Targa Resources, Inc. (TRGP) Given Consensus Rating of “Hold” by Brokerages
Shares of Targa Resources, Inc. (NYSE:TRGP) have been assigned a consensus recommendation of “Hold” from the twenty-one ratings firms that are presently covering the stock, Marketbeat reports. Three investment analysts have rated the stock with a sell rating, eight have issued a hold rating, nine have issued a buy rating and one has issued a strong buy rating on the company. The average 1 year price objective among brokers that have updated their coverage on the stock in the last year is $55.00.
A number of research firms have recently commented on TRGP. BidaskClub downgraded shares of Targa Resources from a “hold” rating to a “sell” rating in a report on Wednesday. Zacks Investment Research downgraded shares of Targa Resources from a “hold” rating to a “sell” rating in a report on Thursday, October 19th. Barclays PLC reissued a “hold” rating and set a $50.00 price target on shares of Targa Resources in a report on Thursday, October 19th. Goldman Sachs Group, Inc. (The) downgraded shares of Targa Resources from a “buy” rating to a “neutral” rating and set a $53.00 price target for the company. in a report on Tuesday, October 17th. Finally, Jefferies Group LLC downgraded shares of Targa Resources from a “buy” rating to a “hold” rating in a report on Monday, October 16th.
In other news, insider Dan C. Middlebrooks sold 2,100 shares of the company’s 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 completion of the transaction, the insider now owns 50,853 shares in the company, valued at $2,273,129.10. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 1.93% of the stock is owned by corporate insiders.
Several hedge funds have recently made changes to their positions in TRGP. Aviva PLC raised its position in Targa Resources by 8.9% during the second quarter. Aviva PLC now owns 128,243 shares of the pipeline company’s stock worth $5,797,000 after acquiring an additional 10,500 shares in the last quarter. Andra AP fonden raised its position in Targa Resources by 46.2% during the second quarter. Andra AP fonden now owns 46,500 shares of the pipeline company’s stock worth $2,102,000 after acquiring an additional 14,700 shares in the last quarter. Usca Ria LLC raised its position in Targa Resources by 3.7% during the second quarter. Usca Ria LLC now owns 4,997 shares of the pipeline company’s stock worth $226,000 after acquiring an additional 178 shares in the last quarter. Stonepeak GP Investors Manager LLC bought a new stake in Targa Resources during the second quarter worth $15,551,000. Finally, GAM Holding AG raised its position in Targa Resources by 63.5% during the second quarter. GAM Holding AG now owns 28,325 shares of the pipeline company’s stock worth $1,280,000 after acquiring an additional 11,000 shares in the last quarter. 87.57% of the stock is currently owned by institutional investors and hedge funds.
Targa Resources (NYSE:TRGP) traded down 4.70% during midday trading on Wednesday, reaching $40.35. 2,861,506 shares of the company traded hands. The firm’s 50 day moving average price is $46.53 and its 200 day moving average price is $47.27. The firm’s market capitalization is $8.70 billion. Targa Resources has a 12 month low of $40.22 and a 12 month high of $61.83.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 15th. Investors of record on Wednesday, November 1st will be issued a dividend of $0.91 per share. This represents a $3.64 dividend on an annualized basis and a yield of 9.02%. The ex-dividend date is Tuesday, October 31st. Targa Resources’s dividend payout ratio is currently -183.84%.
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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