Wells Fargo & Company Cuts Targa Resources, Inc. (TRGP) Price Target to $53.00
Targa Resources, Inc. (NYSE:TRGP) had its price objective cut by equities researchers at Wells Fargo & Company from $54.00 to $53.00 in a research report issued to clients and investors on Friday. The firm currently has an “outperform” rating on the pipeline company’s stock. Wells Fargo & Company’s price target suggests a potential upside of 11.67% from the stock’s current price.
A number of other analysts have also recently commented on the stock. BMO Capital Markets reaffirmed a “hold” rating and set a $51.00 price target on shares of Targa Resources in a research report on Friday. Citigroup Inc. cut shares of Targa Resources from a “buy” rating to a “neutral” rating and cut their price target for the company from $54.00 to $52.00 in a research report on Tuesday. BidaskClub cut shares of Targa Resources from a “buy” rating to a “hold” rating in a research report on Tuesday, October 3rd. Robert W. Baird reaffirmed a “buy” rating and set a $53.00 price target on shares of Targa Resources in a research report on Sunday, September 17th. Finally, ValuEngine cut shares of Targa Resources from a “hold” rating to a “sell” rating in a research report on Friday, September 1st. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the stock. The stock has a consensus rating of “Buy” and an average price target of $54.59.
Targa Resources (TRGP) opened at 47.46 on Friday. The firm’s 50-day moving average price is $46.48 and its 200 day moving average price is $48.25. The company’s market capitalization is $10.23 billion. Targa Resources has a 12-month low of $40.25 and a 12-month high of $61.83.
In related news, insider Dan C. Middlebrooks sold 2,100 shares of the firm’s stock in a transaction dated 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 owns 50,853 shares of the company’s stock, valued at approximately $2,273,129.10. The sale was disclosed in a legal filing with the SEC, which is available 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 made changes to their positions in TRGP. UBS Asset Management Americas Inc. lifted its position in Targa Resources by 28.9% in the 1st quarter. UBS Asset Management Americas Inc. now owns 445,286 shares of the pipeline company’s stock valued at $26,673,000 after acquiring an additional 99,704 shares in the last quarter. Oxford Asset Management bought a new position in Targa Resources in the 1st quarter valued at about $323,000. JPMorgan Chase & Co. lifted its position in Targa Resources by 46.6% in the 1st quarter. JPMorgan Chase & Co. now owns 125,993 shares of the pipeline company’s stock valued at $7,546,000 after acquiring an additional 40,026 shares in the last quarter. Prudential Financial Inc. lifted its position in Targa Resources by 16.2% in the 1st quarter. Prudential Financial Inc. now owns 31,522 shares of the pipeline company’s stock valued at $1,888,000 after acquiring an additional 4,400 shares in the last quarter. Finally, Alliancebernstein L.P. lifted its position in Targa Resources by 3.0% in the 1st quarter. Alliancebernstein L.P. now owns 116,090 shares of the pipeline company’s stock valued at $6,954,000 after acquiring an additional 3,350 shares in the last quarter. 87.43% 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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