Targa Resources, Inc. (NYSE:TRGP) was upgraded by stock analysts at Wells Fargo & Company from a “market perform” rating to an “outperform” rating in a report issued on Monday, July 17th, MarketBeat reports.
A number of other research analysts have also recently commented on TRGP. Deutsche Bank AG reiterated a “buy” rating and issued a $69.00 price objective on shares of Targa Resources in a report on Wednesday, March 29th. 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. BMO Capital Markets reiterated a “hold” rating and issued a $49.00 price objective on shares of Targa Resources in a report on Monday, April 17th. Guggenheim started coverage on Targa Resources in a report on Monday, April 17th. They issued a “neutral” rating and a $54.00 price objective on the stock. Finally, Macquarie started coverage on Targa Resources in a research note on Friday, April 21st. They set an “outperform” rating and a $65.00 price target on the stock. Ten analysts have rated the stock with a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company. The company presently has an average rating of “Buy” and an average target price of $54.16.
Shares of Targa Resources (NYSE TRGP) opened at 44.30 on Monday. The stock’s market capitalization is $9.55 billion. Targa Resources has a one year low of $40.25 and a one year high of $61.83. The stock has a 50 day moving average price of $45.12 and a 200 day moving average price of $51.91.
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In other news, insider Dan C. Middlebrooks sold 2,100 shares of the company’s 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 sale, the insider now owns 50,853 shares of the company’s stock, valued at $2,273,129.10. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.93% of the stock is currently owned by corporate insiders.
A number of institutional investors have recently bought and sold shares of TRGP. Dimensional Fund Advisors LP raised its position in Targa Resources by 9.1% in the second quarter. Dimensional Fund Advisors LP now owns 2,574,986 shares of the pipeline company’s stock valued at $116,373,000 after buying an additional 215,440 shares during the period. Whetstone Capital Advisors LLC acquired a new position in Targa Resources during the second quarter valued at approximately $3,615,000. Parametric Portfolio Associates LLC raised its position in Targa Resources by 17.6% in the second quarter. Parametric Portfolio Associates LLC now owns 237,144 shares of the pipeline company’s stock valued at $10,719,000 after buying an additional 35,442 shares during the period. Nordea Investment Management AB raised its position in Targa Resources by 2.9% in the second quarter. Nordea Investment Management AB now owns 5,493 shares of the pipeline company’s stock valued at $248,000 after buying an additional 155 shares during the period. Finally, Cbre Clarion Securities LLC raised its position in Targa Resources by 50.9% in the second quarter. Cbre Clarion Securities LLC now owns 95,959 shares of the pipeline company’s stock valued at $4,337,000 after buying an additional 32,375 shares during the period. 81.55% of the stock is currently owned by hedge funds and other institutional investors.
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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