Zacks Investment Research Downgrades Targa Resources (TRGP) to Strong Sell

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

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. “

TRGP has been the subject of a number of other reports. Evercore ISI assumed coverage on Targa Resources in a report on Tuesday, February 5th. They issued a $46.00 price target for the company. ValuEngine downgraded Targa Resources from a “buy” rating to a “hold” rating in a research report on Friday, November 23rd. Bank of America upgraded Targa Resources from a “neutral” rating to a “buy” rating and set a $47.00 price objective on the stock in a research report on Thursday, October 25th. They noted that the move was a valuation call. Credit Suisse Group upgraded Targa Resources from a “neutral” rating to an “outperform” rating and set a $60.00 price objective on the stock in a research report on Wednesday, January 9th. Finally, Mizuho assumed coverage on Targa Resources in a research report on Wednesday, November 28th. They issued a “neutral” rating and a $56.00 price objective on the stock. One analyst has rated the stock with a sell rating, seven have assigned a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average target price of $56.29.

Shares of Targa Resources stock traded up $1.02 during trading hours on Tuesday, reaching $43.52. The company had a trading volume of 52,484 shares, compared to its average volume of 2,584,640. Targa Resources has a one year low of $33.55 and a one year high of $59.21. The company has a debt-to-equity ratio of 0.78, a current ratio of 0.68 and a quick ratio of 0.61. The firm has a market capitalization of $9.78 billion, a P/E ratio of -101.23 and a beta of 2.08.

In other news, Director Chris Tong purchased 2,200 shares of the stock in a transaction on Friday, November 16th. The shares were acquired at an average price of $47.00 per share, for a total transaction of $103,400.00. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 1.76% of the company’s stock.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Utah Retirement Systems increased its holdings in shares of Targa Resources by 0.7% in the fourth quarter. Utah Retirement Systems now owns 41,600 shares of the pipeline company’s stock worth $1,499,000 after buying an additional 300 shares during the period. Enterprise Financial Services Corp increased its holdings in shares of Targa Resources by 36.3% in the fourth quarter. Enterprise Financial Services Corp now owns 1,202 shares of the pipeline company’s stock worth $43,000 after buying an additional 320 shares during the period. Quadrant Capital Group LLC increased its holdings in shares of Targa Resources by 25.7% in the fourth quarter. Quadrant Capital Group LLC now owns 2,160 shares of the pipeline company’s stock worth $74,000 after buying an additional 442 shares during the period. Daiwa Securities Group Inc. increased its holdings in shares of Targa Resources by 6.8% in the fourth quarter. Daiwa Securities Group Inc. now owns 7,879 shares of the pipeline company’s stock worth $284,000 after buying an additional 500 shares during the period. Finally, Stratos Wealth Partners LTD. increased its holdings in shares of Targa Resources by 4.2% in the fourth quarter. Stratos Wealth Partners LTD. now owns 21,669 shares of the pipeline company’s stock worth $781,000 after buying an additional 874 shares during the period. Institutional investors and hedge funds own 93.12% 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, 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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