Targa Resources, Inc. (TRGP) Given New $56.00 Price Target at Credit Suisse Group
Targa Resources, Inc. (NYSE:TRGP) had its price objective lowered by analysts at Credit Suisse Group from $66.00 to $56.00 in a research report issued on Monday, May 15th, StockTargetPrices.com reports. The firm presently has a “neutral” rating on the pipeline company’s stock. Credit Suisse Group’s target price suggests a potential upside of 28.74% from the company’s previous close.
Several other research analysts also recently weighed in on TRGP. Stifel Nicolaus upped their price target on shares of Targa Resources from $52.00 to $64.00 and gave the stock a “hold” rating in a research report on Thursday, February 16th. Robert W. Baird restated an “outperform” rating and set a $65.00 price target (up previously from $55.00) on shares of Targa Resources in a research report on Wednesday, February 1st. Seaport Global Securities upgraded shares of Targa Resources from a “neutral” rating to a “buy” rating and set a $63.00 price objective for the company in a report on Tuesday, May 2nd. Jefferies Group LLC reiterated a “hold” rating and issued a $54.00 price objective on shares of Targa Resources in a report on Tuesday, April 4th. Finally, Raymond James Financial, Inc. raised shares of Targa Resources from an “outperform” rating to a “strong-buy” rating and dropped their price target for the company from $64.00 to $55.00 in a research note on Friday, May 5th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company. Targa Resources presently has an average rating of “Buy” and a consensus price target of $56.44.
Shares of Targa Resources (NYSE TRGP) traded up 2.47% during trading on Monday, reaching $43.50. The company had a trading volume of 2,474,434 shares. The stock’s market capitalization is $8.62 billion. The company’s 50 day moving average is $48.59 and its 200-day moving average is $55.06. Targa Resources has a 1-year low of $35.35 and a 1-year high of $61.83.
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Large investors have recently added to or reduced their stakes in the stock. BlackRock Inc. increased its stake in Targa Resources by 2,928.1% in the first quarter. BlackRock Inc. now owns 10,090,553 shares of the pipeline company’s stock valued at $604,426,000 after buying an additional 9,757,325 shares in the last quarter. Stonepeak GP Investors Manager LLC purchased a new position in shares of Targa Resources during the fourth quarter valued at $428,014,000. Vanguard Group Inc. increased its position in shares of Targa Resources by 11.9% in the first quarter. Vanguard Group Inc. now owns 15,945,628 shares of the pipeline company’s stock valued at $955,142,000 after buying an additional 1,693,292 shares during the period. Norges Bank purchased a new position in shares of Targa Resources during the fourth quarter valued at $90,181,000. Finally, Bank of New York Mellon Corp increased its position in shares of Targa Resources by 47.4% in the first quarter. Bank of New York Mellon Corp now owns 4,182,244 shares of the pipeline company’s stock valued at $250,516,000 after buying an additional 1,345,219 shares during the period. Hedge funds and other institutional investors own 79.94% 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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