Targa Resources (NYSE:TRGP) Cut to “Hold” at StockNews.com

Targa Resources (NYSE:TRGPGet Rating) was downgraded by StockNews.com from a “buy” rating to a “hold” rating in a report released on Thursday.

TRGP has been the subject of a number of other reports. TheStreet downgraded shares of Targa Resources from a “b-” rating to a “c” rating in a research note on Thursday, March 3rd. Barclays boosted their price objective on shares of Targa Resources from $66.00 to $72.00 and gave the company an “overweight” rating in a report on Thursday, January 20th. Mizuho upgraded shares of Targa Resources from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $58.00 to $85.00 in a report on Friday, March 18th. Evercore ISI upgraded shares of Targa Resources from an “in-line” rating to an “outperform” rating and set a $62.00 price objective for the company in a report on Monday, February 7th. Finally, Morgan Stanley boosted their price objective on shares of Targa Resources from $74.00 to $103.00 and gave the company an “overweight” rating in a report on Tuesday, April 26th. Two equities research analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average price target of $73.25.

TRGP opened at $69.77 on Thursday. The company has a debt-to-equity ratio of 1.73, a current ratio of 0.65 and a quick ratio of 0.62. The company has a market cap of $15.91 billion, a price-to-earnings ratio of -120.29 and a beta of 2.52. The firm has a 50 day simple moving average of $73.71 and a 200 day simple moving average of $62.86. Targa Resources has a fifty-two week low of $37.13 and a fifty-two week high of $81.50.

Targa Resources (NYSE:TRGPGet Rating) last posted its quarterly earnings results on Thursday, May 5th. The pipeline company reported $0.06 earnings per share for the quarter, missing analysts’ consensus estimates of $0.75 by ($0.69). Targa Resources had a positive return on equity of 8.24% and a negative net margin of 0.22%. During the same quarter in the prior year, the company earned $0.53 EPS. As a group, analysts expect that Targa Resources will post 3.8 EPS for the current year.

In other news, Director Rene R. Joyce sold 15,000 shares of the stock in a transaction dated Thursday, March 3rd. The shares were sold at an average price of $67.86, for a total value of $1,017,900.00. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Robert Muraro sold 10,000 shares of the stock in a transaction dated Wednesday, April 20th. The shares were sold at an average price of $80.10, for a total transaction of $801,000.00. Following the completion of the transaction, the insider now directly owns 186,947 shares in the company, valued at $14,974,454.70. The disclosure for this sale can be found here. Insiders have sold 58,662 shares of company stock worth $4,438,549 over the last ninety days. Insiders own 1.10% of the company’s stock.

Large investors have recently added to or reduced their stakes in the stock. Herold Advisors Inc. bought a new position in Targa Resources during the first quarter worth about $29,000. Allworth Financial LP increased its position in Targa Resources by 403.3% during the first quarter. Allworth Financial LP now owns 453 shares of the pipeline company’s stock worth $34,000 after acquiring an additional 363 shares during the period. Prospera Financial Services Inc bought a new position in Targa Resources during the first quarter worth about $36,000. Zullo Investment Group Inc. bought a new position in Targa Resources during the fourth quarter worth about $25,000. Finally, Capital Advisors Ltd. LLC acquired a new stake in Targa Resources during the fourth quarter worth about $26,000. 91.93% of the stock is currently owned by institutional investors and hedge funds.

Targa Resources Company Profile (Get Rating)

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 Transportation. The company engages in gathering, compressing, treating, processing, transporting, and selling natural gas; storing, fractionating, treating, transporting, and selling natural gas liquids (NGL) and NGL products, including services to liquefied petroleum gas exporters; and gathering, purchasing, storing, terminaling, and selling crude oil.

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Analyst Recommendations for Targa Resources (NYSE:TRGP)

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