Targa Resources (NYSE:TRGP) Upgraded by Wall Street Zen to Buy Rating

Key Points

• Analysts at Wall Street Zen upgraded Targa Resources from a "hold" rating to a "buy" rating, indicating increased investor confidence.
• The company has a current market capitalization of $35.38 billion and a consensus rating of "Moderate Buy" with an average price target of $207.27.
• Targa Resources reported strong quarterly earnings of $2.87 per share, exceeding analyst estimates, although its revenue fell short compared to expectations.

Targa Resources (NYSE:TRGP - Get Free Report) was upgraded by analysts at Wall Street Zen from a "hold" rating to a "buy" rating in a research report issued to clients and investors on Sunday.

Several other research analysts also recently weighed in on the company. TD Securities initiated coverage on Targa Resources in a research note on Monday, July 7th. They set a "hold" rating for the company. Wells Fargo & Company reiterated an "overweight" rating and set a $205.00 price target (up previously from $198.00) on shares of Targa Resources in a research note on Friday, August 8th. Scotiabank reiterated an "outperform" rating on shares of Targa Resources in a research note on Thursday, August 14th. Mizuho cut their price target on Targa Resources from $212.00 to $207.00 and set an "outperform" rating for the company in a research note on Friday, August 29th. Finally, JPMorgan Chase & Co. increased their price target on Targa Resources from $189.00 to $209.00 and gave the stock an "overweight" rating in a research note on Thursday, July 10th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $207.27.

Targa Resources Stock Down 3.4%

Shares of NYSE:TRGP opened at $164.39 on Friday. The company has a market capitalization of $35.38 billion, a PE ratio of 23.25, a price-to-earnings-growth ratio of 0.97 and a beta of 1.20. The company has a debt-to-equity ratio of 5.93, a current ratio of 0.69 and a quick ratio of 0.56. The business has a fifty day moving average price of $165.18 and a two-hundred day moving average price of $170.43. Targa Resources has a 1 year low of $144.30 and a 1 year high of $218.51.

Targa Resources (NYSE:TRGP - Get Free Report) last posted its quarterly earnings results on Thursday, August 7th. The pipeline company reported $2.87 earnings per share for the quarter, topping the consensus estimate of $1.95 by $0.92. The company had revenue of $4.26 billion during the quarter, compared to the consensus estimate of $4.82 billion. Targa Resources had a return on equity of 43.35% and a net margin of 8.99%. Analysts forecast that Targa Resources will post 8.15 earnings per share for the current year.

Hedge Funds Weigh In On Targa Resources

A number of large investors have recently modified their holdings of the company. Ritholtz Wealth Management raised its holdings in shares of Targa Resources by 1.3% during the 1st quarter. Ritholtz Wealth Management now owns 4,942 shares of the pipeline company's stock valued at $991,000 after buying an additional 62 shares in the last quarter. Stratos Wealth Advisors LLC raised its holdings in shares of Targa Resources by 3.6% during the 1st quarter. Stratos Wealth Advisors LLC now owns 1,776 shares of the pipeline company's stock valued at $356,000 after buying an additional 62 shares in the last quarter. State of Wyoming raised its holdings in shares of Targa Resources by 3.2% during the 2nd quarter. State of Wyoming now owns 2,076 shares of the pipeline company's stock valued at $361,000 after buying an additional 64 shares in the last quarter. UMB Bank n.a. grew its position in Targa Resources by 11.9% during the 2nd quarter. UMB Bank n.a. now owns 658 shares of the pipeline company's stock worth $115,000 after acquiring an additional 70 shares during the last quarter. Finally, QRG Capital Management Inc. grew its position in Targa Resources by 0.8% during the 2nd quarter. QRG Capital Management Inc. now owns 9,296 shares of the pipeline company's stock worth $1,618,000 after acquiring an additional 72 shares during the last quarter. 92.13% of the stock is owned by hedge funds and other institutional investors.

About Targa Resources

Targa Resources Corp., together with its subsidiary, Targa Resources Partners LP, owns, operates, acquires, and develops a portfolio of complementary domestic midstream infrastructure assets in North America. It operates in two segments, Gathering and Processing, and Logistics and Transportation. The company is involved in gathering, compressing, treating, processing, transporting, and selling natural gas; storing, fractionating, treating, transporting, and selling natural gas liquids (NGL) and NGL products, including services to liquefied petroleum gas exporters; and gathering, storing, terminaling, purchasing, and selling crude oil.

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