Citigroup Inc. lowered shares of Targa Resources, Inc. (NYSE:TRGP) from a buy rating to a neutral rating in a report released on Tuesday morning. They currently have $52.00 target price on the pipeline company’s stock, down from their prior target price of $54.00.
TRGP has been the subject of several other reports. ValuEngine upgraded shares of Targa Resources from a sell rating to a hold rating in a report on Wednesday, July 19th. Jefferies Group LLC reiterated a buy rating and set a $49.00 target price (down from $50.00) on shares of Targa Resources in a report on Friday, September 1st. Robert W. Baird lowered their target price on shares of Targa Resources from $54.00 to $52.00 and set an outperform rating for the company in a report on Friday, June 30th. Royal Bank Of Canada lowered their target price on shares of Targa Resources from $67.00 to $60.00 and set an outperform rating for the company in a report on Friday, July 14th. Finally, Stifel Nicolaus reiterated a buy rating and set a $54.00 target price (down from $63.00) on shares of Targa Resources in a report on Monday, July 17th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, ten have given a buy rating and one has issued a strong buy rating to the stock. The company presently has an average rating of Buy and an average target price of $54.69.
Shares of Targa Resources (NYSE TRGP) opened at 47.71 on Tuesday. The company’s market capitalization is $10.29 billion. The firm’s 50-day moving average price is $46.30 and its 200-day moving average price is $48.26. Targa Resources has a one year low of $40.25 and a one year high of $61.83.
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In related news, insider Dan C. Middlebrooks sold 2,100 shares of the company’s stock in a transaction 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 of the company’s stock, valued at approximately $2,273,129.10. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 1.93% of the company’s stock.
A number of hedge funds have recently made changes to their positions in TRGP. Perpetual Ltd purchased a new stake in shares of Targa Resources during the 2nd quarter valued at about $285,000. Intl Fcstone Inc. bought a new position in Targa Resources during the 2nd quarter valued at about $425,000. Toronto Dominion Bank grew its holdings in Targa Resources by 4.7% during the 2nd quarter. Toronto Dominion Bank now owns 14,834 shares of the pipeline company’s stock valued at $671,000 after purchasing an additional 669 shares during the last quarter. Public Employees Retirement System of Ohio grew its holdings in Targa Resources by 3.5% during the 2nd quarter. Public Employees Retirement System of Ohio now owns 87,027 shares of the pipeline company’s stock valued at $3,934,000 after purchasing an additional 2,908 shares during the last quarter. Finally, Westwood Holdings Group Inc. grew its holdings in Targa Resources by 7.1% during the 2nd quarter. Westwood Holdings Group Inc. now owns 403,503 shares of the pipeline company’s stock valued at $18,238,000 after purchasing an additional 26,628 shares during the last quarter. Institutional investors and hedge funds own 87.43% of the company’s stock.
Targa Resources Company Profile
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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