NEW YORK (

TheStreet

) --

Targa Resources Partners

(NYSE:

NGLS

) hit a new 52-week high Wednesday as it is currently trading at $42.50, above its previous 52-week high of $42.47 with 248,910 shares traded as of 1:45 p.m. ET. Average volume has been 327,600 shares over the past 30 days.

Targa has a market cap of $3.32 billion and is part of the

basic materials

sector and

energy

industry. Shares are up 13.1% year to date as of the close of trading on Tuesday.

Targa Resources Partners LP provides midstream natural gas and natural gas liquid (NGL) services in the United States. The company operates through two divisions, Natural Gas Gathering and Processing; and NGL Logistics and Marketing. The company has a P/E ratio of 21.3, below the average energy industry P/E ratio of 23.9 and above the S&P 500 P/E ratio of 17.7.

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TheStreet Ratings rates Targa as a

buy

. The company's strengths can be seen in multiple areas, such as its robust revenue growth, reasonable valuation levels, good cash flow from operations, compelling growth in net income and notable return on equity. We feel these strengths outweigh the fact that the company has had generally poor debt management on most measures that we evaluated. You can view the full

Targa Ratings Report

.

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