Jefferies Group LLC cut shares of Targa Resources, Inc. (NYSE:TRGP) from a buy rating to a hold rating in a research report released on Monday morning, MarketBeat.com reports.

Other equities analysts have also issued research reports about the stock. Stifel Nicolaus set a $63.00 price objective on shares of Targa Resources and gave the company a buy rating in a research report on Monday, June 26th. UBS AG reaffirmed a buy rating and set a $59.00 price objective (down previously from $62.00) on shares of Targa Resources in a research report on Thursday, June 22nd. Citigroup Inc. cut their price objective on shares of Targa Resources from $64.00 to $54.00 and set a buy rating on the stock in a research report on Wednesday, June 28th. Guggenheim raised shares of Targa Resources from a neutral rating to a buy rating and set a $50.00 price objective on the stock in a research report on Monday, August 14th. Finally, Royal Bank Of Canada reaffirmed a buy rating and set a $60.00 price objective on shares of Targa Resources in a research report on Monday, August 21st. One research analyst has rated the stock with a sell rating, ten have given a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company. Targa Resources presently has an average rating of Hold and a consensus price target of $54.67.

Shares of Targa Resources (NYSE:TRGP) opened at 44.46 on Monday. Targa Resources has a 52-week low of $40.25 and a 52-week high of $61.83. The firm’s market cap is $9.59 billion. The stock has a 50 day moving average of $46.70 and a 200 day moving average of $47.81.

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The company also recently declared a quarterly dividend, which will be paid on Wednesday, November 15th. Stockholders of record on Wednesday, November 1st will be given a $0.91 dividend. This represents a $3.64 dividend on an annualized basis and a dividend yield of 8.19%. Targa Resources’s dividend payout ratio is -183.84%.

In related news, insider Dan C. Middlebrooks sold 2,100 shares of the business’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 transaction, the insider now owns 50,853 shares of the company’s stock, valued at $2,273,129.10. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 1.93% of the company’s stock.

Hedge funds have recently made changes to their positions in the stock. Shine Investment Advisory Services Inc. bought a new position in Targa Resources during the second quarter worth $105,000. Bollard Group LLC increased its position in Targa Resources by 1.1% during the second quarter. Bollard Group LLC now owns 2,526 shares of the pipeline company’s stock worth $114,000 after acquiring an additional 27 shares during the period. Ffcm LLC increased its position in Targa Resources by 237.0% during the second quarter. Ffcm LLC now owns 2,716 shares of the pipeline company’s stock worth $122,000 after acquiring an additional 1,910 shares during the period. Van ECK Associates Corp increased its position in Targa Resources by 24.0% during the second quarter. Van ECK Associates Corp now owns 2,705 shares of the pipeline company’s stock worth $122,000 after acquiring an additional 524 shares during the period. Finally, Penserra Capital Management LLC increased its position in Targa Resources by 20.6% during the second quarter. Penserra Capital Management LLC now owns 4,255 shares of the pipeline company’s stock worth $192,000 after acquiring an additional 726 shares during the period. 87.43% of the stock is currently owned by institutional investors and hedge funds.

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.

Analyst Recommendations for Targa Resources (NYSE:TRGP)

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