Targa Resources (TRGP) PT Set at $52.00 by Seaport Global Securities

Targa Resources (NYSE:TRGP) has been assigned a $52.00 target price by equities researchers at Seaport Global Securities in a note issued to investors on Wednesday. The firm currently has a “buy” rating on the pipeline company’s stock. Seaport Global Securities’ target price indicates a potential upside of 8.76% from the company’s previous close.

A number of other equities analysts also recently weighed in on the stock. Goldman Sachs Group raised shares of Targa Resources from a “neutral” rating to a “buy” rating and set a $68.00 price target on the stock in a report on Thursday, February 1st. Royal Bank of Canada reissued a “buy” rating and issued a $60.00 price target on shares of Targa Resources in a report on Tuesday, January 16th. TheStreet downgraded shares of Targa Resources from a “c-” rating to a “d+” rating in a report on Monday, November 13th. Barclays raised shares of Targa Resources from an “equal weight” rating to an “overweight” rating and boosted their price target for the stock from $50.00 to $58.00 in a report on Wednesday, January 17th. Finally, Zacks Investment Research downgraded shares of Targa Resources from a “hold” rating to a “sell” rating in a report on Thursday, October 19th. One analyst has rated the stock with a sell rating, nine have given a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company. The company has a consensus rating of “Buy” and an average price target of $54.72.

Targa Resources (TRGP) traded up $0.51 on Wednesday, reaching $47.81. 1,790,056 shares of the company’s stock were exchanged, compared to its average volume of 2,019,070. The company has a quick ratio of 0.57, a current ratio of 0.74 and a debt-to-equity ratio of 0.67. The stock has a market cap of $10,350.00, a P/E ratio of -18.85 and a beta of 2.07. Targa Resources has a 1 year low of $39.59 and a 1 year high of $60.62.

In related news, VP John Richard Klein sold 2,292 shares of the business’s stock in a transaction dated Thursday, November 16th. The stock was sold at an average price of $41.85, for a total value of $95,920.20. The sale was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 1.93% of the company’s stock.

A number of institutional investors have recently made changes to their positions in the stock. Toronto Dominion Bank raised its stake in Targa Resources by 4.7% in the 2nd quarter. Toronto Dominion Bank now owns 14,834 shares of the pipeline company’s stock valued at $671,000 after acquiring an additional 669 shares during the period. The Manufacturers Life Insurance Company increased its position in shares of Targa Resources by 12.8% during the second quarter. The Manufacturers Life Insurance Company now owns 8,723 shares of the pipeline company’s stock valued at $395,000 after buying an additional 990 shares during the period. Grassi Investment Management increased its position in shares of Targa Resources by 3.0% during the fourth quarter. Grassi Investment Management now owns 35,411 shares of the pipeline company’s stock valued at $1,715,000 after buying an additional 1,016 shares during the period. Cubist Systematic Strategies LLC increased its position in shares of Targa Resources by 21.3% during the second quarter. Cubist Systematic Strategies LLC now owns 6,257 shares of the pipeline company’s stock valued at $283,000 after buying an additional 1,099 shares during the period. Finally, IFP Advisors Inc increased its position in shares of Targa Resources by 6.5% during the fourth quarter. IFP Advisors Inc now owns 18,968 shares of the pipeline company’s stock valued at $918,000 after buying an additional 1,152 shares during the period. Institutional investors and hedge funds own 87.34% of the company’s stock.

WARNING: “Targa Resources (TRGP) PT Set at $52.00 by Seaport Global Securities” was originally published by American Banking News and is the property of of American Banking News. If you are reading this report on another website, it was stolen and republished in violation of U.S. & international trademark & copyright law. The legal version of this report can be accessed at https://www.americanbankingnews.com/2018/02/14/seaport-global-securities-reaffirms-buy-rating-for-targa-resources-trgp.html.

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.

Analyst Recommendations for Targa Resources (NYSE:TRGP)

Receive News & Ratings for Targa Resources Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Targa Resources and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply