Targa Resources, Inc. (NYSE:TRGP) Given Consensus Recommendation of “Buy” by Brokerages
Targa Resources, Inc. (NYSE:TRGP) has been given an average recommendation of “Buy” by the twenty-three research firms that are presently covering the company, Marketbeat reports. Ten equities research analysts have rated the stock with a hold recommendation, twelve have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12-month target price among brokerages that have issued a report on the stock in the last year is $54.16.
Several brokerages recently commented on TRGP. ValuEngine raised Targa Resources from a “sell” rating to a “hold” rating in a research note on Wednesday, July 19th. Robert W. Baird dropped their price objective on Targa Resources from $54.00 to $52.00 and set an “outperform” rating on the stock in a research note on Friday, June 30th. Credit Suisse Group dropped their price objective on Targa Resources from $66.00 to $56.00 and set a “neutral” rating on the stock in a research note on Monday, May 15th. J P Morgan Chase & Co reaffirmed a “neutral” rating and set a $53.00 price objective (down previously from $65.00) on shares of Targa Resources in a research note on Monday, June 5th. Finally, Seaport Global Securities raised Targa Resources from a “neutral” rating to a “buy” rating and set a $63.00 price objective on the stock in a research note on Tuesday, May 2nd.
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In other news, insider Dan C. Middlebrooks sold 2,100 shares of the firm’s stock in a transaction dated Thursday, August 10th. The stock was 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 filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.93% of the stock is owned by company insiders.
Institutional investors have recently made changes to their positions in the stock. Van ECK Associates Corp boosted its position in shares of Targa Resources by 29.1% in the first quarter. Van ECK Associates Corp now owns 2,181 shares of the pipeline company’s stock valued at $131,000 after buying an additional 491 shares during the last quarter. Shine Investment Advisory Services Inc. bought a new position in shares of Targa Resources during the second quarter valued at $105,000. Bollard Group LLC boosted its position in shares of Targa Resources by 0.9% in the first quarter. Bollard Group LLC now owns 2,499 shares of the pipeline company’s stock valued at $150,000 after buying an additional 23 shares during the last quarter. Ffcm LLC boosted its position in shares of Targa Resources by 237.0% in the second quarter. Ffcm LLC now owns 2,716 shares of the pipeline company’s stock valued at $122,000 after buying an additional 1,910 shares during the last quarter. Finally, Fayez Sarofim & Co bought a new position in shares of Targa Resources during the first quarter valued at $204,000. Institutional investors own 81.55% of the company’s stock.
Shares of Targa Resources (NYSE:TRGP) traded up 0.34% on Friday, hitting $44.30. The stock had a trading volume of 1,303,544 shares. The firm has a 50 day moving average price of $45.04 and a 200 day moving average price of $52.01. The company’s market capitalization is $9.55 billion. Targa Resources has a one year low of $40.25 and a one year high of $61.83.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 15th. Stockholders of record on Tuesday, August 1st will be issued a $0.91 dividend. This represents a $3.64 annualized dividend and a dividend yield of 8.22%. The ex-dividend date of this dividend is Friday, July 28th.
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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