Targa Resources (NYSE:TRGP) was upgraded by Zacks Investment Research from a “strong sell” rating to a “hold” rating in a report issued on Thursday, 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. “

Several other equities research analysts have also issued reports on TRGP. Credit Suisse Group set a $230.00 price target on Constellation Brands and gave the stock a “buy” rating in a research note on Friday, April 5th. Raymond James initiated coverage on Solar Capital in a research note on Tuesday, April 16th. They set an “outperform” rating and a $22.50 price target for the company. SunTrust Banks initiated coverage on Corteva in a research note on Monday, June 3rd. They issued a “hold” rating and a $29.00 target price for the company. Mitsubishi UFJ Financial Group initiated coverage on Targa Resources in a research note on Monday, April 8th. They issued a “neutral” rating and a $50.00 target price for the company. Finally, ValuEngine lowered Intersect ENT from a “buy” rating to a “hold” rating in a research note on Monday, June 3rd. Seven research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. Targa Resources presently has a consensus rating of “Buy” and an average price target of $54.58.

Shares of TRGP stock opened at $39.71 on Thursday. The company has a debt-to-equity ratio of 0.97, a quick ratio of 0.48 and a current ratio of 0.58. The business’s 50-day moving average price is $39.11. Targa Resources has a 12-month low of $33.55 and a 12-month high of $59.21. The company has a market capitalization of $9.21 billion, a price-to-earnings ratio of 198.55 and a beta of 1.77.

Targa Resources (NYSE:TRGP) last issued its quarterly earnings results on Wednesday, May 8th. The pipeline company reported ($0.30) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.14) by ($0.16). Targa Resources had a positive return on equity of 1.45% and a negative net margin of 0.58%. The firm had revenue of $2.30 billion for the quarter, compared to the consensus estimate of $2.44 billion. On average, equities analysts expect that Targa Resources will post -0.77 earnings per share for the current fiscal year.

In other Targa Resources news, Director Robert B. Evans purchased 51,420 shares of Targa Resources stock in a transaction that occurred on Friday, May 10th. The shares were bought at an average price of $39.38 per share, for a total transaction of $2,024,919.60. Following the acquisition, the director now directly owns 38,506 shares in the company, valued at $1,516,366.28. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Insiders own 1.86% of the company’s stock.

Large investors have recently made changes to their positions in the stock. Cerebellum GP LLC purchased a new position in Targa Resources during the 1st quarter valued at about $27,000. Arlington Partners LLC purchased a new position in Targa Resources during the 2nd quarter valued at about $29,000. Strategy Asset Managers LLC purchased a new position in Targa Resources during the 1st quarter valued at about $36,000. Valeo Financial Advisors LLC grew its holdings in shares of Targa Resources by 105.3% during the 2nd quarter. Valeo Financial Advisors LLC now owns 965 shares of the pipeline company’s stock worth $38,000 after acquiring an additional 495 shares during the period. Finally, TCG Advisors LP purchased a new position in shares of Targa Resources during the 1st quarter worth approximately $58,000. Institutional investors own 91.15% of the company’s stock.

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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