Zacks Investment Research lowered shares of Targa Resources (NYSE:TRGP) from a buy rating to a hold rating in a research note released on Thursday.

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 research analysts have also recently weighed in on TRGP. Barclays cut Targa Resources from an overweight rating to an equal weight rating and lowered their price objective for the stock from $57.00 to $52.00 in a research report on Tuesday, June 12th. SunTrust Banks initiated coverage on Targa Resources in a research report on Thursday, July 12th. They set a hold rating and a $53.00 price objective on the stock. ValuEngine upgraded Targa Resources from a hold rating to a buy rating in a research report on Saturday, July 14th. BMO Capital Markets reiterated a hold rating and set a $54.00 price objective on shares of Targa Resources in a research report on Friday, July 13th. Finally, Wolfe Research initiated coverage on Targa Resources in a research report on Monday, July 16th. They set a peer perform rating on the stock. Thirteen equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. The stock has a consensus rating of Hold and a consensus target price of $55.94.

TRGP opened at $55.13 on Thursday. Targa Resources has a 1-year low of $39.59 and a 1-year high of $56.42. The company has a current ratio of 0.73, a quick ratio of 0.64 and a debt-to-equity ratio of 0.74. The firm has a market capitalization of $12.53 billion, a P/E ratio of 555.70 and a beta of 2.09.

Targa Resources (NYSE:TRGP) last posted its quarterly earnings results on Thursday, August 9th. The pipeline company reported $0.35 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.40. Targa Resources had a return on equity of 1.62% and a net margin of 2.24%. The business had revenue of $2.44 billion for the quarter, compared to analysts’ expectations of $2.35 billion. equities analysts expect that Targa Resources will post 0.27 earnings per share for the current year.

In other news, Director Charles R. Crisp sold 3,100 shares of the stock in a transaction on Monday, August 20th. The stock was sold at an average price of $54.13, for a total transaction of $167,803.00. Following the sale, the director now directly owns 120,105 shares of the company’s stock, valued at approximately $6,501,283.65. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, VP John Richard Klein sold 984 shares of the stock in a transaction on Thursday, August 23rd. The stock was sold at an average price of $55.63, for a total value of $54,739.92. Following the sale, the vice president now directly owns 23,988 shares in the company, valued at $1,334,452.44. The disclosure for this sale can be found here. Over the last three months, insiders have sold 6,176 shares of company stock worth $334,507. 1.76% of the stock is currently owned by insiders.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Raymond James Trust N.A. boosted its stake in Targa Resources by 15.2% in the second quarter. Raymond James Trust N.A. now owns 8,591 shares of the pipeline company’s stock valued at $425,000 after buying an additional 1,135 shares in the last quarter. Sigma Planning Corp boosted its stake in Targa Resources by 16.1% in the second quarter. Sigma Planning Corp now owns 8,377 shares of the pipeline company’s stock valued at $415,000 after buying an additional 1,162 shares in the last quarter. KBC Group NV boosted its stake in Targa Resources by 0.8% in the second quarter. KBC Group NV now owns 144,457 shares of the pipeline company’s stock valued at $7,149,000 after buying an additional 1,162 shares in the last quarter. Proficio Capital Partners LLC boosted its stake in Targa Resources by 121.0% in the second quarter. Proficio Capital Partners LLC now owns 2,276 shares of the pipeline company’s stock valued at $113,000 after buying an additional 1,246 shares in the last quarter. Finally, Ferris Capital LLC boosted its stake in Targa Resources by 41.8% in the second quarter. Ferris Capital LLC now owns 4,274 shares of the pipeline company’s stock valued at $212,000 after buying an additional 1,260 shares in the last quarter. 92.23% of the stock is currently owned by institutional investors.

Targa Resources Company Profile

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, 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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