Targa Resources Corp (TRGP) Earns Buy Rating from Royal Bank of Canada
Targa Resources Corp (NYSE:TRGP)‘s stock had its “buy” rating reaffirmed by investment analysts at Royal Bank of Canada in a note issued to investors on Monday. They currently have a $67.00 price objective on the pipeline company’s stock. Royal Bank of Canada’s price objective points to a potential upside of 33.02% from the company’s previous close.
A number of other equities analysts have also recently issued reports on the company. Credit Suisse Group AG reaffirmed a “neutral” rating and issued a $56.00 target price (down previously from $66.00) on shares of Targa Resources Corp in a report on Friday. Raymond James Financial, Inc. raised Targa Resources Corp from an “outperform” rating to a “strong-buy” rating and lowered their target price for the stock from $64.00 to $55.00 in a report on Friday. Jefferies Group LLC reaffirmed a “hold” rating on shares of Targa Resources Corp in a report on Friday. Seaport Global Securities raised Targa Resources Corp from a “neutral” rating to a “buy” rating and set a $63.00 target price for the company in a report on Tuesday, May 2nd. Finally, Macquarie assumed coverage on Targa Resources Corp in a report on Friday, April 21st. They issued an “outperform” rating and a $65.00 target price for the company. Seven investment analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the stock. The stock presently has an average rating of “Buy” and an average target price of $57.41.
Targa Resources Corp (NYSE:TRGP) traded down 0.60% during trading on Monday, reaching $50.07. The company had a trading volume of 982,641 shares. Targa Resources Corp has a 12-month low of $35.35 and a 12-month high of $61.83. The firm’s market capitalization is $9.71 billion. The firm’s 50 day moving average price is $56.97 and its 200 day moving average price is $55.16.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, May 16th. Investors of record on Tuesday, May 2nd will be given a dividend of $0.91 per share. The ex-dividend date is Friday, April 28th. This represents a $3.64 annualized dividend and a dividend yield of 7.23%. Targa Resources Corp’s payout ratio is -2,599.81%.
In related news, insider Jeffrey J. Mcparland sold 9,600 shares of the company’s stock in a transaction dated Wednesday, March 1st. The stock was sold at an average price of $57.43, for a total transaction of $551,328.00. Following the sale, the insider now owns 159,346 shares in the company, valued at approximately $9,151,240.78. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 3.00% of the stock is owned by corporate insiders.
Several large investors have recently made changes to their positions in TRGP. Bollard Group LLC raised its stake in shares of Targa Resources Corp by 1.3% in the second quarter. Bollard Group LLC now owns 2,418 shares of the pipeline company’s stock valued at $102,000 after buying an additional 31 shares during the last quarter. BNP Paribas Arbitrage SA raised its stake in shares of Targa Resources Corp by 1,288.3% in the third quarter. BNP Paribas Arbitrage SA now owns 2,485 shares of the pipeline company’s stock valued at $122,000 after buying an additional 2,306 shares during the last quarter. Glenmede Trust Co. NA raised its stake in shares of Targa Resources Corp by 73.4% in the second quarter. Glenmede Trust Co. NA now owns 4,217 shares of the pipeline company’s stock valued at $176,000 after buying an additional 1,785 shares during the last quarter. TrueNorth Inc. acquired a new stake in shares of Targa Resources Corp during the third quarter valued at approximately $178,000. Finally, Proficio Capital Partners LLC raised its stake in shares of Targa Resources Corp by 703.4% in the second quarter. Proficio Capital Partners LLC now owns 5,158 shares of the pipeline company’s stock valued at $192,000 after buying an additional 4,516 shares during the last quarter. Institutional investors own 76.97% of the company’s stock.
About Targa Resources Corp
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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