Morgan Stanley assumed coverage on shares of Targa Resources (NYSE:TRGP) in a research note issued to investors on Monday morning, Benzinga reports. The brokerage issued an equal weight rating and a $39.00 price objective on the pipeline company’s stock.
Other analysts have also issued reports about the company. Zacks Investment Research lowered Targa Resources from a buy rating to a hold rating in a research report on Sunday, November 3rd. Capital One Financial lowered Targa Resources from an overweight rating to an equal weight rating and set a $42.00 target price on the stock. in a research report on Thursday, November 21st. Bank of America set a $44.00 target price on Targa Resources and gave the stock a buy rating in a research report on Tuesday, September 10th. ValuEngine raised Targa Resources from a hold rating to a buy rating in a research report on Friday, January 3rd. Finally, Piper Jaffray Companies assumed coverage on Targa Resources in a research report on Monday, November 4th. They set a neutral rating and a $43.00 target price on the stock. One research analyst has rated the stock with a sell rating, nine have issued a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company. The stock currently has a consensus rating of Buy and an average target price of $45.30.
Shares of NYSE TRGP opened at $39.59 on Monday. Targa Resources has a 1 year low of $32.00 and a 1 year high of $48.78. The firm has a market cap of $9.77 billion, a price-to-earnings ratio of 197.95 and a beta of 1.79. The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.76 and a current ratio of 0.88. The stock’s 50-day simple moving average is $38.46 and its 200-day simple moving average is $38.62.
Targa Resources (NYSE:TRGP) last announced its earnings results on Thursday, November 7th. The pipeline company reported ($0.34) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.22) by ($0.12). Targa Resources had a negative return on equity of 0.45% and a negative net margin of 2.31%. The business had revenue of $1.90 billion for the quarter, compared to analysts’ expectations of $2.25 billion. As a group, research analysts predict that Targa Resources will post -0.92 EPS for the current year.
A number of large investors have recently bought and sold shares of TRGP. Trust Co. of Vermont acquired a new position in Targa Resources in the third quarter valued at approximately $25,000. HM Payson & Co. acquired a new position in Targa Resources in the second quarter valued at approximately $28,000. North Star Investment Management Corp. acquired a new position in Targa Resources in the third quarter valued at approximately $52,000. Venturi Wealth Management LLC acquired a new position in Targa Resources in the third quarter valued at approximately $53,000. Finally, Cerebellum GP LLC acquired a new position in Targa Resources in the third quarter valued at approximately $67,000. Institutional investors and hedge funds own 95.36% 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, 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; gathering, storing, terminaling, and selling crude oil; and storing, terminaling, and selling refined petroleum products.
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