Targa Resources, Inc. (TRGP) Raised to “Buy” at BidaskClub
BidaskClub upgraded shares of Targa Resources, Inc. (NYSE:TRGP) from a hold rating to a buy rating in a research note released on Saturday morning.
A number of other brokerages have also commented on TRGP. UBS AG reissued a buy rating and set a $65.00 price objective (down from $68.00) on shares of Targa Resources in a report on Tuesday, May 30th. Credit Suisse Group set a $54.00 price objective on Targa Resources and gave the stock a hold rating in a report on Sunday, May 28th. ValuEngine raised Targa Resources from a sell rating to a hold rating in a report on Wednesday, July 19th. Stifel Nicolaus reaffirmed a buy rating and issued a $54.00 target price (down from $63.00) on shares of Targa Resources in a report on Monday, July 17th. Finally, Barclays PLC lowered Targa Resources from an overweight rating to an equal weight rating and reduced their target price for the company from $55.00 to $47.00 in a report on Tuesday, July 18th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company. Targa Resources currently has a consensus rating of Buy and a consensus target price of $54.53.
Targa Resources (NYSE TRGP) opened at 47.49 on Friday. The firm has a 50-day moving average price of $44.90 and a 200-day moving average price of $49.24. The company’s market capitalization is $10.24 billion. Targa Resources has a 1-year low of $40.25 and a 1-year high of $61.83.
In other Targa Resources news, insider Dan C. Middlebrooks sold 2,100 shares of the stock in a transaction on Thursday, August 10th. The stock was sold at an average price of $44.70, for a total transaction of $93,870.00. Following the completion of the transaction, the insider now directly owns 50,853 shares of the company’s stock, valued at $2,273,129.10. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 1.93% of the stock is currently owned by corporate insiders.
Large investors have recently bought and sold shares of the business. Johnson Financial Group LLC lifted its position in shares of Targa Resources by 5.7% during the first quarter. Johnson Financial Group LLC now owns 4,418 shares of the pipeline company’s stock worth $265,000 after acquiring an additional 238 shares in the last quarter. Usca Ria LLC lifted its position in shares of Targa Resources by 3.7% during the second quarter. Usca Ria LLC now owns 4,997 shares of the pipeline company’s stock worth $226,000 after acquiring an additional 178 shares in the last quarter. Aviva PLC lifted its position in shares of Targa Resources by 8.9% during the second quarter. Aviva PLC now owns 128,243 shares of the pipeline company’s stock worth $5,797,000 after acquiring an additional 10,500 shares in the last quarter. Andra AP fonden lifted its position in shares of Targa Resources by 46.2% during the second quarter. Andra AP fonden now owns 46,500 shares of the pipeline company’s stock worth $2,102,000 after acquiring an additional 14,700 shares in the last quarter. Finally, Principal Financial Group Inc. lifted its position in shares of Targa Resources by 172.5% during the second quarter. Principal Financial Group Inc. now owns 1,499,458 shares of the pipeline company’s stock worth $67,775,000 after acquiring an additional 949,244 shares in the last quarter. Hedge funds and other institutional investors own 87.42% of the company’s stock.
About Targa Resources
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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