ValuEngine Lowers Targa Resources (TRGP) to Sell

ValuEngine cut shares of Targa Resources (NYSE:TRGP) from a hold rating to a sell rating in a research report released on Friday.

Other research analysts also recently issued reports about the company. Robert W. Baird restated a buy rating and issued a $53.00 price target on shares of Targa Resources in a research note on Friday, November 3rd. Citigroup upgraded Targa Resources from a neutral rating to a buy rating and set a $52.00 price target for the company in a research note on Thursday, November 2nd. Stifel Nicolaus decreased their price target on Targa Resources from $53.00 to $51.00 and set a buy rating for the company in a research note on Monday, November 20th. Royal Bank of Canada restated a buy rating and issued a $60.00 price target on shares of Targa Resources in a research note on Tuesday, January 16th. Finally, Goldman Sachs Group upgraded Targa Resources from a neutral rating to a buy rating and set a $68.00 price target for the company in a research note on Thursday, February 1st. One analyst has rated the stock with a sell rating, nine have assigned a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the stock. The stock presently has an average rating of Buy and an average price target of $55.17.

Targa Resources (TRGP) opened at $45.83 on Friday. The company has a current ratio of 0.74, a quick ratio of 0.57 and a debt-to-equity ratio of 0.67. The stock has a market capitalization of $9,880.00, a PE ratio of -18.04 and a beta of 2.07. Targa Resources has a fifty-two week low of $39.59 and a fifty-two week high of $61.83.

Targa Resources (NYSE:TRGP) last posted its quarterly earnings data on Friday, November 3rd. The pipeline company reported ($0.15) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.10) by ($0.05). The firm had revenue of $2.13 billion for the quarter, compared to the consensus estimate of $1.96 billion. Targa Resources had a negative return on equity of 0.52% and a negative net margin of 4.68%. analysts anticipate that Targa Resources will post -1.49 EPS for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Thursday, February 15th. Stockholders of record on Thursday, February 1st will be paid a dividend of $0.91 per share. The ex-dividend date is Wednesday, January 31st. This represents a $3.64 annualized dividend and a dividend yield of 7.94%. Targa Resources’s dividend payout ratio is currently -143.31%.

In other news, VP John Richard Klein sold 2,292 shares of Targa Resources stock in a transaction that occurred on Thursday, November 16th. The stock was sold at an average price of $41.85, for a total transaction of $95,920.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders own 1.93% of the company’s stock.

A number of large investors have recently added to or reduced their stakes in the stock. Tortoise Capital Advisors L.L.C. lifted its holdings in Targa Resources by 3.5% during the 3rd quarter. Tortoise Capital Advisors L.L.C. now owns 6,958,912 shares of the pipeline company’s stock worth $329,157,000 after purchasing an additional 237,777 shares during the last quarter. Harvest Fund Advisors LLC lifted its holdings in Targa Resources by 40.8% during the 3rd quarter. Harvest Fund Advisors LLC now owns 4,990,690 shares of the pipeline company’s stock worth $236,060,000 after purchasing an additional 1,446,438 shares during the last quarter. State Street Corp lifted its holdings in Targa Resources by 12.9% during the 2nd quarter. State Street Corp now owns 4,295,711 shares of the pipeline company’s stock worth $194,165,000 after purchasing an additional 490,077 shares during the last quarter. Jennison Associates LLC lifted its holdings in Targa Resources by 14.8% during the 4th quarter. Jennison Associates LLC now owns 3,224,639 shares of the pipeline company’s stock worth $156,137,000 after purchasing an additional 416,015 shares during the last quarter. Finally, Neuberger Berman Group LLC lifted its holdings in Targa Resources by 15.2% during the 3rd quarter. Neuberger Berman Group LLC now owns 2,890,670 shares of the pipeline company’s stock worth $136,729,000 after purchasing an additional 381,000 shares during the last quarter. 87.63% of the stock is owned by institutional investors and hedge funds.

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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.

To view ValuEngine’s full report, visit ValuEngine’s official website.

Analyst Recommendations for Targa Resources (NYSE:TRGP)

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