Targa Resources, Inc. (TRGP) Rating Lowered to D+ at TheStreet
Targa Resources, Inc. (NYSE:TRGP) was downgraded by research analysts at TheStreet from a “c-” rating to a “d+” rating in a research report issued on Monday.
A number of other research analysts have also recently commented on TRGP. Wells Fargo & Company upgraded Targa Resources from a “market perform” rating to an “outperform” rating in a report on Monday, July 17th. Stifel Nicolaus reiterated a “buy” rating and issued a $54.00 price objective (down from $63.00) on shares of Targa Resources in a report on Monday, July 17th. Barclays PLC cut Targa Resources from an “overweight” rating to an “equal weight” rating and decreased their price target for the stock from $55.00 to $47.00 in a research note on Tuesday, July 18th. ValuEngine upgraded Targa Resources from a “sell” rating to a “hold” rating in a research note on Wednesday, July 19th. Finally, Zacks Investment Research upgraded Targa Resources from a “sell” rating to a “hold” rating in a research note on Wednesday, August 9th. One analyst has rated the stock with a sell rating, ten have assigned a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company. The company currently has an average rating of “Hold” and a consensus target price of $54.44.
Targa Resources (NYSE TRGP) traded down $0.73 on Monday, reaching $41.56. The company had a trading volume of 1,636,200 shares, compared to its average volume of 1,897,621. Targa Resources has a 12-month low of $39.59 and a 12-month high of $61.83. The company has a debt-to-equity ratio of 0.67, a quick ratio of 0.57 and a current ratio of 0.74.
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A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its stake in Targa Resources by 17.7% in the second quarter. Vanguard Group Inc. now owns 18,768,732 shares of the pipeline company’s stock valued at $848,347,000 after acquiring an additional 2,823,104 shares in the last quarter. BlackRock Inc. boosted its stake in Targa Resources by 13.3% in the second quarter. BlackRock Inc. now owns 11,428,578 shares of the pipeline company’s stock valued at $516,575,000 after acquiring an additional 1,338,025 shares in the last quarter. Chickasaw Capital Management LLC boosted its stake in Targa Resources by 3.2% in the second quarter. Chickasaw Capital Management LLC now owns 7,921,492 shares of the pipeline company’s stock valued at $358,051,000 after acquiring an additional 244,459 shares in the last quarter. Tortoise Capital Advisors L.L.C. boosted its stake in Targa Resources by 30.4% in the second quarter. Tortoise Capital Advisors L.L.C. now owns 6,721,135 shares of the pipeline company’s stock valued at $303,795,000 after acquiring an additional 1,566,961 shares in the last quarter. Finally, Center Coast Capital Advisors LP boosted its stake in Targa Resources by 29.4% in the second quarter. Center Coast Capital Advisors LP now owns 5,508,319 shares of the pipeline company’s stock valued at $248,976,000 after acquiring an additional 1,252,133 shares in the last quarter. Institutional investors own 86.84% of the company’s stock.
About Targa Resources
Targa Resources Corp. is a midstream energy company in North America. It provides midstream services. Its segments include Gathering and Processing, and Logistics and Marketing (Downstream Business). It is engaged in the business of gathering, compressing, treating, processing and selling natural gas; storing, fractionating, treating, transporting and selling natural gas liquids (NGLs) and NGL products, including services to liquefied petroleum gas exporters; gathering, storing and terminalling crude oil, and storing, terminalling and selling refined petroleum products.
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