Targa Resources, Inc. (NYSE:TRGP) has been given a $51.00 price target by equities research analysts at BMO Capital Markets in a research note issued on Friday. The firm presently has a “hold” rating on the pipeline company’s stock. BMO Capital Markets’ price target suggests a potential upside of 7.46% from the company’s previous close.
TRGP has been the topic of several other reports. ValuEngine raised shares of Targa Resources from a “sell” rating to a “hold” rating in a report on Wednesday, July 19th. Jefferies Group LLC reaffirmed a “buy” rating and issued a $49.00 price target (down from $50.00) on shares of Targa Resources in a report on Friday, September 1st. Robert W. Baird cut their price target on shares of Targa Resources from $54.00 to $52.00 and set an “outperform” rating on the stock in a report on Friday, June 30th. Royal Bank Of Canada cut their price target on shares of Targa Resources from $67.00 to $60.00 and set an “outperform” rating on the stock in a report on Friday, July 14th. Finally, Stifel Nicolaus reaffirmed a “buy” rating and issued a $54.00 price target (down from $63.00) on shares of Targa Resources in a report on Monday, July 17th. One analyst has rated the stock with a sell rating, eight have given a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average price target of $54.59.
Targa Resources (NYSE:TRGP) traded down 0.63% on Friday, hitting $47.16. 355,694 shares of the company were exchanged. The stock’s market cap is $10.17 billion. The firm has a 50 day moving average of $46.48 and a 200-day moving average of $48.25. Targa Resources has a 52-week low of $40.25 and a 52-week high of $61.83.
In related news, insider Dan C. Middlebrooks sold 2,100 shares of the stock in a transaction dated 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 transaction, the insider now owns 50,853 shares in the company, valued at approximately $2,273,129.10. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 1.93% of the company’s stock.
A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Perpetual Ltd bought a new position in Targa Resources in the 2nd quarter valued at about $285,000. Intl Fcstone Inc. bought a new position in Targa Resources in the 2nd quarter valued at about $425,000. Toronto Dominion Bank grew its position in Targa Resources by 4.7% in the 2nd quarter. Toronto Dominion Bank now owns 14,834 shares of the pipeline company’s stock valued at $671,000 after buying an additional 669 shares in the last quarter. Public Employees Retirement System of Ohio grew its position in Targa Resources by 3.5% in the 2nd quarter. Public Employees Retirement System of Ohio now owns 87,027 shares of the pipeline company’s stock valued at $3,934,000 after buying an additional 2,908 shares in the last quarter. Finally, Westwood Holdings Group Inc. grew its position in Targa Resources by 7.1% in the 2nd quarter. Westwood Holdings Group Inc. now owns 403,503 shares of the pipeline company’s stock valued at $18,238,000 after buying an additional 26,628 shares in 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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