Targa Resources (TRGP) Downgraded by Zacks Investment Research to Hold
Zacks Investment Research cut shares of Targa Resources (NYSE:TRGP) from a buy rating to a hold rating in a report released 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 research reports about the stock. Stifel Nicolaus reaffirmed a buy rating and set a $57.00 price target (up previously from $53.00) on shares of Targa Resources in a research report on Friday, August 10th. Seaport Global Securities cut shares of Targa Resources from a buy rating to a neutral rating and upped their price target for the company from $53.00 to $55.00 in a research report on Friday, July 27th. ValuEngine raised shares of Targa Resources from a hold rating to a buy rating in a research report on Saturday, July 14th. US Capital Advisors reaffirmed a hold rating on shares of Targa Resources in a research report on Tuesday, July 17th. Finally, UBS Group upped their price target on shares of Targa Resources from $60.00 to $61.00 and gave the company a buy rating in a research report on Friday, August 10th. Twelve investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. The stock currently has an average rating of Hold and a consensus target price of $55.94.
Targa Resources (NYSE:TRGP) last posted its quarterly earnings data on Thursday, August 9th. The pipeline company reported $0.35 earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.05) by $0.40. The business had revenue of $2.44 billion during the quarter, compared to the consensus estimate of $2.35 billion. Targa Resources had a return on equity of 1.62% and a net margin of 2.24%. sell-side analysts anticipate that Targa Resources will post 0.27 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Wednesday, August 15th. Stockholders of record on Wednesday, August 1st were given a dividend of $0.91 per share. The ex-dividend date was Tuesday, July 31st. This represents a $3.64 dividend on an annualized basis and a dividend yield of 6.74%. Targa Resources’s dividend payout ratio (DPR) is presently -846.51%.
In other news, VP John Richard Klein sold 984 shares of the stock in a transaction dated Thursday, August 23rd. The shares were sold at an average price of $55.63, for a total transaction of $54,739.92. Following the transaction, the vice president now owns 23,988 shares of the company’s stock, valued at approximately $1,334,452.44. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Charles R. Crisp sold 3,100 shares of the stock in a transaction dated Monday, August 20th. The stock was sold at an average price of $54.13, for a total transaction of $167,803.00. Following the transaction, the director now directly owns 120,105 shares in the company, valued at approximately $6,501,283.65. The disclosure for this sale can be found here. Insiders have sold a total of 6,176 shares of company stock worth $334,507 in the last three months. Insiders own 1.76% of the company’s stock.
Several hedge funds have recently added to or reduced their stakes in the company. Proficio Capital Partners LLC lifted its position in Targa Resources by 121.0% in the 2nd quarter. Proficio Capital Partners LLC now owns 2,276 shares of the pipeline company’s stock valued at $113,000 after acquiring an additional 1,246 shares in the last quarter. James Hambro & Partners bought a new position in Targa Resources in the 2nd quarter valued at about $113,000. Sit Investment Associates Inc. bought a new position in Targa Resources in the 2nd quarter valued at about $127,000. Laurel Wealth Advisors Inc. bought a new position in Targa Resources in the 2nd quarter valued at about $201,000. Finally, Texas Yale Capital Corp. bought a new position in Targa Resources in the 2nd quarter valued at about $202,000. 92.23% of the stock is currently owned by institutional investors.
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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