Targa Resources Corp (NYSE:TRGP) has received an average rating of “Buy” from the twenty-four research firms that are currently covering the company, MarketBeat Ratings reports. Ten analysts have rated the stock with a hold recommendation and eleven have assigned a buy recommendation to the company. The average 12-month price target among analysts that have covered the stock in the last year is $58.88.
TRGP has been the subject of several recent analyst reports. Zacks Investment Research cut Targa Resources from a “buy” rating to a “hold” rating in a research note on Thursday, September 6th. Wells Fargo & Co raised Targa Resources from a “market perform” rating to an “outperform” rating and raised their target price for the stock from $55.00 to $63.00 in a research note on Tuesday, September 18th. Morgan Stanley raised their target price on Targa Resources from $51.00 to $55.00 and gave the stock an “equal weight” rating in a research note on Friday, August 17th. SunTrust Banks set a $56.00 target price on Targa Resources and gave the stock a “hold” rating in a research note on Friday, August 17th. Finally, Wolfe Research initiated coverage on Targa Resources in a research note on Monday, July 16th. They set a “peer perform” rating for the company.
In other news, Director Charles R. Crisp sold 3,100 shares of Targa Resources stock in a transaction on Monday, August 20th. The stock was sold at an average price of $54.13, for a total value of $167,803.00. Following the completion of the sale, the director now directly owns 120,105 shares of the company’s stock, valued at $6,501,283.65. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, VP John Richard Klein sold 984 shares of Targa Resources stock in a transaction on Thursday, August 23rd. The shares were sold at an average price of $55.63, for a total value of $54,739.92. Following the completion of the sale, the vice president now directly owns 23,988 shares of the company’s stock, valued at $1,334,452.44. The disclosure for this sale can be found here. Insiders sold 6,176 shares of company stock valued at $334,507 over the last ninety days. Insiders own 1.76% of the company’s stock.
Several hedge funds and other institutional investors have recently modified their holdings of the company. Raymond James Trust N.A. grew its stake in shares of 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 grew its stake in Targa Resources by 16.1% during the 2nd quarter. Sigma Planning Corp now owns 8,377 shares of the pipeline company’s stock worth $415,000 after purchasing an additional 1,162 shares in the last quarter. KBC Group NV grew its stake in Targa Resources by 0.8% during the 2nd quarter. KBC Group NV now owns 144,457 shares of the pipeline company’s stock worth $7,149,000 after purchasing an additional 1,162 shares in the last quarter. Proficio Capital Partners LLC grew its stake in Targa Resources by 121.0% during the 2nd 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 in the last quarter. Finally, Ferris Capital LLC grew its stake in Targa Resources by 41.8% during the 2nd quarter. Ferris Capital LLC now owns 4,274 shares of the pipeline company’s stock worth $212,000 after purchasing an additional 1,260 shares in the last quarter. 92.25% of the stock is owned by institutional investors and hedge funds.
TRGP stock opened at $55.42 on Wednesday. The company has a quick ratio of 0.64, a current ratio of 0.73 and a debt-to-equity ratio of 0.74. The firm has a market cap of $12.70 billion, a price-to-earnings ratio of -128.88 and a beta of 2.08. Targa Resources has a 52-week low of $39.59 and a 52-week high of $59.21.
Targa Resources (NYSE:TRGP) last posted its earnings results on Thursday, August 9th. The pipeline company reported $0.35 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.05) by $0.40. The company had revenue of $2.44 billion during the quarter, compared to analysts’ expectations of $2.35 billion. Targa Resources had a return on equity of 1.62% and a net margin of 2.24%. As a group, equities research analysts anticipate that Targa Resources will post 0.27 earnings per share for the current fiscal year.
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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