US Capital Advisors Downgrades Targa Resources (NYSE:TRGP) to Moderate Buy

Key Points

• US Capital Advisors downgraded Targa Resources from strong-buy to moderate buy, though the broader analyst view remains positive.
• The stock currently has a consensus Moderate Buy rating, with 15 Buy ratings and 3 Hold ratings, and a consensus price target of $269.21.
• Targa Resources traded down 2.7% to $255.14 after reporting quarterly results that missed estimates, with EPS of $2.21 versus expectations of $2.48 and revenue of $4.09 billion versus $4.68 billion expected.

Targa Resources (NYSE:TRGP - Get Free Report) was downgraded by research analysts at US Capital Advisors from a "strong-buy" rating to a "moderate buy" rating in a research report issued on Friday,Zacks.com reports.

TRGP has been the topic of several other research reports. Royal Bank Of Canada reissued an "outperform" rating and issued a $281.00 price target on shares of Targa Resources in a report on Tuesday, May 12th. Stifel Nicolaus set a $268.00 price target on Targa Resources in a report on Friday, May 8th. Wells Fargo & Company raised their price target on Targa Resources from $264.00 to $270.00 and gave the stock an "overweight" rating in a report on Friday, May 8th. Truist Financial raised their price target on Targa Resources from $285.00 to $289.00 and gave the stock a "buy" rating in a report on Tuesday, May 12th. Finally, Morgan Stanley raised their price target on Targa Resources from $327.00 to $331.00 and gave the stock an "overweight" rating in a report on Tuesday, May 12th. Fifteen analysts have rated the stock with a Buy rating and three have given a Hold rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $269.21.

Targa Resources Trading Down 2.7%

NYSE:TRGP opened at $255.14 on Friday. The company has a quick ratio of 0.62, a current ratio of 0.72 and a debt-to-equity ratio of 5.64. The business's 50 day moving average is $251.28 and its two-hundred day moving average is $216.18. Targa Resources has a 52 week low of $144.14 and a 52 week high of $280.00. The company has a market cap of $54.76 billion, a PE ratio of 25.80, a P/E/G ratio of 1.35 and a beta of 0.75.

Targa Resources (NYSE:TRGP - Get Free Report) last released its earnings results on Thursday, May 7th. The pipeline company reported $2.21 EPS for the quarter, missing analysts' consensus estimates of $2.48 by ($0.27). Targa Resources had a return on equity of 71.00% and a net margin of 12.87%.The firm had revenue of $4.09 billion for the quarter, compared to the consensus estimate of $4.68 billion. On average, analysts predict that Targa Resources will post 10.67 EPS for the current year.

Insider Buying and Selling at Targa Resources

In other news, insider Robert Muraro sold 24,589 shares of Targa Resources stock in a transaction on Thursday, March 5th. The stock was sold at an average price of $241.34, for a total transaction of $5,934,309.26. Following the transaction, the insider directly owned 197,401 shares in the company, valued at approximately $47,640,757.34. This trade represents a 11.08% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Patrick J. Mcdonie sold 31,537 shares of Targa Resources stock in a transaction on Monday, March 2nd. The shares were sold at an average price of $239.36, for a total value of $7,548,696.32. Following the transaction, the insider owned 305,163 shares in the company, valued at approximately $73,043,815.68. This trade represents a 9.37% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 66,728 shares of company stock valued at $16,196,694 in the last quarter. Corporate insiders own 1.37% of the company's stock.

Hedge Funds Weigh In On Targa Resources

Several hedge funds have recently modified their holdings of TRGP. Woodline Partners LP increased its position in shares of Targa Resources by 40.7% during the 1st quarter. Woodline Partners LP now owns 18,423 shares of the pipeline company's stock valued at $3,693,000 after purchasing an additional 5,327 shares during the period. Focus Partners Wealth increased its position in shares of Targa Resources by 157.4% during the 1st quarter. Focus Partners Wealth now owns 3,931 shares of the pipeline company's stock valued at $788,000 after purchasing an additional 2,404 shares during the period. Baird Financial Group Inc. grew its holdings in shares of Targa Resources by 6.3% in the 2nd quarter. Baird Financial Group Inc. now owns 3,697 shares of the pipeline company's stock worth $644,000 after acquiring an additional 219 shares during the last quarter. Brown Advisory Inc. grew its holdings in shares of Targa Resources by 13.1% in the 2nd quarter. Brown Advisory Inc. now owns 4,521 shares of the pipeline company's stock worth $787,000 after acquiring an additional 524 shares during the last quarter. Finally, Cerity Partners LLC grew its holdings in shares of Targa Resources by 11.0% in the 2nd quarter. Cerity Partners LLC now owns 31,881 shares of the pipeline company's stock worth $5,550,000 after acquiring an additional 3,163 shares during the last quarter. 92.13% of the stock is currently owned by institutional investors and hedge funds.

Targa Resources Company Profile

Targa Resources Corporation NYSE: TRGP is a U.S.-focused midstream energy company that provides gathering, processing, transportation, storage and marketing services for natural gas, natural gas liquids (NGLs), and condensate. Its operations span the midstream value chain, including gas gathering systems that collect production from wells, processing plants that separate and recover NGLs and other hydrocarbons, fractionation and purification facilities that prepare NGLs for market, and pipeline and terminal assets that move and store products for producers, refiners and other customers.

The company operates a network of pipelines, processing plants, fractionators and storage facilities that serve producers and consumers across major U.S.

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