Zacks Investment Research upgraded shares of Targa Resources (NYSE:TRGP) from a hold rating to a buy rating in a research note issued to investors on Friday morning. Zacks Investment Research currently has $59.00 price target on the pipeline company’s stock.
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. “
TRGP has been the topic of a number of other research reports. Stifel Nicolaus restated a buy rating and issued a $57.00 target price (up previously from $53.00) on shares of Targa Resources in a report on Friday, August 10th. Seaport Global Securities lowered Targa Resources from a buy rating to a neutral rating and raised their target price for the company from $53.00 to $55.00 in a report on Friday, July 27th. ValuEngine raised 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, Bank of America raised Targa Resources from a neutral rating to a buy rating and set a $47.00 price target for the company in a research report on Thursday, October 25th. They noted that the move was a valuation call. Eight analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the stock. Targa Resources has a consensus rating of Buy and a consensus target price of $58.32.
Targa Resources (NYSE:TRGP) last posted its earnings results on Thursday, November 8th. The pipeline company reported ($0.24) earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.07 by ($0.31). Targa Resources had a net margin of 2.24% and a return on equity of 1.62%. The company had revenue of $2.99 billion during the quarter, compared to the consensus estimate of $2.67 billion. On average, equities research analysts anticipate that Targa Resources will post 0.55 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, November 15th. Investors of record on Wednesday, October 31st will be given a dividend of $0.91 per share. This represents a $3.64 dividend on an annualized basis and a dividend yield of 7.20%. The ex-dividend date is Tuesday, October 30th. Targa Resources’s payout ratio is -846.51%.
In other Targa Resources news, VP John Richard Klein sold 984 shares of the firm’s stock in a transaction on Thursday, August 23rd. The stock was sold at an average price of $55.63, for a total value of $54,739.92. Following the completion of the sale, the vice president now directly owns 23,988 shares of the company’s stock, valued at $1,334,452.44. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Charles R. Crisp sold 3,100 shares of the firm’s stock in a transaction on Monday, August 20th. The stock was sold at an average price of $54.13, for a total value of $167,803.00. Following the completion of the sale, the director now directly owns 120,105 shares of the company’s stock, valued at $6,501,283.65. The disclosure for this sale can be found here. Insiders sold 6,176 shares of company stock valued at $334,507 over the last three months. Company insiders own 1.76% of the company’s stock.
A number of large investors have recently added to or reduced their stakes in the business. BP Capital Fund Advisors LLC increased its position in Targa Resources by 85.0% in the third quarter. BP Capital Fund Advisors LLC now owns 347,216 shares of the pipeline company’s stock worth $11,174,000 after buying an additional 159,572 shares during the last quarter. DekaBank Deutsche Girozentrale increased its position in Targa Resources by 12.0% in the third quarter. DekaBank Deutsche Girozentrale now owns 19,521 shares of the pipeline company’s stock worth $1,131,000 after buying an additional 2,099 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its position in Targa Resources by 1.8% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 55,995 shares of the pipeline company’s stock worth $3,153,000 after buying an additional 1,009 shares during the last quarter. CIBC World Markets Inc. increased its position in Targa Resources by 304.0% in the third quarter. CIBC World Markets Inc. now owns 37,887 shares of the pipeline company’s stock worth $2,133,000 after buying an additional 28,508 shares during the last quarter. Finally, FMR LLC increased its position in Targa Resources by 1,086.3% in the third quarter. FMR LLC now owns 1,070,122 shares of the pipeline company’s stock worth $60,259,000 after buying an additional 979,915 shares during the last quarter. 91.98% of the stock is owned by institutional investors and hedge funds.
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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Targa Resources Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Targa Resources and related companies with MarketBeat.com's FREE daily email newsletter.