Targa Resources (NYSE:TRGP) Downgraded to Hold Rating by Wall Street Zen

Targa Resources (NYSE:TRGP) was downgraded by equities researchers at Wall Street Zen from a “buy” rating to a “hold” rating in a note issued to investors on Saturday.

A number of other research analysts have also commented on TRGP. JPMorgan Chase & Co. raised their price target on Targa Resources from $189.00 to $209.00 and gave the company an “overweight” rating in a report on Thursday, July 10th. TD Cowen started coverage on Targa Resources in a research note on Monday, July 7th. They set a “hold” rating and a $192.00 target price for the company. TD Securities started coverage on Targa Resources in a research note on Monday, July 7th. They set a “hold” rating for the company. Mizuho decreased their target price on Targa Resources from $212.00 to $207.00 and set an “outperform” rating for the company in a research note on Friday, August 29th. Finally, Barclays raised their target price on Targa Resources from $178.00 to $195.00 and gave the company an “overweight” rating in a research note on Thursday, July 10th. One analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, Targa Resources currently has an average rating of “Moderate Buy” and an average price target of $208.86.

Targa Resources Price Performance

Shares of TRGP opened at $166.38 on Friday. The firm has a market capitalization of $35.80 billion, a price-to-earnings ratio of 23.53, a price-to-earnings-growth ratio of 1.01 and a beta of 1.20. The company has a debt-to-equity ratio of 5.93, a quick ratio of 0.56 and a current ratio of 0.69. Targa Resources has a one year low of $144.30 and a one year high of $218.51. The stock’s fifty day moving average is $165.85 and its 200-day moving average is $171.60.

Targa Resources (NYSE:TRGP) last issued its quarterly earnings results on Thursday, August 7th. The pipeline company reported $2.87 EPS for the quarter, beating analysts’ consensus estimates of $1.95 by $0.92. The company had revenue of $4.26 billion for the quarter, compared to analyst estimates of $4.82 billion. Targa Resources had a return on equity of 43.35% and a net margin of 8.99%. Equities analysts anticipate that Targa Resources will post 8.15 EPS for the current year.

Hedge Funds Weigh In On Targa Resources

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. boosted its position in shares of Targa Resources by 1.4% in the 2nd quarter. Vanguard Group Inc. now owns 27,960,214 shares of the pipeline company’s stock valued at $4,867,314,000 after purchasing an additional 375,939 shares during the period. Wellington Management Group LLP boosted its position in shares of Targa Resources by 7.5% in the 1st quarter. Wellington Management Group LLP now owns 13,790,955 shares of the pipeline company’s stock valued at $2,764,673,000 after purchasing an additional 962,631 shares during the period. Geode Capital Management LLC boosted its position in shares of Targa Resources by 1.7% in the 2nd quarter. Geode Capital Management LLC now owns 5,856,899 shares of the pipeline company’s stock valued at $1,022,222,000 after purchasing an additional 95,611 shares during the period. Invesco Ltd. boosted its position in shares of Targa Resources by 3.2% in the 1st quarter. Invesco Ltd. now owns 4,565,960 shares of the pipeline company’s stock valued at $915,338,000 after purchasing an additional 139,780 shares during the period. Finally, Norges Bank acquired a new position in shares of Targa Resources in the 2nd quarter valued at $708,366,000. Institutional investors and hedge funds own 92.13% 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 complementary domestic midstream infrastructure assets in North America. It operates in two segments, Gathering and Processing, and Logistics and Transportation. The company is involved 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, storing, terminaling, purchasing, and selling crude oil.