Citigroup Inc. lowered shares of Targa Resources, Inc. (NYSE:TRGP) from a buy rating to a neutral rating in a research report sent to investors on Tuesday morning, Marketbeat.com reports. Citigroup Inc. currently has $52.00 price objective on the pipeline company’s stock, down from their previous price objective of $54.00.
Other analysts also recently issued reports about the stock. Jefferies Group LLC raised shares of Targa Resources from a hold rating to a buy rating and decreased their target price for the stock from $54.00 to $50.00 in a research report on Wednesday, July 12th. Stifel Nicolaus set a $63.00 target price on shares of Targa Resources and gave the stock a buy rating in a research report on Monday, June 26th. UBS AG reissued a buy rating and issued a $59.00 target price (down from $62.00) on shares of Targa Resources in a research report on Thursday, June 22nd. Guggenheim raised shares of Targa Resources from a neutral rating to a buy rating and set a $50.00 target price for the company in a research report on Monday, August 14th. Finally, Royal Bank Of Canada reissued a buy rating and issued a $60.00 target price on shares of Targa Resources in a research report on Monday, August 21st. One research analyst has rated the stock with a sell rating, eight have given a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has an average rating of Buy and an average price target of $54.59.
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In other news, insider Dan C. Middlebrooks sold 2,100 shares of the business’s stock in a transaction on Thursday, August 10th. The shares were sold at an average price of $44.70, for a total value of $93,870.00. Following the completion of the sale, the insider now directly owns 50,853 shares in the company, valued at $2,273,129.10. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 1.93% of the stock is currently owned by insiders.
A number of large investors have recently added to or reduced their stakes in TRGP. Shine Investment Advisory Services Inc. acquired a new position in Targa Resources during the 2nd quarter valued at $105,000. Bollard Group LLC raised its stake in Targa Resources by 1.1% during the 2nd quarter. Bollard Group LLC now owns 2,526 shares of the pipeline company’s stock valued at $114,000 after purchasing an additional 27 shares during the last quarter. Ffcm LLC raised its stake in Targa Resources by 237.0% during the 2nd quarter. Ffcm LLC now owns 2,716 shares of the pipeline company’s stock valued at $122,000 after purchasing an additional 1,910 shares during the last quarter. Van ECK Associates Corp raised its stake in Targa Resources by 24.0% during the 2nd quarter. Van ECK Associates Corp now owns 2,705 shares of the pipeline company’s stock valued at $122,000 after purchasing an additional 524 shares during the last quarter. Finally, Penserra Capital Management LLC raised its stake in Targa Resources by 20.6% during the 2nd quarter. Penserra Capital Management LLC now owns 4,255 shares of the pipeline company’s stock valued at $192,000 after purchasing an additional 726 shares during the last quarter. Hedge funds and other institutional investors own 87.43% of the company’s stock.
Targa Resources Company Profile
Targa Resources Corp. is a midstream energy company in North America. It provides midstream services. Its segments include Gathering and Processing, and Logistics and Marketing (Downstream Business). It is engaged in the business of gathering, compressing, treating, processing and selling natural gas; storing, fractionating, treating, transporting and selling natural gas liquids (NGLs) and NGL products, including services to liquefied petroleum gas exporters; gathering, storing and terminalling crude oil, and storing, terminalling and selling refined petroleum products.
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