Zacks Investment Research upgraded shares of Targa Resources (NYSE:TRGP) from a hold rating to a buy rating in a research note released on Friday. They currently have $59.00 price target on the pipeline company’s stock.
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. SunTrust Banks started coverage on Targa Resources in a research note on Thursday, July 12th. They set a hold rating and a $53.00 price objective for the company. ValuEngine raised Targa Resources from a hold rating to a buy rating in a research note on Saturday, July 14th. BMO Capital Markets reissued a hold rating and set a $54.00 price objective on shares of Targa Resources in a research note on Friday, July 13th. Wolfe Research started coverage on Targa Resources in a research note on Monday, July 16th. They set a peer perform rating for the company. Finally, Jefferies Financial Group reissued a $51.76 rating and set a $55.00 price objective on shares of Targa Resources in a research note on Wednesday, July 18th. Eight research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the stock. The company presently has a consensus rating of Buy and a consensus price target of $58.32.
Shares of NYSE TRGP traded down $1.69 during mid-day trading on Friday, hitting $50.55. The company had a trading volume of 2,644,536 shares, compared to its average volume of 1,891,200. The stock has a market cap of $11.95 billion, a PE ratio of -117.56 and a beta of 1.95. Targa Resources has a 1 year low of $40.57 and a 1 year high of $59.21. The company has a debt-to-equity ratio of 0.74, a quick ratio of 0.64 and a current ratio of 0.73.
Targa Resources (NYSE:TRGP) last announced its quarterly earnings results on Thursday, November 8th. The pipeline company reported ($0.24) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.07 by ($0.31). The company had revenue of $2.99 billion during the quarter, compared to analysts’ expectations of $2.67 billion. Targa Resources had a net margin of 2.24% and a return on equity of 1.62%. On average, sell-side analysts predict that Targa Resources will post 0.55 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, November 15th. Shareholders of record on Wednesday, October 31st will be paid a dividend of $0.91 per share. This represents a $3.64 annualized dividend and a yield of 7.20%. The ex-dividend date is Tuesday, October 30th. Targa Resources’s dividend payout ratio (DPR) is currently -846.51%.
In other Targa Resources news, Director Charles R. Crisp sold 3,100 shares of Targa Resources stock in a transaction dated Monday, August 20th. The stock was sold at an average price of $54.13, for a total transaction of $167,803.00. Following the completion of the sale, the director now owns 120,105 shares of the company’s stock, valued at $6,501,283.65. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CAO John Richard Klein sold 2,092 shares of Targa Resources stock in a transaction dated Tuesday, August 14th. The stock was sold at an average price of $53.52, for a total value of $111,963.84. Following the sale, the chief accounting officer now directly owns 24,972 shares of the company’s stock, valued at approximately $1,336,501.44. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 6,176 shares of company stock valued at $334,507. Corporate insiders own 1.76% of the company’s stock.
Hedge funds have recently modified their holdings of the business. Proficio Capital Partners LLC lifted its stake in Targa Resources by 121.0% during the second quarter. Proficio Capital Partners LLC now owns 2,276 shares of the pipeline company’s stock worth $113,000 after purchasing an additional 1,246 shares during the last quarter. Sit Investment Associates Inc. purchased a new position in shares of Targa Resources in the second quarter worth about $127,000. Westbourne Investment Advisors Inc. purchased a new position in shares of Targa Resources in the third quarter worth about $168,000. Laurel Wealth Advisors Inc. purchased a new position in shares of Targa Resources in the second quarter worth about $201,000. Finally, Texas Yale Capital Corp. purchased a new position in shares of Targa Resources in the second quarter worth about $202,000. 91.98% of the stock is owned by hedge funds and other 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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