of $2.36 billion. Targa Resources had a negative return on equity of 0.17% and a negative net margin of 1.81%. Equities analysts forecast that Targa Resources Corp will post -0.85 EPS for the current year.

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Miles Capital Inc. raised its holdings in shares of Targa Resources by 1.3% during the 1st quarter. Miles Capital Inc. now owns 22,237 shares of the pipeline company’s stock valued at $924,000 after buying an additional 287 shares in the last quarter. World Asset Management Inc increased its stake in Targa Resources by 4.1% in the 2nd quarter. World Asset Management Inc now owns 7,887 shares of the pipeline company’s stock worth $310,000 after purchasing an additional 312 shares during the period. Commonwealth Equity Services LLC increased its stake in Targa Resources by 2.8% in the 2nd quarter. Commonwealth Equity Services LLC now owns 13,172 shares of the pipeline company’s stock worth $517,000 after purchasing an additional 357 shares during the period. Bank of Edwardsville increased its stake in Targa Resources by 5.7% in the 2nd quarter. Bank of Edwardsville now owns 7,360 shares of the pipeline company’s stock worth $289,000 after purchasing an additional 399 shares during the period. Finally, Coldstream Capital Management Inc. increased its stake in Targa Resources by 2.2% in the 1st quarter. Coldstream Capital Management Inc. now owns 19,842 shares of the pipeline company’s stock worth $825,000 after purchasing an additional 432 shares during the period. 95.82% of the stock is currently owned by institutional investors.

About Targa Resources (NYSE:TRGP)

Targa Resources Corp., together with its subsidiary, Targa Resources Partners LP, owns, operates, acquires, and develops a portfolio of midstream energy assets in North America. It operates in two segments, Gathering and Processing, and Logistics and Marketing. The company engages in gathering, compressing, treating, processing, transporting, and selling natural gas; storing, fractionating, treating, transporting, and selling natural gas liquids (NGL) and NGL products, including services to liquefied petroleum gas exporters; gathering, storing, terminaling, and selling crude oil; and storing, terminaling, and selling refined petroleum products.

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