Targa Resources (TRGP) Downgraded by ValuEngine to Sell

Targa Resources (NYSE:TRGP) was downgraded by equities research analysts at ValuEngine from a “hold” rating to a “sell” rating in a research note issued on Wednesday.

Other equities analysts also recently issued reports about the stock. Stifel Nicolaus reissued a “buy” rating and set a $55.00 target price on shares of Targa Resources in a research report on Friday, February 16th. Seaport Global Securities set a $52.00 target price on shares of Targa Resources and gave the stock a “buy” rating in a research report on Wednesday, February 14th. Citigroup increased their target price on shares of Targa Resources from $52.00 to $55.00 and gave the stock a “buy” rating in a research report on Tuesday, February 6th. Goldman Sachs raised shares of Targa Resources from a “neutral” rating to a “buy” rating and set a $68.00 target price on the stock in a research report on Thursday, February 1st. Finally, Royal Bank of Canada reissued a “buy” rating and set a $60.00 target price on shares of Targa Resources in a research report on Tuesday, January 16th. One analyst has rated the stock with a sell rating, ten have given a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the stock. The stock has an average rating of “Hold” and an average target price of $54.06.

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Targa Resources stock traded down $0.20 during mid-day trading on Wednesday, hitting $46.10. 1,025,281 shares of the company’s stock were exchanged, compared to its average volume of 2,118,110. The company has a debt-to-equity ratio of 0.70, a current ratio of 0.79 and a quick ratio of 0.66. The company has a market capitalization of $10,379.12, a price-to-earnings ratio of -106.88 and a beta of 1.97. Targa Resources has a 1-year low of $39.59 and a 1-year high of $52.13.

Targa Resources (NYSE:TRGP) last posted its earnings results on Thursday, February 15th. The pipeline company reported ($0.07) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.03) by ($0.04). The business had revenue of $2.70 billion for the quarter, compared to analyst estimates of $2.30 billion. Targa Resources had a return on equity of 3.53% and a net margin of 0.61%. sell-side analysts anticipate that Targa Resources will post -0.1 earnings per share for the current year.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Grassi Investment Management lifted its stake in shares of Targa Resources by 3.0% in the fourth quarter. Grassi Investment Management now owns 35,411 shares of the pipeline company’s stock valued at $1,715,000 after buying an additional 1,016 shares during the period. IFP Advisors Inc lifted its stake in shares of Targa Resources by 6.5% in the fourth quarter. IFP Advisors Inc now owns 18,968 shares of the pipeline company’s stock valued at $918,000 after buying an additional 1,152 shares during the period. Raymond James Trust N.A. lifted its stake in shares of Targa Resources by 21.5% in the fourth quarter. Raymond James Trust N.A. now owns 7,321 shares of the pipeline company’s stock valued at $354,000 after buying an additional 1,295 shares during the period. Public Employees Retirement Association of Colorado lifted its stake in shares of Targa Resources by 3.7% in the fourth quarter. Public Employees Retirement Association of Colorado now owns 37,529 shares of the pipeline company’s stock valued at $1,817,000 after buying an additional 1,351 shares during the period. Finally, Cambridge Investment Research Advisors Inc. lifted its stake in shares of Targa Resources by 10.4% in the fourth quarter. Cambridge Investment Research Advisors Inc. now owns 15,551 shares of the pipeline company’s stock valued at $753,000 after buying an additional 1,464 shares during the period. Institutional investors and hedge funds own 90.20% 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 midstream energy assets in North America. It operates in two segments, Gathering and Processing, and Logistics and Marketing. The company engages in gathering, compressing, treating, processing, and selling natural gas; storing, fractionating, treating, transporting, and selling natural gas liquids (NGL) and NGL products, including services to liquefied petroleum gas exporters; gathering, storing, terminaling, and selling crude oil; and storing, terminaling, and selling refined petroleum products.

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Analyst Recommendations for Targa Resources (NYSE:TRGP)