BMO Capital Markets Reiterates $51.00 Price Target for Targa Resources, Inc. (TRGP)
Targa Resources, Inc. (NYSE:TRGP) has been given a $51.00 price objective by equities research analysts at BMO Capital Markets in a research report issued to clients and investors on Tuesday. The brokerage presently has a “hold” rating on the pipeline company’s stock. BMO Capital Markets’ target price would suggest a potential upside of 16.65% from the stock’s current price.
A number of other equities analysts have also recently issued reports on TRGP. UBS AG restated a “buy” rating and issued a $65.00 price objective (down previously from $68.00) on shares of Targa Resources in a research report on Tuesday, May 30th. Guggenheim upgraded shares of Targa Resources from a “neutral” rating to a “buy” rating and set a $50.00 price objective on the stock in a report on Monday. Zacks Investment Research upgraded shares of Targa Resources from a “sell” rating to a “hold” rating in a report on Wednesday, August 9th. Credit Suisse Group set a $54.00 price objective on shares of Targa Resources and gave the stock a “hold” rating in a report on Sunday, May 28th. Finally, Robert W. Baird cut their price objective on shares of Targa Resources from $54.00 to $52.00 and set an “outperform” rating on the stock in a report on Friday, June 30th. Nine research 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 company. The company presently has an average rating of “Buy” and an average price target of $53.95.
Shares of Targa Resources (NYSE:TRGP) traded down 1.78% during trading on Tuesday, reaching $42.94. The company’s stock had a trading volume of 397,623 shares. The stock’s 50 day moving average price is $45.15 and its 200-day moving average price is $51.69. The firm’s market cap is $9.26 billion. Targa Resources has a 12 month low of $40.25 and a 12 month high of $61.83.
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In other Targa Resources news, insider Dan C. Middlebrooks sold 2,100 shares of the stock in a transaction that occurred on Thursday, August 10th. The shares were 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 in the company, valued at $2,273,129.10. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.93% of the stock is currently owned by company insiders.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its stake 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 worth $848,347,000 after buying an additional 2,823,104 shares during the period. Goldman Sachs Group Inc. boosted its stake in shares of 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 worth $859,430,000 after buying an additional 1,097,748 shares during the period. BlackRock Inc. boosted its stake in shares of Targa Resources by 13.3% in the second quarter. BlackRock Inc. now owns 11,428,578 shares of the pipeline company’s stock worth $516,575,000 after buying an additional 1,338,025 shares during the period. OppenheimerFunds Inc. boosted its stake in shares of Targa Resources by 7.3% in the first quarter. OppenheimerFunds Inc. now owns 8,956,121 shares of the pipeline company’s stock worth $536,472,000 after buying an additional 611,465 shares during the period. Finally, Chickasaw Capital Management LLC boosted its stake in shares of 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 worth $358,051,000 after buying an additional 244,459 shares during the period. Institutional investors and hedge funds own 83.02% 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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