Targa Resources (TRGP) Shares Gap Up to $48.24

Targa Resources Corp (NYSE:TRGP)’s share price gapped up before the market opened on Friday . The stock had previously closed at $46.74, but opened at $48.24. Targa Resources shares last traded at $49.45, with a volume of 2976888 shares traded.

A number of brokerages have commented on TRGP. ValuEngine downgraded shares of Targa Resources from a “hold” rating to a “sell” rating in a research note on Wednesday, May 2nd. Stifel Nicolaus set a $53.00 target price on shares of Targa Resources and gave the stock a “buy” rating in a research note on Friday, May 4th. Guggenheim set a $50.00 target price on shares of Targa Resources and gave the stock a “buy” rating in a research note on Monday, April 16th. Barclays downgraded shares of Targa Resources from an “overweight” rating to an “equal weight” rating and reduced their target price for the stock from $57.00 to $52.00 in a research note on Tuesday, June 12th. Finally, Robert W. Baird reaffirmed a “neutral” rating on shares of Targa Resources in a research note on Thursday, March 15th. Eleven analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Targa Resources currently has a consensus rating of “Hold” and a consensus price target of $53.71.

The company has a debt-to-equity ratio of 0.73, a current ratio of 0.84 and a quick ratio of 0.77.



Targa Resources (NYSE:TRGP) last released its quarterly earnings results on Thursday, May 3rd. The pipeline company reported ($0.03) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.01). The company had revenue of $2.46 billion during the quarter, compared to analysts’ expectations of $2.70 billion. Targa Resources had a net margin of 1.82% and a return on equity of 0.88%. research analysts expect that Targa Resources Corp will post -0.16 earnings per share for the current fiscal year.

Several institutional investors have recently added to or reduced their stakes in TRGP. Clal Insurance Enterprises Holdings Ltd purchased a new stake in shares of Targa Resources in the 1st quarter valued at approximately $103,000. James Hambro & Partners purchased a new stake in shares of Targa Resources in the 4th quarter valued at approximately $111,000. Pin Oak Investment Advisors Inc. purchased a new stake in shares of Targa Resources in the 4th quarter valued at approximately $206,000. IBM Retirement Fund purchased a new stake in Targa Resources during the 1st quarter worth approximately $206,000. Finally, American International Group Inc. purchased a new stake in Targa Resources during the 4th quarter worth approximately $215,000. 92.84% of the stock is currently 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.

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