Targa Resources, Inc. (TRGP) Cut to “Sell” at ValuEngine
ValuEngine downgraded shares of Targa Resources, Inc. (NYSE:TRGP) from a hold rating to a sell rating in a research report released on Friday.
TRGP has been the subject of several other reports. Citigroup Inc. decreased their price objective on shares of Targa Resources from $64.00 to $54.00 and set a buy rating for the company in a report on Wednesday, June 28th. Royal Bank Of Canada decreased their price objective on shares of Targa Resources from $67.00 to $60.00 and set an outperform rating for the company in a report on Friday, July 14th. Jefferies Group LLC reaffirmed a hold rating on shares of Targa Resources in a report on Friday, May 5th. Credit Suisse Group set a $56.00 price objective on shares of Targa Resources and gave the stock a neutral rating in a report on Friday, May 5th. Finally, Zacks Investment Research downgraded shares of Targa Resources from a hold rating to a sell rating in a report on Thursday, July 13th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the stock. The company presently has an average rating of Buy and an average price target of $54.33.
Targa Resources (NYSE TRGP) opened at 44.54 on Friday. The firm has a 50-day moving average of $44.95 and a 200-day moving average of $50.25. Targa Resources has a one year low of $40.25 and a one year high of $61.83. The firm’s market cap is $9.60 billion.
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The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, August 15th. Stockholders of record on Tuesday, August 1st were paid a $0.91 dividend. This represents a $3.64 dividend on an annualized basis and a dividend yield of 8.17%. The ex-dividend date was Friday, July 28th. Targa Resources’s dividend payout ratio is -183.84%.
In other news, insider Dan C. Middlebrooks sold 2,100 shares of the 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 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 SEC, which is available at this link. Corporate insiders own 1.93% of the company’s stock.
Hedge funds have recently made changes to their positions in the company. Shine Investment Advisory Services Inc. acquired a new position in shares of Targa Resources in the 2nd quarter valued at $105,000. Bollard Group LLC raised its stake in shares of Targa Resources by 1.1% in the 2nd quarter. Bollard Group LLC now owns 2,526 shares of the pipeline company’s stock valued at $114,000 after buying an additional 27 shares in the last quarter. Ffcm LLC raised its stake in shares of Targa Resources by 237.0% in the 2nd 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 in the last quarter. Van ECK Associates Corp raised its stake in shares of Targa Resources by 24.0% in the 2nd quarter. Van ECK Associates Corp now owns 2,705 shares of the pipeline company’s stock valued at $122,000 after buying an additional 524 shares in the last quarter. Finally, Penserra Capital Management LLC raised its stake in shares of Targa Resources by 20.6% in the 2nd quarter. Penserra Capital Management LLC now owns 4,255 shares of the pipeline company’s stock valued at $192,000 after buying an additional 726 shares in the last quarter. Institutional investors own 87.85% 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.
To view ValuEngine’s full report, visit ValuEngine’s official website.
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