Targa Resources, Inc. (TRGP) Upgraded by Zacks Investment Research to Hold
Targa Resources, Inc. (NYSE:TRGP) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued to investors on Wednesday.
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. “
A number of other analysts have also commented on the stock. UBS AG reaffirmed a “buy” rating and set a $65.00 price objective (down from $68.00) on shares of Targa Resources in a research note on Tuesday, May 30th. Credit Suisse Group set a $54.00 price objective on shares of Targa Resources and gave the company a “hold” rating in a research note on Sunday, May 28th. BidaskClub raised shares of Targa Resources from a “sell” rating to a “hold” rating in a research note on Wednesday, June 14th. J P Morgan Chase & Co reaffirmed a “neutral” rating and set a $53.00 price objective (down from $65.00) on shares of Targa Resources in a research note on Monday, June 5th. Finally, Stifel Nicolaus set a $63.00 price objective on shares of Targa Resources and gave the company a “buy” rating in a research note on Monday, June 26th. Ten analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the stock. Targa Resources presently has an average rating of “Buy” and a consensus target price of $54.16.
Shares of Targa Resources (TRGP) opened at 43.79 on Wednesday. The stock’s market capitalization is $8.68 billion. The stock’s 50 day moving average is $44.78 and its 200-day moving average is $52.45. Targa Resources has a one year low of $40.25 and a one year high of $61.83.
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A number of institutional investors have recently made changes to their positions in TRGP. Shinko Asset Management Co. Ltd. increased its position in shares of Targa Resources by 21.8% in the fourth quarter. Shinko Asset Management Co. Ltd. now owns 203,900 shares of the pipeline company’s stock valued at $5,518,000 after buying an additional 36,500 shares during the period. ING Groep increased its position in shares of Targa Resources by 271.0% in the third quarter. ING Groep now owns 136,900 shares of the pipeline company’s stock valued at $7,053,000 after buying an additional 100,000 shares during the period. TFS Capital LLC bought a new position in shares of Targa Resources during the fourth quarter valued at approximately $2,300,000. State Street Corp increased its position in shares of Targa Resources by 188.9% in the first quarter. State Street Corp now owns 2,168,638 shares of the pipeline company’s stock valued at $64,753,000 after buying an additional 1,417,974 shares during the period. Finally, Schwab Charles Investment Management Inc. increased its position in shares of Targa Resources by 17.5% in the fourth quarter. Schwab Charles Investment Management Inc. now owns 195,758 shares of the pipeline company’s stock valued at $5,298,000 after buying an additional 29,112 shares during the period. Institutional investors own 81.55% of the company’s stock.
About Targa Resources
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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