Targa Resources (NYSE:TRGP) Lowered to “Hold” at Zacks Investment Research

Targa Resources (NYSE:TRGP) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Wednesday, Zacks.com reports.

According to Zacks, “Targa Resources Corp owns general and limited partner interests in Targa Resources Partners LP, engaged in providing midstream natural gas and natural gas liquid services in the United States. The Company operates its business through two business segments: Natural Gas Gathering and Processing and NGL Logistics and Marketing. The Natural Gas Gathering and Processing segment includes assets used in the gathering of natural gas produced from oil and gas wells and processing this raw natural gas into merchantable natural gas by extracting natural gas liquids and removing impurities. NGL Logistics and Marketing segment is engaged in gathering and storing; fractionating, storing, and transporting of finished NGLs. Targa also markets the natural gas liquids produced and purchased in selected United States markets. The Company also offers refinery services and wholesale propane marketing operations. Targa Resources Corp is headquartered in Houston, Texas. “

A number of other equities analysts also recently weighed in on TRGP. Barclays set a $49.00 price target on shares of Targa Resources and gave the stock a “buy” rating in a research note on Tuesday, October 15th. Evercore ISI reaffirmed a “hold” rating on shares of Targa Resources in a research note on Sunday, August 11th. Credit Suisse Group dropped their price target on shares of Targa Resources from $49.00 to $44.00 and set an “outperform” rating on the stock in a research note on Thursday, August 15th. Mizuho set a $45.00 price target on shares of Targa Resources and gave the stock a “hold” rating in a research note on Friday, July 12th. Finally, Royal Bank of Canada dropped their price target on shares of Targa Resources to $51.00 and set an “outperform” rating on the stock in a research note on Friday, August 9th. Eight analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company’s stock. Targa Resources currently has a consensus rating of “Buy” and an average price target of $47.83.

NYSE:TRGP traded up $0.56 during trading hours on Wednesday, hitting $40.65. 48,811 shares of the stock traded hands, compared to its average volume of 1,489,092. The firm has a 50 day moving average price of $39.47 and a 200 day moving average price of $38.95. The company has a current ratio of 0.73, a quick ratio of 0.61 and a debt-to-equity ratio of 0.74. Targa Resources has a fifty-two week low of $32.00 and a fifty-two week high of $55.18. The firm has a market cap of $9.25 billion, a price-to-earnings ratio of 203.60 and a beta of 1.77.

Targa Resources (NYSE:TRGP) last announced its earnings results on Thursday, August 8th. The pipeline company reported ($0.18) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.33) by $0.15. Targa Resources had a negative net margin of 1.81% and a negative return on equity of 0.17%. The company had revenue of $2 billion for the quarter, compared to the consensus estimate of $2.36 billion. Research analysts predict that Targa Resources will post -0.89 EPS for the current year.

Institutional investors have recently bought and sold shares of the business. HM Payson & Co. acquired a new position in Targa Resources during the second quarter worth $28,000. Arlington Partners LLC bought a new stake in Targa Resources during the second quarter valued at about $29,000. Personal Wealth Partners bought a new stake in Targa Resources during the second quarter valued at about $36,000. Valeo Financial Advisors LLC boosted its holdings in Targa Resources by 105.3% during the second quarter. Valeo Financial Advisors LLC now owns 965 shares of the pipeline company’s stock valued at $38,000 after acquiring an additional 495 shares during the period. Finally, Mcmillion Capital Management Inc. bought a new stake in Targa Resources during the second quarter valued at about $39,000. 96.15% of the stock is currently owned by hedge funds and other institutional investors.

About Targa Resources

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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