Targa Resources, Inc. (NYSE:TRGP) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report issued 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. “

Other analysts have also recently issued reports about the company. Jefferies Group LLC raised Targa Resources from a “hold” rating to a “buy” rating and decreased their target price for the company from $54.00 to $50.00 in a research report on Wednesday, July 12th. Stifel Nicolaus set a $63.00 target price on Targa Resources and gave the company a “buy” rating in a research report on Monday, June 26th. UBS AG reissued a “buy” rating and issued a $59.00 target price (down from $62.00) on shares of Targa Resources in a research report on Thursday, June 22nd. Citigroup Inc. decreased their target price on Targa Resources from $64.00 to $54.00 and set a “buy” rating for the company in a research report on Wednesday, June 28th. Finally, Guggenheim raised Targa Resources from a “neutral” rating to a “buy” rating and set a $50.00 target price for the company in a research report on Monday, August 14th. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the stock. Targa Resources currently has an average rating of “Hold” and an average target price of $54.67.

Shares of Targa Resources (NYSE:TRGP) traded down 1.60% on Thursday, hitting $43.78. The stock had a trading volume of 1,193,405 shares. The firm’s market cap is $9.44 billion. Targa Resources has a 52-week low of $40.25 and a 52-week high of $61.83. The firm’s 50-day moving average price is $46.70 and its 200 day moving average price is $47.68.

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In other news, insider Dan C. Middlebrooks sold 2,100 shares of the stock in a transaction that occurred on Thursday, August 10th. The stock was sold at an average price of $44.70, for a total transaction of $93,870.00. Following the completion of the transaction, the insider now directly owns 50,853 shares of the company’s stock, valued at approximately $2,273,129.10. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Corporate insiders own 1.93% of the company’s stock.

Several hedge funds have recently modified their holdings of TRGP. Vanguard Group Inc. raised its stake in shares of Targa Resources by 17.7% during the 2nd quarter. Vanguard Group Inc. now owns 18,768,732 shares of the pipeline company’s stock worth $848,347,000 after buying an additional 2,823,104 shares in the last quarter. Tortoise Capital Advisors L.L.C. increased its stake in Targa Resources by 30.4% in the 2nd quarter. Tortoise Capital Advisors L.L.C. now owns 6,721,135 shares of the pipeline company’s stock valued at $303,795,000 after purchasing an additional 1,566,961 shares in the last quarter. Boston Partners purchased a new position in Targa Resources in the 2nd quarter valued at approximately $65,883,000. BlackRock Inc. increased its stake in Targa Resources by 13.3% in the 2nd quarter. BlackRock Inc. now owns 11,428,578 shares of the pipeline company’s stock valued at $516,575,000 after purchasing an additional 1,338,025 shares in the last quarter. Finally, Center Coast Capital Advisors LP increased its stake in Targa Resources by 29.4% in the 2nd quarter. Center Coast Capital Advisors LP now owns 5,508,319 shares of the pipeline company’s stock valued at $248,976,000 after purchasing an additional 1,252,133 shares in the last quarter. 87.43% of the stock is 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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