Targa Resources, Inc. (NYSE:TRGP) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued 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 research analysts have also commented on TRGP. Jefferies Group LLC upgraded Targa Resources from a “hold” rating to a “buy” rating and decreased their price objective for the company from $54.00 to $50.00 in a research report on Wednesday, July 12th. BMO Capital Markets reissued a “hold” rating and issued a $51.00 price target on shares of Targa Resources in a research note on Wednesday, July 12th. Deutsche Bank AG downgraded Targa Resources from a “buy” rating to a “hold” rating and cut their price target for the company from $69.00 to $47.00 in a research note on Thursday, July 13th. Royal Bank Of Canada cut their price target on Targa Resources from $67.00 to $60.00 and set an “outperform” rating on the stock in a research note on Friday, July 14th. Finally, Wells Fargo & Company raised Targa Resources from a “market perform” rating to an “outperform” rating in a research note on Monday, July 17th. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the stock. The company presently has an average rating of “Hold” and a consensus price target of $54.67.

Targa Resources (NYSE TRGP) traded up 0.92% during mid-day trading on Wednesday, hitting $41.88. The stock had a trading volume of 1,219,516 shares. Targa Resources has a 1-year low of $39.59 and a 1-year high of $61.83. The firm’s market cap is $9.03 billion. The stock has a 50 day moving average of $45.98 and a 200-day moving average of $46.72.

COPYRIGHT VIOLATION WARNING: “Targa Resources, Inc. (TRGP) Upgraded to “Hold” at Zacks Investment Research” was posted by American Banking News and is the property of of American Banking News. If you are reading this news story on another website, it was copied illegally and republished in violation of U.S. and international trademark & copyright legislation. The legal version of this news story can be read at https://www.americanbankingnews.com/2017/11/01/targa-resources-inc-trgp-upgraded-to-hold-at-zacks-investment-research.html.

In other Targa Resources news, insider Dan C. Middlebrooks sold 2,100 shares of the stock in a transaction dated 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 owns 50,853 shares in the company, valued at approximately $2,273,129.10. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 1.93% of the stock is currently owned by corporate insiders.

A number of hedge funds have recently added to or reduced their stakes in the business. State Board of Administration of Florida Retirement System increased its holdings in Targa Resources by 1.5% during the 3rd quarter. State Board of Administration of Florida Retirement System now owns 263,936 shares of the pipeline company’s stock worth $12,484,000 after purchasing an additional 3,810 shares in the last quarter. IFP Advisors Inc increased its holdings in Targa Resources by 10.2% during the 3rd quarter. IFP Advisors Inc now owns 17,816 shares of the pipeline company’s stock worth $843,000 after purchasing an additional 1,644 shares in the last quarter. Crossmark Global Holdings Inc. bought a new position in Targa Resources during the 3rd quarter worth about $224,000. Raymond James Financial Services Advisors Inc. increased its holdings in Targa Resources by 26.8% during the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 166,184 shares of the pipeline company’s stock worth $7,860,000 after purchasing an additional 35,136 shares in the last quarter. Finally, First Manhattan Co. increased its holdings in Targa Resources by 2,740.8% during the 3rd quarter. First Manhattan Co. now owns 18,749 shares of the pipeline company’s stock worth $886,000 after purchasing an additional 18,089 shares in the last quarter. Hedge funds and other institutional investors own 87.47% of the company’s stock.

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.

Get a free copy of the Zacks research report on Targa Resources (TRGP)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Analyst Recommendations for Targa Resources (NYSE:TRGP)

Receive News & Ratings for Targa Resources Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Targa Resources Inc. and related companies with MarketBeat.com's FREE daily email newsletter.