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

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Targa Resources (NYSE:TRGP) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released 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 brokerages have also weighed in on TRGP. UBS Group set a $54.00 price target on shares of Targa Resources and gave the company a “buy” rating in a report on Friday, August 16th. Robert W. Baird lowered their price target on shares of Targa Resources from $67.00 to $49.00 and set an “outperform” rating for the company in a report on Tuesday, October 8th. SunTrust Banks set a $45.00 price target on shares of Targa Resources and gave the company a “buy” rating in a report on Friday, August 9th. Barclays set a $49.00 price target on shares of Targa Resources and gave the company a “buy” rating in a report on Tuesday, October 15th. Finally, Raymond James raised shares of Targa Resources from an “outperform” rating to a “strong-buy” rating and set a $48.00 price target for the company in a report on Wednesday, August 28th. Eight equities research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus target price of $47.83.

Shares of NYSE TRGP traded up $0.56 during mid-day trading on Wednesday, hitting $40.65. 48,811 shares of the stock were exchanged, compared to its average volume of 1,489,092. The company has a market cap of $9.25 billion, a P/E ratio of 203.60 and a beta of 1.77. The stock’s fifty day simple moving average is $39.47 and its two-hundred day simple moving average is $38.95. The company has a debt-to-equity ratio of 0.74, a quick ratio of 0.61 and a current ratio of 0.73. Targa Resources has a twelve month low of $32.00 and a twelve month high of $55.18.

Targa Resources (NYSE:TRGP) last issued its quarterly earnings results on Thursday, August 8th. The pipeline company reported ($0.18) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.33) by $0.15. The business had revenue of $2 billion during the quarter, compared to analyst estimates of $2.36 billion. Targa Resources had a negative net margin of 1.81% and a negative return on equity of 0.17%. As a group, equities research analysts predict that Targa Resources will post -0.89 earnings per share for the current fiscal year.

A number of hedge funds have recently made changes to their positions in TRGP. HM Payson & Co. bought a new position in Targa Resources in the second quarter valued at approximately $28,000. Arlington Partners LLC bought a new position in Targa Resources in the second quarter valued at approximately $29,000. Personal Wealth Partners bought a new position in Targa Resources in the second quarter valued at approximately $36,000. Valeo Financial Advisors LLC boosted its stake in Targa Resources by 105.3% in 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 last quarter. Finally, Mcmillion Capital Management Inc. bought a new position in Targa Resources in the second quarter valued at approximately $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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