Equities research analysts at Credit Suisse Group began coverage on shares of Targa Resources (NYSE:TRGP) in a note issued to investors on Thursday, The Fly reports. The brokerage set a “neutral” rating and a $60.00 price target on the pipeline company’s stock. Credit Suisse Group’s price objective would indicate a potential upside of 5.58% from the company’s current price.

TRGP has been the topic of several other reports. Stifel Nicolaus reissued a “buy” rating and set a $57.00 price objective (up from $53.00) on shares of Targa Resources in a research report on Friday, August 10th. Seaport Global Securities downgraded shares of Targa Resources from a “buy” rating to a “neutral” rating and raised their price objective for the stock from $53.00 to $55.00 in a research report on Friday, July 27th. Zacks Investment Research downgraded shares of Targa Resources from a “buy” rating to a “hold” rating in a research report on Thursday, September 13th. ValuEngine raised shares of Targa Resources from a “hold” rating to a “buy” rating in a research report on Saturday, July 14th. Finally, US Capital Advisors reaffirmed a “hold” rating on shares of Targa Resources in a report on Tuesday, July 17th. Ten analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average price target of $58.35.

Shares of NYSE:TRGP opened at $56.83 on Thursday. Targa Resources has a 12 month low of $39.59 and a 12 month high of $59.21. The company has a current ratio of 0.73, a quick ratio of 0.64 and a debt-to-equity ratio of 0.74. The firm has a market cap of $12.70 billion, a P/E ratio of -132.16 and a beta of 2.08.

Targa Resources (NYSE:TRGP) last announced its quarterly earnings results on Thursday, August 9th. The pipeline company reported $0.35 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.05) by $0.40. Targa Resources had a net margin of 2.24% and a return on equity of 1.62%. The firm had revenue of $2.44 billion for the quarter, compared to analyst estimates of $2.35 billion. Equities analysts expect that Targa Resources will post 0.27 EPS for the current fiscal year.

In other news, Director Charles R. Crisp sold 3,100 shares of Targa Resources stock in a transaction dated Monday, August 20th. The shares were sold at an average price of $54.13, for a total value of $167,803.00. Following the sale, the director now owns 120,105 shares of the company’s stock, valued at $6,501,283.65. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CAO John Richard Klein sold 2,092 shares of the business’s stock in a transaction dated Tuesday, August 14th. The stock was sold at an average price of $53.52, for a total transaction of $111,963.84. Following the sale, the chief accounting officer now directly owns 24,972 shares in the company, valued at approximately $1,336,501.44. The disclosure for this sale can be found here. In the last ninety days, insiders sold 6,176 shares of company stock worth $334,507. Insiders own 1.76% of the company’s stock.

A number of hedge funds have recently added to or reduced their stakes in the stock. BlackRock Inc. boosted its holdings in Targa Resources by 3.2% during the second quarter. BlackRock Inc. now owns 12,607,535 shares of the pipeline company’s stock worth $623,947,000 after buying an additional 395,927 shares in the last quarter. PointState Capital LP boosted its holdings in Targa Resources by 92.3% during the second quarter. PointState Capital LP now owns 8,853,306 shares of the pipeline company’s stock worth $438,150,000 after buying an additional 4,248,784 shares in the last quarter. Tortoise Capital Advisors L.L.C. boosted its holdings in Targa Resources by 7.0% during the second quarter. Tortoise Capital Advisors L.L.C. now owns 8,414,256 shares of the pipeline company’s stock worth $416,422,000 after buying an additional 549,161 shares in the last quarter. Kayne Anderson Capital Advisors LP boosted its holdings in Targa Resources by 4.0% during the second quarter. Kayne Anderson Capital Advisors LP now owns 7,889,261 shares of the pipeline company’s stock worth $390,424,000 after buying an additional 301,000 shares in the last quarter. Finally, Brookfield Asset Management Inc. boosted its holdings in Targa Resources by 158.1% during the first quarter. Brookfield Asset Management Inc. now owns 6,702,240 shares of the pipeline company’s stock worth $294,899,000 after buying an additional 4,105,434 shares in the last quarter. 92.25% of the stock is currently owned by hedge funds and other institutional investors.

Targa Resources Company Profile

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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The Fly

Analyst Recommendations for Targa Resources (NYSE:TRGP)

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