Targa Resources, Inc. (TRGP) Given “Buy” Rating at Robert W. Baird
Robert W. Baird reaffirmed their buy rating on shares of Targa Resources, Inc. (NYSE:TRGP) in a research report sent to investors on Sunday. Robert W. Baird currently has a $53.00 target price on the pipeline company’s stock.
Other research analysts also recently issued reports about the stock. ValuEngine raised shares of Targa Resources from a sell rating to a hold rating in a research report on Wednesday, July 19th. Jefferies Group LLC reaffirmed a buy rating and set a $49.00 price objective (down from $50.00) on shares of Targa Resources in a research report on Friday, September 1st. J P Morgan Chase & Co reaffirmed a neutral rating and set a $53.00 price objective (down from $65.00) on shares of Targa Resources in a research report on Monday, June 5th. UBS AG reaffirmed a buy rating and set a $65.00 price objective (down from $68.00) on shares of Targa Resources in a research report on Tuesday, May 30th. Finally, Royal Bank Of Canada lowered their price objective on shares of Targa Resources from $67.00 to $60.00 and set an outperform rating on the stock in a research report on Friday, July 14th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the stock. The company has a consensus rating of Buy and a consensus price target of $54.39.
Targa Resources (TRGP) opened at 46.93 on Friday. The firm’s 50-day moving average is $44.85 and its 200-day moving average is $49.50. The stock’s market cap is $10.12 billion. Targa Resources has a 1-year low of $40.25 and a 1-year high of $61.83.
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In related news, insider Dan C. Middlebrooks sold 2,100 shares of the company’s stock in a transaction on Thursday, August 10th. The shares were 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 in the company, valued at approximately $2,273,129.10. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 1.93% of the stock is owned by corporate insiders.
A number of large investors have recently added to or reduced their stakes in TRGP. BlackRock Inc. raised its stake in Targa Resources by 2,928.1% during the 1st quarter. BlackRock Inc. now owns 10,090,553 shares of the pipeline company’s stock valued at $604,426,000 after purchasing an additional 9,757,325 shares during the last quarter. Vanguard Group Inc. raised its stake in Targa Resources by 17.7% during the 2nd quarter. Vanguard Group Inc. now owns 18,768,732 shares of the pipeline company’s stock valued at $848,347,000 after purchasing an additional 2,823,104 shares during the last quarter. Tortoise Capital Advisors L.L.C. raised its stake in Targa Resources by 30.4% during the 2nd quarter. Tortoise Capital Advisors L.L.C. now owns 6,721,135 shares of the pipeline company’s stock valued at $303,795,000 after purchasing an additional 1,566,961 shares during the last quarter. Boston Partners acquired a new position in Targa Resources during the 2nd quarter valued at $65,883,000. Finally, Center Coast Capital Advisors LP raised its stake in Targa Resources by 29.4% during the 2nd quarter. Center Coast Capital Advisors LP now owns 5,508,319 shares of the pipeline company’s stock valued at $248,976,000 after purchasing an additional 1,252,133 shares during 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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