Targa Resources, Inc. (NYSE:TRGP) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued to clients and investors 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 firms have also recently commented on TRGP. UBS AG restated a “buy” rating and set a $65.00 price target (down from $68.00) on shares of Targa Resources in a report on Tuesday, May 30th. BMO Capital Markets restated a “hold” rating and set a $51.00 price target on shares of Targa Resources in a report on Wednesday, July 12th. Jefferies Group LLC upgraded shares of Targa Resources from a “hold” rating to a “buy” rating and decreased their price target for the stock from $54.00 to $50.00 in a report on Wednesday, July 12th. Robert W. Baird decreased their price target on shares of Targa Resources from $54.00 to $52.00 and set an “outperform” rating for the company in a report on Friday, June 30th. Finally, Credit Suisse Group set a $54.00 price target on shares of Targa Resources and gave the stock a “hold” rating in a report on Sunday, May 28th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $55.05.
Shares of Targa Resources (NYSE TRGP) traded up 2.60% during trading on Thursday, hitting $46.93. 126,671 shares of the company traded hands. Targa Resources has a one year low of $35.35 and a one year high of $61.83. The stock’s market cap is $9.30 billion. The firm has a 50 day moving average price of $46.09 and a 200-day moving average price of $54.40.
A number of institutional investors have recently made changes to their positions in the company. Spirit of America Management Corp NY raised its position in shares of Targa Resources by 13.2% in the first quarter. Spirit of America Management Corp NY now owns 265,789 shares of the pipeline company’s stock worth $15,920,000 after buying an additional 31,084 shares during the period. Bank of Montreal Can raised its position in shares of Targa Resources by 24.8% in the first quarter. Bank of Montreal Can now owns 173,398 shares of the pipeline company’s stock worth $10,387,000 after buying an additional 34,404 shares during the period. National Pension Service bought a new position in shares of Targa Resources during the first quarter worth about $10,891,000. Gulf International Bank UK Ltd raised its position in shares of Targa Resources by 4.4% in the first quarter. Gulf International Bank UK Ltd now owns 54,700 shares of the pipeline company’s stock worth $3,276,000 after buying an additional 2,300 shares during the period. Finally, Creative Planning raised its position in shares of Targa Resources by 2.9% in the first quarter. Creative Planning now owns 40,451 shares of the pipeline company’s stock worth $2,423,000 after buying an additional 1,152 shares during the period. 79.94% of the stock is currently owned by institutional investors and hedge funds.
Targa Resources Company Profile
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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