Guggenheim upgraded shares of Targa Resources, Inc. (NYSE:TRGP) from a neutral rating to a buy rating in a research report sent to investors on Monday morning, Marketbeat Ratings reports. They currently have $50.00 price target on the pipeline company’s stock.
A number of other equities research analysts have also recently commented on TRGP. BMO Capital Markets reiterated a hold rating and set a $49.00 target price on shares of Targa Resources in a report on Monday, April 17th. Macquarie assumed 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. Seaport Global Securities raised Targa Resources from a neutral rating to a buy rating and set a $63.00 price target on the stock in a research note on Tuesday, May 2nd. Jefferies Group LLC reissued a hold rating on shares of Targa Resources in a research note on Friday, May 5th. Finally, Raymond James Financial, Inc. raised Targa Resources from an outperform rating to a strong-buy rating and reduced their price target for the stock from $64.00 to $55.00 in a research note on Friday, May 5th. Nine investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the stock. Targa Resources has a consensus rating of Buy and a consensus price target of $53.95.
Targa Resources (TRGP) traded down 1.97% during midday trading on Monday, reaching $42.86. The company’s stock had a trading volume of 391,622 shares. The firm’s market cap is $9.24 billion. Targa Resources has a 1-year low of $40.25 and a 1-year high of $61.83. The company has a 50 day moving average price of $45.15 and a 200 day moving average price of $51.69.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, August 15th. Investors of record on Tuesday, August 1st will be given a $0.91 dividend. This represents a $3.64 annualized dividend and a dividend yield of 8.33%. The ex-dividend date is Friday, July 28th.
In related news, insider Dan C. Middlebrooks sold 2,100 shares of the stock in a transaction on Thursday, August 10th. The stock was sold at an average price of $44.70, for a total value of $93,870.00. Following the transaction, the insider now directly owns 50,853 shares of the company’s stock, valued at approximately $2,273,129.10. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Company insiders own 1.93% of the company’s stock.
Hedge funds and other institutional investors have recently modified their holdings of the company. Vanguard Group Inc. raised its position in shares of Targa Resources by 17.7% in the second quarter. Vanguard Group Inc. now owns 18,768,732 shares of the pipeline company’s stock valued at $848,347,000 after buying an additional 2,823,104 shares during the period. Goldman Sachs Group Inc. raised its position in Targa Resources by 8.3% in the first quarter. Goldman Sachs Group Inc. now owns 14,347,747 shares of the pipeline company’s stock valued at $859,430,000 after buying an additional 1,097,748 shares during the period. BlackRock Inc. raised its position in Targa Resources by 13.3% in the second quarter. BlackRock Inc. now owns 11,428,578 shares of the pipeline company’s stock valued at $516,575,000 after buying an additional 1,338,025 shares during the period. OppenheimerFunds Inc. raised its position in Targa Resources by 7.3% in the first quarter. OppenheimerFunds Inc. now owns 8,956,121 shares of the pipeline company’s stock valued at $536,472,000 after buying an additional 611,465 shares during the period. Finally, Chickasaw Capital Management LLC raised its position in Targa Resources by 3.2% in the second quarter. Chickasaw Capital Management LLC now owns 7,921,492 shares of the pipeline company’s stock valued at $358,051,000 after buying an additional 244,459 shares during the period. 83.02% of the stock is currently owned by institutional investors and hedge funds.
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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